Q2 GDP and jobless claims were non events.  GDP (the first revision) was stronger (at least less weak) than estimates, but the lethargic trade continues.  There’s a 7 year T Note auction today; results are out at Noon.  We should see a pickup in trading next week; we get the ISM surveys and the August payroll report.  Treasuries are giving up some of yesterday’s gains, the high yield currencies (C$, A$) are recovering.  Crude oil is lower; we’re a long way from the double top around 7450.  Soybeans were higher; traders are fretting about the cool, rainy weather. It can cause fungus and mold, and also raises fears of an early frost.

Sept Stock Indices:  It’s a breakout day; use Tuesday’s high and low for breakout points.
Sept Treasury Bonds:  Narrow range breakout setup; couldn’t clear last Friday’s high at 12030.5.  The first downside breakout point is 12002, with an objective of 11922.
Sept Yen:  Breakout setup; resistance is at last Friday’s high of 10707.
Sept. Euro Currency:  Momentum buy day; held Fibonacci retracement support at 14211.
Sept. Canadian Dollar:  Momentum buy day; held trendline support at 9090.  Upside objective is 9210.
Dec. Gold:  Forming a triangle; watch 954 as resistance and 944 as support.
Sept. Silver:  Still looking for a directional move.  Watch 1450 and 1413 for breakout points.
Dec. Cocoa:  Breakout day; should the bulls be worried about the inability to clear 3000?  Watch 2925 as a downside breakout point.
Dec. Cotton:  Downside breakout under 5800; that should now be resistance.
Oct. Crude Oil:  7121 is a 50% retracement of the past week’s rally.  Watch yesterday’s low of 7067 for a downside breakout of 7067.
Oct. Live Cattle:  Breaking out under 8750?  If so, the June lows around 8550 are the objective.
Nov. Soybeans:  Breakout setup; was 1016 and 986 as breakout points.
Dec. Corn:  Breakout setup; watch 332 and 321 as breakout points.

This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

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