Yesterday’s moves are seeing follow through-stocks and commodities are higher, the Dollar and Treasuries are lower. Good earnings from Dell are helping stocks. Most world stock markets are higher. Shanghai was an exception, falling on concerns that credit will be tightened. Today we get personal income and spending at 7:30 and U. of Mich. Consumer sentiment at 8:55.
Sept. S&P: Good follow through on yesterday’s breakout day rally. Holding support at 1016 brought on the rally; resistance is at this week’s (and 2009) high of 1038.00.
Sept Treasury Bonds: Dec. will be lead month on Monday. For today, momentum is dropping to buy levels; watch support at 119-22.
Sept. Dollar Index: Reaching a decision point. Momentum is down to buy levels; but there’s trendline support at 77.93, and MACD is bearish. If support doesn’t hold, the 2009 low is 77.52.
Sept Yen: Momentum sell short day; couldn’t clear swing high resistance ay 10707. 10625 is Fibonacci support.
Sept British Pound: Momentum is up to short sale levels, there’s resistance at 16390 then 16444.
Sept. Canadian Dollar: Momentum is up to short sale levels; watch trendline resistance at 9314.
Dec. Gold: Breakout day; upside breakout points are 956.50, watch 944.50 on the downside.
Sept Silver: Strong breakout day rally; has cleared resistance at 14.50, and has hit the first objective at 1462.
Sept. Copper: Strong breakout day rally; taking out the 2009 high at 294.90. (Good news for the global economy? Copper is often viewed as a proxy for economic growth.)
Oct. Sugar: Narrow range breakout day; consider buying a breakout over today’s high at 2300.
Dec. Cotton: Breakout day, watch 5840 and 5700 for breakout points.
Oct. Crude Oil: Momentum is up to short sale levels; the 7300 area is resistance.
Oct. Live Cattle: Rebounding off the 8750 level today; watch resistance is 8837. Yesterday was an NR4, watch for a directional move today.
Nov. Soybeans: Breakout day; it has already cleared my first breakout point at 1006. This week’s high at 1016 is the first objective.
Dec. Wheat: I still think it’s trying to bottom to turn higher. Watch trendline resistance at 512-4 today.
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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