The Chinese PMI rose to a 12 month high in June, which kept Friday’s tone of economic recovery going. The return of risk appetite is showing up in other markets:the USD and Treasuries are lower, and commodities are higher. UK bank earnings are adding to the bullish tone for stocks.Crude oil is up ~$1.50 in spite of big crude oil stocks in the US.Maybe the market is counting on Chinese demand to soak up US supplies.The soy complex is sharply higher’ led higher by crude oil and talk of continued Chinese demand.
Sept. S&P:Rallying on a breakout day, Thursday’s high at 994 is resistance.
Sept. Treasury Bonds:Momentum sell short day, 11803 should be support.
Sept Yen:Momentum sell short day. There’s trendline resistance at 10562, support is 10509.
Sept Euro Currency:Momentum is at short sell signal levels; it’s trading near the 2009 high of 14327.
Sept. British Pound:Bullish MACD crossover; took out the 2009 high of 16742. Momentum is at short sale signal levels.
Sept. Canadian Dollar:Finally cleared resistance at 9275, now trading over Fibonacci resistance at 9348.
Dec. Gold:Trading at last week’s high of 962.70; momentum sell short day.
Sept. Silver:Broke last week’s high at 1409.5, testing Fibonacci retracement resistance at 1345.
Sept. Cocoa:Breakout day, watch last week’s high at 2935 for a breakout point.
Dec. Cotton:Treat as a breakout day; resistance is 6100 then 6150.
Sept. Crude Oil: Upside breakout over last week’s high at 6899 and psychological resistance of 70. Momentum is at short sell signal levels.
Nov. Soybeans:Gapped higher on a breakout day; trading at the July high of 1029-2.
Dec. Bean Oil:Breakout day rally, testing Fibonacci retracement resistance at 3712.
Sept. Wheat:Cleared Fibonacci retracement resistance 529-4; 540 is the next resistance.
Dec. Corn:Upside breakout over 350 resistance. The next objective is the 375 area.
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.
Copyright 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
