Chinese stocks (Shanghai) were down 6.7% last night.  Bloomberg said China a big drop in new loans for August and that China is cutting imports of raw materials.   There’s also a lot of new stock issuance on tap for China.  Chinese stock weakness is weighing on commodities-oil, metals, the grains, and the commodity currencies are all sharply lower.  The Dollar is a bit higher and the short end of the yield curve is stronger.  Today we get the Chicago ISM report at 8:45; it’s supposed to have increased in August.

Sept. S&P:  Formed a double top around 1038; there’s support at 1020. Momentum indicates more downside.
Sept. Dow:  There’s important support around 9440 to 9430; breaking that could target 9300.
Dec. T Bonds:  Treasury futures rolled to Dec. last night.  I’m surprised they’re not stronger with the stock market weakness. Watch trendline support at 11814.
Sept. Euro Currency:  Momentum is down to buy day levels, but a break below trendline support at 14264 to break them to 14227.
Sept. British Pound:  There’s trendline support at 16162 and the recent low was 16152.  Taking that out targets 160.
Sept. Canadian Dollar:  Broke Fib support at 9073; 8987 was the recent low. It’s in a down trend, but momentum is down to buy signals level.
Dec. Gold:  The trend is neutral, momentum is bearish.  948 is a 50% retracement of the rally off the mid-August low.
Dec. Silver:  Momentum sell short day; watch support at 1450.
Dec. Copper:  Big reversal from Friday’s rally; watch support at 284 then 28240.
Dec. Cocoa:  Breakout day; testing the first breakout point at Thursday’s low of 2767.
Oct. Sugar:  Bucking the weak commodity trend on continued concerns over tight supplies.  Tested and held over the old contract high of 2333.
Dec. Coffee:  Testing last week’s low of 120.75; taking that out the July low at 116.40.
Dec. Cotton:  Looks weak; a break of last week’s low at 5700 targets 5500.
Oct. Crude Oil:  Big selloff on a breakout day setup; my first downside breakout point was 7141.  There’s trendline support at 7022.
Nov. Soybeans:  No freeze this weekend and slightly warmer weather are adding to the pressure on beans.  Broke 988 support; watch 979-4 next.
Dec. Soymeal:  299 is the midpoint of the August trading range; breaking that targets 294 first.
Dec. Bean Oil:  Broke und the mid-August low of 3600; watch trendline support at 35.31.
Dec Wheat:  Watch the recent low of 485-4; it can’t get out of its own way.
Dec. Corn:  Doji Friday; it broke under the midpoint of the recent range at 324-4. Last week’s low at 320-6 is next.

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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