Stocks are lower on profit taking and a poor earnings report from UBS.Crude oil is down $1.10 on thoughts that tomorrow’s crude inventory number will show another big increase.The Dollar is anemically higher; metals have come back to unchanged.Pending home sales are out at 9 AM.
Sept. S&P:Momentum sell short day; there’s trendline support at 988, next support is 984.
Sept. NASDAQ:Momentum sell short day; watch trendline support at 1645.75.
Sept. Treasury Bonds:Momentum buy day. Held support at 11703 yesterday; testing resistance at 11808.
Sept. Yen:Broke trendline resistance at 10539; clearing 10587 would help the bulls.
Sept Euro Currency:Momentum sell short day; support is 14327 to 14300.
Sept British Pound:Momentum sell short day; 16864 is first support.
Sept. Canadian Dollar:Momentum sell short day; support is 9275.
Dec. Gold:Hasn’t been able to break, but having trouble clearing last week’s high at 962.70.
Dec. Silver:Support is at last week’s high of 1409.5; resistance is 1434.8.
Oct. Sugar:Momentum is at short sale signal levels, but the chart is bullish over 1900.
Dec. Cotton:Momentum sell short day.Sell against 6300; targets are 6150 then 6050.
Sept. Crude Oil:Momentum sell short day.It still looks like a bull market; support is 6900.
Oct. Live Cattle:Couldn’t clear 9100 yesterday, watch support at 9000.
Nov Soybeans:Momentum sell short day; resistance is at the old July high at 1029-2.Support is back around 1000.
Sept. Wheat:Found resistance at the mid-July high of 553-6.Support is at 531.
Dec. Corn:Momentum sell short day, looking to buy.Support is 362 then 359.Bullish if 350 holds.
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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