The ADP employment report came in about as expected; it did little to move the markets.Stocks are slightly lower, but so is the Dollar; that tends to be bullish for stocks.Treasuries are lower ahead of today’s announcement of next week’s refunding; crude is lower ahead of inventory reports, which are expected to show another build in crude stocks after last week’s huge increase.We get the refunding announcement at 8 AM Central, the ISM Services report at 9, and crude inventories at 9:30.
Sept. NASDAQ:There’s a narrow range breakout day setup today.Support is 1612, with resistance at 1632; watch these as breakout points.
Sept. Dow:Breakout day; downside breakout points are 9215 then 9195.
Sept. Treasury Bonds:Bearish MACD crossover; look for a retest of the late July low at 11430 (probably not today).Regaining 117 takes off some pressure.
Sept. 10 Yr. T Note:Breakout day; testing last week’s low at 11515.5.
Sept Euro Currency:Breakout day, watch 14446 and 14368 for breakout points.
Sept. British Pound:Breakout day; clearing Monday’s high at 16986 is bullish.
Sept. Canadian Dollar:Momentum sell short day; testing support at the old high of 9275.
Dec. Gold:Momentum sell short day in a bull market.Look to buy a break to the low 960s.
Sept. Silver:Momentum sell short day in a bull market; watch Fibonacci retracement resistance at 1480.
Sept. Cocoa:Breakout day, testing trendline support at 2907.
Dec. Cotton:Breakout day. Resistance is at Monday’s high of 6302, downside breakout pointy is 6150.
Sept. Crude Oil:Breakout day, be ready for anything at 9:30 when the inventory number comes out.
Grain Markets:All are Breakout mode. Informa (a prominent grain trading firm) releases their estimate of 2009 yields this morning, I believe at 10:30 Central.
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