Stocks are higher over optimism about the recovering health of the financial sector. Jobless claims posted a bigger than expected fall. This was good news, but is overshadowed by tomorrow’s employment report release. Treasuries are flat; besides tomorrow’s NFP report, they also have an FOMC meeting next week and the quarterly refunding. There’s a lot of paper to be bought.
Sept. S&P: Momentum is bullish; yesterday’s high at 1006.50 is a pivot point today.
Sept. NASDAQ: Recovered from overnight losses after tepid earnings from Cisco. Momentum buy day; the first objective is Tuesday’s high at 1632.50.
Sept. Treasury Bonds: More downside on a fresh bearish MACD crossover. 11506 is first support; the late July low at 11430 is the objective for this selloff.
Sept. Yen: Breakout day; it’s under the first downside breakout point at 10479; 14032 is the first downside objective.
Sept. Euro Currency: There’s a little channel forming; watch 14450 and 14355 as channel breakout points.
Sept. British Pound: It’s under pressure after yesterday’s breakout day rally. 16776 is the downside price objective.
Sept. Canadian Dollar: Watch trendline support at 9292. Resistance is 9360.
Dec. Gold: Decent rally on a breakout day setup. Look to buy a pop over today’s high at 974.30.
Sept. Silver: Cleared the first breakout point at 1485; 1500 is psychological resistance.
Sept. Cocoa: It closed under Fibonacci support at 2872 yesterday; it’s on a fresh bearish MACD crossover.
Sept. Coffee: Good rally on a momentum buy day; clearing Tuesday’s high at 13410 is key for the bulls.
Dec. Cotton: Two dojis; should be ready to move soon. Watch 6300 and 6150 for breakout points.
Nov Beans: As with the BP, it’s under pressure after a breakout day rally yesterday. 1016 is support.
Dec. Corn: It’s a momentum buy day, but watch the 349 area. A move under there could hit sell stops.
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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