Stocks and commodities are higher, the dollar and Treasuries are lower. Euro Zone and UK PMI manufacturing rose.In addition, the Chinese PMI rose, if you want to believe their numbers.This is raising optimism that the US ISM Manufacturing Index will follow suit this morning.Besides the ISM, there are lots of other reports:auto sales, pending home sales, and crude inventories.Tomorrow we get the June payroll numbers; they will be released a day early because of the 4th of July holiday. Other employment reports showed were a mixed bag.The Challenger Job Cuts report showed a decline in layoffs for June, which is good news, I suppose.On the other hand, the ADP employment report came in weaker than expected. Crude oil is higher, back above $71 as the API reported a big drop in US crude inventories last week. The DOE releases their report at 9:30, we’ll see if it corroborates.
Sept. S&P:A bit higher, taking back some of yesterday’s losses.It’s trading back around the fulcrum at 918.There are lots of numbers over the next two days, and possibly thinner trade ahead of the holiday, but the background is usually bullish ahead of the 4th.
Sept. NASDAQ:1476 is support, and there’s double top resistance around 1492.
Sept. Treasury Bonds:Momentum is bullish; watch support is at yesterday’s low of 117-15.
Sept. Japanese Yen:Momentum buy day, but it looks like there’s a bearish MACD crossover coming.1.0338 is Fibonacci retracement support.
Sept Euro Currency:Momentum buy day; held support at 14031. Resistance is 14140.
Sept. British Pound:I thought the UK PMI was bullish; Cable is struggling.There’s Fibonacci retracement resistance at 16485.
Sept. Canadian Dollar:Momentum buy day, found support around 8600.The next objective is at last Friday’s high of 8742.
August Gold:Momentum buy day; regained the 931 level.There’s trendline resistance at 941.40; clearing 945 is key to a bigger rally.
Sept. Silver:Regained broken support at 1363.5.1380 is next resistance; clearing 1390 gives the bulls the edge.
October Sugar:Momentum sell short day, will this be another buying opportunity?Support is 1763 then 1749.
Sept Coffee:Breakout day, momentum is bullish.I’ve got a breakout point at 12120, the next upside point is Monday’s high of 121.70.
August Crude Oil:good recovery from yesterday’s big selloff.There’s trendline resistance at 71.66, the next upside point is 72.12.There’s downside trendline support at 69.35.
August Natural Gas:Should be a momentum buy day; it’s currently testing trendline support at 3.791.
August Live Cattle:A doji yesterday to consolidate Monday’s big runup.There’s support at 85.10, resistance at yesterday’s high of 85.80.Momentum is back to a buy level,
Nov Soybeans:Good followthrough buying from the late session rally yesterday.There’s resistance at 1003.
Sept. Wheat:Momentum is bullish, holding the 540 level is key.Watch trendline resistance around 561.
Dec Corn:Was that a selling climax?We’ll see.It has to regain broken support at 375-4 to take some heat off.
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