There is light news flow today; markets are trading that way. There is some downward pressure on risk assets; traders are citing concerns over the Euro zone bank stress tests. There are lots of breakout setups; will we get any moves out of them? It’s hard to see what will be the catalyst, as there are not economic releases today, but at some point volatility will pop. There’s a 3 year T Note auction today; results are at Noon Central.
Sept S&P: Still looking for a breakout (NR7 Friday). Use Friday’s high and low as breakout points. Holding over 1066 is bullish longer term.
Sept. NASDAQ: Still breakout setup; use Friday’s high and low as breakout points. 1819.50 is important fib retracement resistance.
Sept T Bonds: Breakout setup (NR7). 126-05 is important support.
Sept British Pound: It’s due for a Buy day, but the break under Fib support at 1.5061 keeps the pressure on.
Sept Canadian Dollar: Sell Short day, Friday’s high at 9706 is the reference price. Keep it tight; it looks like the trend is turning up.
August Gold: Sell Short day; the 1200 area is key support.
Oct Sugar: It’s a ‘cover breakout sales’ day; regaining the 17.00 level will help the bulls.
August Crude Oil: Breakout setup (NR7, doji). Breakout points are Friday’s high of 76.48 on the upside and the Fib level of 75.24 on the downside.
August Natural Gas: Breakout setup (NR7, doji). Breakout points are the 6/30 low of 4.477 on the upside and Friday’s low of 4.339 on the downside.
Nov. Soybeans: The 6/21 high at 947-2 remains the key price level. Be alert for a reversal and short sale if it’s broken, while holding over it keeps it defying gravity.
Sept. Wheat: Breakout setup (ID, NR4). For breakout points watch the overnight high at 541-6, on the downside use Friday’s low at 532-4.
Dec. Corn: Breakout setup (NR4, doji). Use Friday’s high of 398 and low of 392-2 as breakout points.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
