Stocks are higher over optimism about US bank earnings. Goldman’s earnings came out. They were higher than expected, but the stock is a bit lower at the moment.We also get retail sales and PPI, both at 7:30 Central.
Sept. S&P:Follow through from yesterday’s rally, cleared Fib resistance at 896.75, currently at psychological resistance of 900.904.25 is next resistance. Momentum is at a short sell level.
Sept. NASDAQ:Momentum sell short day, watch for a drop under Fibonacci support at 1444.
Sept. Dow:momentum sell short day, testing trendline resistance at 8334.
Sept Treasuries:Slumping on increased risk appetite.There were breakout setups in the short end of the curve. Momentum is bullish.
Sept. Yen:Momentum is getting down to buy signal levels, watch support around 10685.
Sept. Euro Currency:Trading over the top line of the little triangle, breakout day.Watch breakout points at 14017 and 13950.
Sept British Pound:Doji yesterday, watch resistance at 16360 and 16380.
Sept Canadian Dollar:Rallying out of the falling wedge pattern (see here). Needs to clear resistance at 8750.
August Gold:Testing Fibonacci resistance at 926, momentum is at a sell short signal level.
Sept. Silver:Some upside follow through, but 1300 will be tough resistance.
Sept. Copper:Breakout day, testing the first breakout point at 227.50. Resistance is 228.23 and 230.70.
Sept. Cocoa:Doji yesterday could equal a breakout move today; watch resistance at 2720.
Sept. Coffee:Breakout day; next upside breakout point is 116.50.
Dec. Cotton:Doji yesterday; bullish over the old high at 62.63.Next objective is at the old high of 63.75.
August Lean Hogs:Momentum buy day.Support is 6277, resistance is 6365 and 6387.
Nov. Soybeans:Yesterday’s doji keeps the breakout setup in play.Resistance is 928-4; watch 904-4 on the downside.
Sept. Wheat:Holding over resistance at 540. Bullish MACD crossover coming.
Dec. Corn:Trying to bottom?Friday’s high at 345-0 is resistance.
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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