Stocks are sharply higher; gaining confidence from Intel’s earnings report. Intel said that demand rose through last quarter, and that Asian demand is strong. Capital One said that credit card charge offs are still rising, but delinquencies are falling.The Empire State manufacturing survey rose in June, and was better than expected. CPI came in higher than expected, but this was a reading when crude oil and gasoline were at their yearly highs.(I also find it hard to believe we’ll see inflation until the labor market improves.)We’ll also get Industrial Production at 8:15 and crude inventories at 9:30.Otherwise, it’s all about increasing risk exposure.
Sept. S&P:Broke trendline resistance at 910.75, 915 is next.Yesterday’s range contraction makes a breakout move possible today.
Sept. Treasury Bonds:Testing Fibonacci retracement support at 117-21; bearish MACD crossover coming.
Sept. Yen:Testing Fibonacci support at 10670; momentum buy day.
Sept. Euro Currency:Big rally on a breakout day setup.Clearing the last swing high at 1.4074 is bullish.
Sept Canadian Dollar:Reached the next objective at 8900; be careful up here.
August Gold:Good breakout day rally; next resistance is around 943.
Sept. Silver:Breakout day rally over $13.00; hit a Fib retracement objective at 13.375.
Sept. Cocoa:Higher open, no follow through to yesterday’s rally. Tighten stops on long positions.
Oct. Sugar:Clearing yesterday’s high at 1785 could lead to a retest of the contract high at 1809.
Sept. Coffee:Looks like it’s trying to bottom; clearing 11750 would help the bulls.
Dec. Cotton:Watch the contract high at 6375.
August Live Cattle:Breakout day, watch 8540 and 8540.
August Lean Hogs:Breakout day, watch 6415 and 6320.
Nov. Soybeans:Breakout day, watch 931 and 905.
Sept. Wheat:Holding 528 is bullish, clearing 540 is key for the bulls.
Dec. Corn:Trying to look better, clearing 350 is key for the bulls.
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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