Well, I was hoping to get something out before “Unenjoyment Friday” (that’s what the trading floor guys called the day NFP is released), but trading got in the way.June payrolls fell by 467K, worse than the 350K loss forecast.There was a 20 K improvement in May, but that doesn’t make up for it.The unemployment rate rose to 9.5%, a bit better than forecast.It’s bullish for the dollar and Treasuries, bearish equities and commodities.Overnight there was lots of chatter about the Dollar’s reserve status; the jawboning was in favor of the Dollar, but the IMF is working to issue debt to the BRIC countries, to create a fund for global crises.This could be the first step to a global currency, but it’s not going to happen overnight. Construction spending is out at 9 AM.There will be very little going on tomorrow-Noon close for the markets that are open, most physical commodities will be closed.
Sept. S&P:Broke under Monday’s low at 907.25, 906.25 is a 50% retracement of the past two week’s rally. Holding that level could prevent a washout.
Sept NASDAQ:Testing good support at 1464.
Sept. Dow:Broke support at 8361, 8313 is next.
Sept. Treasury Bonds:Doji yesterday, although you’d expect a directional move anyway.Resistance is at Monday’s high of 119-04.5
Sept. Japanese Yen:Momentum buy day. Held Fibonacci support at 10338, resistance is 10426.
Sept Euro Currency:for all the movement, there’s no real trend at the moment.14031 is the middle of the past month’s range, Short term it looks like a buy around there.
Sept. British Pound:Breakout day, broke trendline support at 16395.I’ve got 16268 as the first downside target.
Sept. Canadian Dollar:Momentum sell short day, watch 8662 support now. Retest of the double bottom around 8600 coming?
August Gold:Momentum sell short day; watch trendline support at 926.50.
Sept. Silver:Breakout day; broke support at Tuesday’s low of 1346.5. Sell a rally.
Sept. Copper:Momentum sell short day.Broke trendline support at 228.20,224.60 is the next downside target.
October Sugar:Breakout day; watch Fibonacci support at 1749.
Dec. Cotton:Oops sale today; couldn’t stay over trendline resistance at 6087.
August Crude Oil:After saying I thought the top could be in for crude oil (post is here.) I got nervous for a bit yesterday, but it sure looks like that was it.The June 23rd low at 66.37 is the last line of defense for the bulls.
Nov. soybeans:Momentum sell short day; stopped at Fibonacci retracement resistance of 1021-4.996 is next support, 986 is important support.
Dec. Soymeal:Momentum sell short day; watch support at 30750.
Dec Bean Oil:Momentum sell short day; I’d consider selling a break under 3615, targeting last week’s low at 3534.
Sept. Wheat:Breakout day, watch the low of the move at 525 and resistance at 540.
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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