CIT announced a deal with bondholders, staving off bankruptcy.This buoyed equities, which were already leaning higher on good earnings reports, and a report that Goldman raised their year end target for the S&P to 1060 from 940. Crude oil is higher on economic optimism and a report that Chinese refiners are running at their highest rate for the past 16 months.A number of other commodities are higher in its wake.Today we have Leading Economic Indicators out at 9 AM.
Sept. S&P:Breakout day; watch today’s high as an upside breakout point.The June high at 953.00 is the target on a rally.
Sept Treasury Bonds:Momentum is bearish; the chart is bearish as it holds under broken Fibonacci support at 116-16.5.
Sept. Japanese Yen:Bearish MACD crossover today. 10615 is now resistance; 10545 is support.
Sept. Euro. Currency:ID/NR breakout day, upside breakout over the 7/1 high of 14202.
Sept. Canadian Dollar:Good rally on a breakout day; I’ll consider buying a retracement toward 9000.
August Gold:Breakout day, good upside breakout over 944.50, 948.50 resistance.960 is the next upside target.
Sept. Copper:Momentum is still bullish; it’s testing the June high at 246.30.
October Sugar:Watch trendline resistance at 17.74.
August Crude Oil:65.00 is resistance; 65.85 is next.
August Natural Gas:Bullish MACD crossover, has to clear Fib retracement resistance at 3.806.
Nov. Soybeans:Up on outside market rallies; watch resistance at 940.
Dec. Soymeal:Testing resistance at 282.90.
Dec. Bean Oil:Testing trendline resistance at 36.14.
Dec. Corn:Little upside followthrough; watch resistance at 334.
Sept. Wheat:540 is now support, 549 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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