Caterpillar had a blowout quarter, beating Street estimates by a huge margin.California appears close to a budget deal, and last week’s chain store sales were strong.Today is Fed Chairman Bernanke’s semi-annual testimony on monetary policy.Given the talk about Bernanke’s status with Obama and talk about curbing Fed powers, this could be interesting theater.There are no economic releases due today.
Sept. S&P:Testing the last swing high at953; momentum is not yet on a clear cut short sell signal, but watch price action at 953. I have next resistance at 956.50; support is 949 then 947.
Sept. Dow:The Jun high at 8900 is the next upside target.
Sept. Treasury Bonds:Strong stocks, signs of an improving economy, and big budget deficits don’t make for strong Treasuries.They’re back under 116-16.5 support; next support is around yesterday’s low of 115-13.5.
Sept. Japanese Yen:Breakout day.It keeps gravitating to the 10615 area; will today be the day it moves away?
Sept. British Pound:Momentum sell short day, watch trendline support at 16380.
August Gold:Trading around Fibonacci retracement resistance of 948.50; momentum is at sell short levels.
October Sugar:Momentum sell short day; watch resistance at 17.85.
Sept. Crude Oil:Bullish MACD crossover coming, watch Fibonacci retracement resistance at 66.78.
Sept. Natural Gas:Momentum buy day; first support is 3.710.
Oct. Live Cattle:Momentum buy day, watch trendline support at 91.40.
Oct. Lean Hogs:Breakout setup. First support is 59.77, resistance is 60.90.
Nov. Soybeans:Breakout setup; watch support at 911, resistance at 926.
Dec. Bean Oil:Momentum sell short day.Resistance is 36.20, support is 35.35 then 35.22.
Sept. wheat:Doji, yesterday; it continues to trade back to 540.Support is 538 then 532-4, resistance is 546 then 549.
Dec. Corn:Momentum sell short day; watch support at 330 then 328.Resistance is 335.
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