Stocks are a shade higher, shaking off poor earnings reports from Microsoft and Amazon.Today we get the Univ. of Michigan consumer sentiment survey at 8:55.In addition Bernanke and Geithner both are testifying before Congress about financial regulation reform.
Sept. S&P:Look for consolidation today.Support is 963, resistance is 972.50.
Sept Treasury bonds:Momentum buy day.Support is 11519, resistance is 11617.They may bounce, but unless it can regain 117 I’ll look to sell a rally.
Sept. Yen:Momentum buy day, 10550 is resistance.Look to sell a rally.
Sept. Euro Currency:Doji, yesterday; momentum is bullish.Resistance is 14275 then 143.
Sept. British Pound:Breakout day; I’ll watch to sell a new low.
Sept. Canadian Dollar:The last swing high was 9275; I’d consider buying a move over it.
August Gold:Little channel formed; watch the 956 and 945 areas for potential breakouts.
Sept Silver:Doji yesterday; momentum favors is bullish.
Sept. Coffee:Momentum sell short day in a bull market, so scalp only on the short side.Resistance is 125.35, support is 12350.
Sept. Crude Oil:Clearing Fibonacci retracement resistance at 6678, momentum is on a short sale signal.
Sept. Natural Gas:Momentum buy day, 3.646 is Fibonacci retracement support.
Oct. Live Cattle:Breakout day.Watch Wednesday’s low at 8975.
Nov. Soybeans:Flat top triangle (bullish formation); the top is at 940. Today is a momentum sell short day, so today may not be the breakout of the triangle.
Dec. Bean Oil:Still looks bullish; I might look to repeat yesterday’s buy order.
Dec. Corn:I think a bottom is being formed here, but today is a momentum sell short day, so we may see a down day.327 is support.
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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