Stocks are lower; earnings concerns are weighing.The companies that have been posting good earnings have been doing so by cost cutting, not sales expansion, that’s not the recipe for sustainable growth.Today we had the Case/Shiller home price index out at 8 AM, it showed a small rise.This was the first month to month rise in three years. We also get consumer confidence at 9 AM.Yesterday’s jump in new home sales was good news; the report was for June, the height of the home sales season.Now let’s see if home prices can follow the stabilization in sales.Overnight there was news about weak energy demand, and China rolled back its latest gas price increase.The PBOC said they think inflation may return in H2 2009.
Sept. S&P:Momentum is bearish; watch trendline support at 966.
Sept. NASDAQ:Doji yesterday, watch trendline support at 1587 today.
Sept Treasury Bonds:Holding the last low at 11513.5 takes some pressure off, but it’s still a bear market.
Sept. Yen:Good rally on a momentum buy day; watch objective/resistance at 10617.
Sept. Euro Currency:Momentum sell short day; 14200 is support.
Sept. British Pound:Breakout day; resistance is 16559, support is 16416.
Sept. Canadian Dollar:Testing the 2009 high at 9275; obviously this is the key price level.
Dec. Gold:Channel formed; 950 and 961 are approximate channel boundaries.
Oct. Sugar:Breakout day; watch 1857 and 1832 as breakout points.
Sept. Coffee:Momentum is still bullish; has to clear 12550.
Sept. Crude Oil:Breakout day; watch 6900 and 6760 for breakout points.
Sept. Natural Gas:Breakout day; watch 3.721.There’s further support at 3.690.
Oct. Live Cattle:Sell day, can rally.There’s Fibonacci retracement resistance at 90.67.
Nov. Soybeans:Good rally on a momentum buy day, resistance is 919.
Dec. Soymeal:Bull market starting here? Holding 27620 is key, 28550 is the test for the bulls.
Sept. Wheat:526-4 is key resistance; clearing that would take off some bearish pressure.
Dec. Corn:340 is key resistance, it’s trying to turn positive.
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