Chinese stocks dropped last night.After rising 7% in the last five days, Shanghai stocks fell 5% last night on thoughts that the central bank may rein in liquidity to prevent a bubble.Shanghai has risen 79% this year, and Chinese stocks are trading at 35 times earnings.The drop in stocks is aiding the Dollar, which in turn is pushing down commodities.Crude oil is lower as last night’s API report showed a huge jump in crude inventories last week.We’ll see if today’s EIA report confirms that.Treasuries are higher; Goldman Sachs is reporting that US borrowing will be down 28% as the economy recovers.Durable goods orders were down 2.5% in June, but up 1.1% ex-transportation, that’s a little friendly.The crude inventory report is out at 9:30, the results of the 5 Yr. T Note auction are out at Noon, and the Beige Book is out at 1 PM.
Sept S&P:Breaking trendline support at 971.50, 966 is next support.
Sept NASDAQ:Breakout day after two dojis; watch trendline support at 1586.
Sept Treasury Bonds:Broke trendline resistance at 11615, testing retracement resistance at 11623.
Sept. Euro Currency: Bearish MACD crossover coming, watch Fibonacci retracement support at 14069.
Sept. British Pound:16350 is support, looks ready to break down.
Dec. Gold:Testing Fibonacci retracement support at 935.Momentum is down to buy signal levels, but MACD looks ready for a bearish crossover.
Sept. Cocoa:Breakout day; it’s already sold off, look for another opportunity to sell.
Oct. Sugar:Yesterday’s break held support at 1809; watch resistance at 1857.
Sept. Crude Oil:Momentum buy day, 6530 is support.
Oct. Live Cattle:momentum sell short day; watch support at 9000.
Nov. Soybeans:Momentum sell short day; 918 is support.
Dec. Bean Oil:Momentum sell short day; watch for a break under Monday’s low at 3408.
Sept. Wheat:It’s trading just over recent lows at 512; what will it do when that’s breached?
Dec. Corn:Narrow range breakout day; watch 326-4 as the first downside breakout point.
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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