European stocks and currencies rose on a big jump in German factory orders.However, British industrial output fell, which is pressuring the FTSE and the Pound.Laura Tyson, an economic advisor to President Obama, said that the US should consider a second stimulus package to aid the economy.This is pressuring Treasuries.There’s some recovery in commodities and currencies tied to commodity prices.There’s no economic news to be released today.
Sept. S&P: Couldn’t get any follow through to yesterday’s lat rally.Resistance is at 899.50, support is 892 then 890.
Sept NASDAQ:Needs to clear the 1444 area. Support is 1437.50 then 1434.50.
Sept. Treasury Bonds:Doji yesterday could equal a directional move today.Watch support at 11808; 11724 would be next support.
Sept. Japanese Yen:Trying to hold above the triangle (top line is at 10497 today).Momentum is bearish; resistance is at the late June highs of 10532 then 10551.
Sept Euro Currency: Doji yesterday aids the rally.Resistance is at 114039 then 14078.
Sept. British Pound:Momentum buy day, but it isn’t acting well.There’s good resistance around 16270; support is 16157 then 16092.
Sept. Canadian Dollar:Is it bottoming here?It keeps holding the 8600 area; trendline resistance at 8676 would aid the bullish cause.
August Gold:decent rally on a momentum buy day; resistance is 930.50 then 933.70.
Sept. Silver:Momentum buy day; support is 1316 then 1302.
Sept. Copper:Rallying on a momentum buy day; resistance is at 228.75.
Oct. Sugar:I think today is an important day for the bulls.Momentum is bullish; needs to get some strength today.Resistance is 1752.
Dec Cotton:If it’s going to be good today should see positive action.Watch support at 5925.
August Crude Oil:Momentum buy day; doesn’t act great.Support is at yesterday’s low of 63.40; 62.33 is important longer term.
Nov. Beans:Momentum buy day. Support is at yesterday’s low of 960-2, resistance is 980.
Dec. Soymeal:Momentum buy day; support is 300 to 299; resistance is 307.50 then 311.
Dec. Bean Oil:Staying under the last swing low at 3534 is bearish.Momentum is on a buy signal.
Sept. Wheat:Staying over 525 is bullish; momentum is on a buy signal.
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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