All the “green shoots’ trades are doing well this morning:equities and commodities are higher, treasuries and the Dollar are lower.The big new appears to be Alcoa’s earnings.They showed a loss, but it was smaller than expected, and they said that the aluminum market may be stabilizing.Jobless claims fell by more than expected, but continuing claims rose.The other economic news looked weak to me.German exports were weak, and Japanese machine tool orders were down 73% from year ago levels.On the other hand, a Chinese Business Climate Index showed a good rise, showing across the board strength.The BOE met today; they kept rates unchanged and kept its QE plan unchanged as well.There was talk they would expand it.This boosted the pound.Crude oil has recovered in spite of reports that show demand remaining weak.There’s no other news of real importance today; natural gas inventories and wholesale trade, and Chevron’s earnings report.I wonder if yesterday’s commodity weakness has to do with the movement afoot in Washington to limit some commodity “hedging” by firms like Goldman Sachs and Morgan Stanley.
Sept. S&P:Momentum buy day, holding 871 supports.It’s testing trendline resistance at 883.25, I’ve got next resistance around 889.
Sept. NASDAQ:Doji, momentum buy day.There’s trendline resistance at 1422.
Sept. Dow:Breakout day, 8187 is my first breakout point.I’m eyeing 8280 for a rally objective.
Sept. Treasury Bonds:Hit a major Fibonacci objective at 121-02 yesterday, momentum sell short day today.There’s support around 120.
Sept. Japanese Yen: It’s holding in very well following yesterday’s monster rally.10728 is midpoint of yesterday’s range, holding that augurs well for more upside.
Sept. Euro Currency:Momentum buy day, it’s trading over first resistance at 13973, 14017 is next.
Sept British Pound:Momentum buy day; it’s currently testing good resistance around 16270. If they could clear that I’ve got an objective at 16362.
Sept. Canadian Dollar:It looks like it’s trying to break out of the falling wedge pattern I wrote about yesterday (read it here), that line is at 8639 today.Now if MACD can turn higher it could get a bigger rally going.
August Gold:Holding over $900 will keep the bull’s hopes alive.It’s a momentum buy day; regaining the old low at 913.20 is constructive.
Sept. Silver:It’s a momentum buy day, but I won’t get excited about it until it clears 1300.
Sept. Cocoa:There’s good resistance around 2590.I’m not sure they’ll get through there right away, but clearing that would form a 1-2-3 bottom.
Oct. Sugar:Momentum sell short day; there’s resistance at 1728, and support at 1702.
Sept. Coffee: Another falling wedge pattern?The upper trendline is at 11890.
Dec. Cotton:Breakout day; support is 5900 then 5850, resistance is 5990 then 6095.
August Crude Oil:Momentum buy day today; there’s resistance at broken support of 6223.
August Live Cattle:Holding over Fibonacci retracement support at 83.16; a bearish MACD crossover looks imminent.
August Lean Hogs:Momentum buy day after yesterday’s breakout sale (a normal sequence).6155 then 6177 are resistance.
Nov. Soybeans:A doji and range contraction yesterday gives a breakout setup today.My upside breakout point is 921; downside is at yesterday’s low of 881-2.
Dec. Corn:Breakout setup today; upside breakout point is 341, downside is at yesterday’s low of 330-6.
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