The Dollar is sharply higher.Overnight the Japanese Finance Minister Yosano said his nation’s confidence in U.S. debt is “unshakable” and that the currency’s global status is safe. Euro zone Industrial Production fell 1.9% in May; the annualized rate has declined 21.6%.The rebound in Treasuries has helped the Dollar find its footing.In spite of rhetoric from countries such as Russia, it would be some time before the Dollar is replaced as the world’s reserve currency.Strength in the Dollar and Treasuries is pressuring commodities and stocks, although the equity markets remain rangebound.The U. of M. consumer confidence report is out at 8:55 Central; it’s expected to have risen to 70.0 from 68.7 in April.
September S&P:It looks heavy.Support is around yesterday’s low of 932.75 then 927.50; resistance is 937.00.
Sept. NASDAQ:Breakout setup; watch support at 1478 then 1473.
Sept Dow:Its trendline support is at 8607.
Sept. Treasury Bonds:Good rally yesterday as the refunding finished.Bonds cleared resistance at 112-31, today there’s trendline resistance at 113-28. Clearing the next broken support at 114-12 might be enough to turn them to bullish; MACD is near a bullish crossover.I wrote about T Bonds yesterday morning here.
Sept Euro Currency:Broke trendline support at 13980, this level was also a 50% retracement of this week’s rally.Next support is around 13930.
Sept British Pound:If it holds, yesterday made a lower high. A break under 17300 could cement the downturn.
Sept Canadian Dollar:Getting crushed this morning.8875 is an important support level.
August Gold:Broke this week’s double bottom; bearish under 942.50.930 is critical support; regaining 950 takes some of the heat off.
July Silver:Breaking 1494 was bearish; Monday’s low at 1473.5 is important support.
July Copper:Selling off, but it’s not dead yet.Holding support at the old high of 235.30 is important.
Sept Cocoa:Bulls should be careful here.There’s short term trendline support at 2810; next support is at the breakout level of 2775.
October Sugar:They brought it back up yesterday only to knock it down today.The June low of 1605 is the next target and support.
July Coffee:12900 is important support.
December Cotton:Looks bearish; watch support at 6020.
July Crude Oil:Momentum sell short day; watch support at the breakout level of 70.32.
July Natural Gas:Yesterday’s rally stopped at Fibonacci retracement resistance of 4.095; it’s a momentum sell short day today. Support is around this week’s low of 3.656.
November Soybeans:Broke back under the old June high of 1088; support is at yesterday’s low of 1076-2 (also a Fibonacci retracement level).
July Wheat:Breakout day; 584 is first support, then 580.
December Corn:Triangle formed, breakout day today.The bottom line of the triangle is at 459, breaking that targets 452-4.
December Soymeal:Momentum sell short day; 330.50 is the first downside target.
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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