Markets are undoing what they did yesterday, to varying degrees.Housing starts were stronger than expected, PPI was better than expected.A lot of it still hinges on the Dollar; I contend the Dollar is in an up trend; as such, I’d view today’s moves with caution.Industrial production is out at 8:15.
September S&P:Momentum buy day; they’re OK as long as the hold yesterday’s low of 915.25.Resistance is 929.50. 912.88 is important Fibonacci retracement support.
Sept. NASDAQ:Momentum buy day; 1471.50 is resistance.
Sept. Treasury Bonds:Should be a momentum sell short day; watch 114-24 on the downside.115-15 is resistance.
Sept. Dollar Index:8175 is Fibonacci retracement resistance, momentum sell short day today.8071 is support.
Sept. Japanese Yen:Big rally overnight, but it’s already coming back to the break point at 10305. Support is 10286.
Sept. Euro Currency:Good rally on a momentum buy day; 13900 then 13950 are rally objectives.
Sept. British Pound:Breakout day, momentum buy day rally; cleared resistance at 16463.16550 is my next objective.
Sept. Canadian Dollar:Momentum buy day rally; 8925 is the first objective.
August Gold:Holding support at 930; resistance is 940 to 942.
July Silver:Momentum buy day; held support at 1400.1450 is the next upside objective.
July Copper: Momentum buy day; held support at 224.232.50 is the first upside objective. Is there a bearish MACD crossover coming?
October Sugar:Momentum buy day, but an inability to close over 1605 would leave it in poor shape
December Cotton:Momentum buy day; held support at 5800.5910 is the first rally objective.
July Crude Oil:Momentum buy day, held support at 7032.7323 is the contract high.
August Live Cattle:Momentum buy day; there’s trendline support at 8075.8125 then 8142 are rally objectives.
November Soybeans:Momentum buy day; an ability to hold broken support at 1040 is key to direction.
December Bean Oil:Breakout day; held support at 3750.3860 is resistance.
December Corn: Trying to regain Fibonacci support at 410; 420 would be the next objective.
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