I’m writing this earlier than normal; I’m out of the office today.Stocks are trading slightly higher after two days of losses. CPI is out at 7:30, it’s expected to have risen by 0.3% in May, the core rate is expected to be up 0.1%.Watch the core rate; it was up 0.3% for April and stoked inflation fears.Crude inventories are out at 9:30.
September S&P:Momentum buy day; it needs to regain broken support at 912.00.
Sept NASDAQ:Momentum buy day; 1470 is the upside target.
Sept Dow:Momentum buy day, it needs to regain broken support at 8475.
Sept. Treasury Bonds:Momentum sell short day; a correction is probably in order after recent gains.
Sept. Dollar Index:Momentum is bullish, holding 8071 is key. The June high at 8197 is good resistance.
Sept. Japanese Yen:Momentum sell short day; watch trend line resistance at 10440.
Sept Euro Currency:Breakout day (NR4).13922 and 13950 are upside breakout points; 13774 then 13736 on the downside.
Sept. British Pound:Looks bearish; watch for a breakout under 16210.
Sept. Canadian Dollar:Breakout day; watch Fibonacci support at 8780.
August Gold:Momentum is bearish; watch support at Monday’s low of 926.50.
July Silver: Currently testing important support at 1400; a break targets 1363.
July Copper:Bearish under 224; 221.20 is the next downside target.
Sept. Cocoa:Breakout day; it’s already sold off.Currently testing Fibonacci support at 2543.
Oct. Sugar:Ugly; staying under 1562 support targets 1523.
Sept. Coffee:Breakout day; the downside breakout point is Monday’s low of 12320, which is also trend line support.
Dec. Cotton: Bearish under 5800; 5707 is the first downside target.
August Crude Oil:Looks bearish under 7100; 7030 is the next support. Looks like we’ll see a bearish crossover today.
August Live Cattle:Barely holding on to support at 8030.
July Lean Hogs:Breakout day. Are they trying to put in a bottom?The 5800 area is support, getting over 6060 might do it for the bulls.
Nov. Soybeans:Breakout day; breakout points are 1041 on the upside, 1020-4 on the downside.
Dec. Corn:Bearish momentum; watch support at 422.
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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