Profit taking is the order of the day as markets retrace yesterday’s moves.Moody’s reiterated the AAA rating on US government debt. Existing home sales are out at 9 AM, there’s a 2 Year T Note auction today, and today is the first day of a two day FOMC meeting.The ECB reported lending is at its lowest levels since the Lehman crisis.That’s not good news for the green shoots crowd; as credit is the lifeblood of economic expansion.I haven’t had time to read too much about it yet, but there are stories that the US an EU are talking to the WTO about Chinese export violations.This should make commodity traders nervous, and also raises the question as to whether the Chinese are consuming or hoarding commodities.Thi, in turn, raises questions as to the pace of growth in the Chinese economy.
Sept. S&P:Momentum buy day today.There’s trendline support around 880; regaining 900 would take some of the pressure off.
Sept NASDAQ:Momentum buy day; holding Fibonacci support at 1426 is key for the bulls.
Sept Dow:Momentum buy day; resistance is 8333.
Sept Treasury Bonds:Momentum sell short day.115-16 then 115-04 is support; there’s trendline resistance at 117-03 if they rally.
Sept. Japanese Yen:Bullish; has to clear last week’s high at 10478.
Sept. Euro Currency: Good rally on a momentum buy day; held trendline support at 13833.Watch Fibonacci resistance at 14032.
Sept. British Pound:Held Fibonacci and trendline support at 16206; resistance is 16384.
Sept. Canadian Dollar:Momentum buy day; regaining last week’s low at 8738 is key for the bulls.
August Gold:Held Fibonacci support at 915; resistance is at broken support of 926.50.
July Silver: Momentum buy day; resistance is 1390 then 1400.Support is around 1360; if this can hold it could make a bottom here.
July Copper:This is what you get when the Chinese stop buying.Held Fibonacci and trendline support around 211, 220 then 221.50 are resistance.
October Sugar:I didn’t see any sugar specific news; this is an impressive rally.It broke most of my resistance; the June 5 high of 1680 is the next objective.
Sept. Coffee:Breakout setup; clearing first breakout point of 118.90.115 is the first downside target.
Dec. Cotton:Held Fibonacci support at 5500 on a momentum buy day; first objective is 5666.Regaining 5700 takes some pressure off.
August Crude Oil:Momentum buy day, can rally ahead of tomorrow’s inventory report.6772 is resistance; 6600 is key support.
August Live Cattle:8307 is key Fibonacci resistance, next objective is trendline resistance at 8350.
August Lean Hogs:Breakout day and momentum is bullish.First upside breakout point is 6170, watch 6040 on the downside.
Nov. Soybeans:Momentum buy day. 1000 helps the bulls; 1020 is key resistance.
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