It’s Fed watch day; the meeting announcement is due at 1:15 PM Chicago time.Durable goods came in better than expected; they were up 1.8% for May when they were forecast to show a loss of 0.8%.We’ll also get new home sales at 9 AM and crude inventories at 9:30.The FOMC meeting statement is the big deal today; look for a repeat of their statement from the April meeting.It’s too early for them to talk about an exit strategy from the current ease, and enough optimism to expand on quantitative easing.The success of yesterday’s 2 year auction added to the dollar’s pressure, as interest rate differentials drive foreign exchange.The API report was bearish for crude; let’s see what the DOE says.
Sept S&P:Breakout day; 899 to 900 is the upside breakout point.
Sept NASDAQ:Breakout day; 1437 is first breakout point.
Sept Treasury Bonds:Momentum sell short day; running into trouble around the last swing high of 117-04.
Sept. Japanese Yen:Momentum sell short day; watch support at 10478 then 10458.
Sept. Euro Currency:Momentum sell short day; 14100 is resistance, with support at 14013 then 13977.
Sept. British Pound:Followthrough buying; testing trendline resistance at 16563.If they can take that out, targets are 16620 then 16658.
Sept. Canadian Dollar:Breakout day; upside breakout points are 8755 then 8774.
August Gold:Strong rally regained resistance at 930; last week’s high at 944 is the next resistance.
July Silver:Followthrough rally; testing important resistance at 1400.
July Copper:Coming back into last week’s congestion; the real test is at Fibonacci resistance of 228.50.
October Sugar:New contract highs as it extends the move over the old 1691 high. Bullish MACD crossover; look to buy a pullback.
December Cotton;Breakout day, see last night’s email or my blog post here.
August Crude Oil:Momentum is bearish; there’s resistance at 6961 then 7014.
August Live Cattle:Holding over Fibonacci resistance at 8307; 8372 is next resistance.
August Lean Hogs:5987 is Fibonacci support; if they’re good this low will hold and they’ll rally. Momentum buy day.
Nov. Beans:Watch crude oil and the Dollar; Momentum sell short signal.
Dec. Soymeal:Momentum sell short day; watch resistance at 310.50.
Sept Wheat:Doji yesterday; breakout day today.
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