Jobless claims rose last week; they were expected to fall, this was not especially important.The auctions end today with a 7 year T Note; result are out at Noon Central. The German Business Federation said that a Buy Chinese clause in the Chinese stimulus plan is a great concern, and that US and Chinese protectionism is hurting world trade.An executive at Vanguard said that outflows from money market funds have been brisk, and that those funds have been moving into risk assets or longer term bonds. This would be supportive to equities Crude Oil is finding strength as militants are stepping up their attacks on oil facilities in Nigeria.Fed Chairman Bernanke is testifying to the House Oversight Committee on Bank of America’s acquisition of Merrill Lynch.He’s not supposed to talk about monetary policy, but his standing and relationship with the Obama administration are said to be cooling, and anything that damages his reputation could be significant.Bernanke is up for reappointment in January; he is seen as independent of the Obama administration and more control of the economy by an Obama puppet could be bearish for stocks and bonds going into next year. The FOMC statement took out talk of deflation; this is Dollar bullish.
Sept S&P:Momentum sell short day; support is 889 then Tuesday’s low of 884.25.
Sept NASDAQ:Momentum sell short day; watch Fibonacci support at 1437.50.
Sept. Dow:Dow yesterday could yield a directional move today.Testing support around 8200; next downside target is the May double bottom around 8135.
Sept. Treasury Bonds:Momentum buy day; finding support around yesterday’s low of 116-10.Upside targets are 116-30 then 117-03.
Sept. Japanese Yen:Momentum is still bearish; tomorrow should be a buy day.For today, watch support at 10395 then 10338.
Sept Euro Currency:Momentum is still bearish; watch support at yesterday’s low of 13884.
Sept. British Pound:Yesterday’s doji adds to the selling pressure; 16208 to 16200 is important support.
Sept Canadian Dollar:Looks ready to break down; watch support at 7870.
August Gold:Held support at 930, but momentum is bearish.There’s resistance around 944.
July Silver:Held support at 1380; 1400 is key resistance.
July Copper:Testing retracement resistance at 228.45; momentum is on a sell short signal.
October Sugar:Still strong as MACD just crossed over, testing yesterday’s high of 1739. You have to back to 2006 for sugar to be this high; an ’06 high at 1800 is the next objective.
September Coffee:Testing double bottom around 11770, momentum is down to buy signal levels.
December Cotton:Holding in well in spite of a momentum sell short signal; watch resistance at 57.35.
August Crude Oil:Narrow range/doji breakout day.Upside breakout point is yesterday’s high of 69.86.
August Live Cattle:Momentum buy day signal; watch support at 81.95.
Nov. Soybeans:Momentum is bearish; watch support at 999, resistance of 1017.
Dec. Soymeal:Momentum sell short day; resistance is 312.50, support is 307.50.
Dec Corn:This looks like a bear flag; watch 402-2.
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