Stocks are slightly lower on profit taking from the two day rally.China called for a new world reserve currency to replace the Dollar. This is interesting rhetoric from a country that manages its currency and whose imbalances helped cause the financial crisis.This is pressuring the Dollar, which in turn is helping commodities. A Chinese economic researcher suggested that China buy gold instead of Dollars.Whether they’ll do this or not, the talk is supportive to metals.This morning we have personal income and outlays at 7:30, and consumer sentiment is out at 8:55.There’s a quarterly Hog and Pig crop report out at 2 PM.
Sept. S&P:918.50 is big resistance; it’s a 50% retracement of the June selloff.It’s a momentum sell short day; support is 910.50 then 906.
Sept. Dow:Momentum sell short day; resistance is 8436 then 8483; support is 8340 then 8313.
Sept Treasury Bonds:Momentum shows the rally could still have room; it has to clear resistance at 118-10.
Sept. Euro Currency:Breakout day.Cleared the first upside breakout point at 14012.Next resistance is 14107; that’s a trendline, breaking that could extend the rally.
Sept. British Pound:Held trendline support yesterday; today is a momentum buy day.Resistance is 16550 then 16592.
Sept Canadian Dollar:Breakout day; 8718 is my breakout point, with 8762 as the first objective.
August Gold:Breakout day rally; cleared resistance around 945.Upside objectives are 948 (minor) and 953 (major).
Sept. Silver:Breakout day; it looked good when it regained 1404.5. Next upside objective are last week’s highs around 1442.
October Sugar:Is this finally the correction?Look to buy a break; I’m watching 1732. It’s good as long as 1691 holds.
Sept. Coffee:120 is the bottom of the recent channel; watch out if it doesn’t hold.
August Crude Oil:Momentum sell short day; 7000 is key support.
August Live Cattle:Breakout day; breakout points are 8195 and 8280.
August Lean Hogs:Flat bottomed triangles are usually bearish.With the report after the close, this is one to watch, not carry a trade into.
Nov. Soybeans:Momentum is dead neutral; treat as breakout mode. 1015 is resistance, support is 999 then 994.
Dec. Soymeal:Breakout day; resistance is 30980, support is 30300.
Dec. Bean Oil:Breakout day; breakout point over 3800.
Sept. Wheat:Watch trendline resistance at 570.
Dec Corn:Finding support around 400; the top of the recent range is 411.
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