Stocks are mixed; the G-20 meeting this weekend didn’t increase optimism about the prospects for a global economy. The G-20 had a mixed message; leaders endorsed targets to cut their deficits at least by half by 2013 and stabilize their debt-to-output ratios by 2016. Obama aired comments that for now ensuring economic growth should trump deficit fighting. The personal income and consumption report showed strong income growth in May, outpacing consumption. That was it for economic news today.
Sept S&P: Sell day, can rally. 1083 is the next rally objective.
Sept NASDAQ: Breakout setup (NR4, doji). Friday’s high of 1856.50 is the first upside breakout point, downside watch Friday’s low at 1827.25.
Sept Dow: Another breakout setup (NR4, doji). It’s trying to hold Fib retracement support at 10073.
Sept T Bonds: Sell day, Thursday’s swing high at 125-31 is the next rally objective. Clearing that could lead to a retest of the contract high at 126-05.
Sept Yen: Sell Short day, watch trend line support at 1.1176.
Sept Euro: Sell Short day; watch Fib retracement support at 1.2310.
Sep Canadian Dollar: It’s an ‘exit breakout buys’ day, watch Fib retracement resistance at 9701.
August Gold: Sell Short day, Friday’s high at 1259.50 is the reference price.
Sept Silver: Sell Short day, Friday’s high at 19.18 is the reference price.
Oct Sugar: By the TTT today is a Sell Short day, Friday’s high at 16.48 is the reference price.
Dec Cotton: Breakout setup (NR4, doji). Breakout points are trend line resistance at 79.37 on the upside, trend line support at 78.71 on the downside.
August Crude Oil: Sell Short day, Friday’s high at 79.13 is the reference price.
Nov Soybeans: Treat as a breakout setup (ID, doji). It’s holding last Thursday’s low at 910-6. Use the overnight range as breakout points- 916-6 on the upside, 910-0 down.
Sept Wheat: It’s due for a buy day, but breaking under the multiple lows around 470 put some pressure on. Use that area as the reference price for a Buy day rally.
Dec Corn: Coming down to test the 6/8 low at 353-6. That’s important support, as last year’s harvest low for CZ was 352-6.
This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
