The Dollar is down sharply this morning as risk appetite improves.There’s really not much fundamental behind the move.Technically, the Dollar Index and many currencies had breakout setups today.There’s no important economic news out today; Treasury is auctioning a 3 yr. T Note in the first leg of refunding.
June S&P:Spoos seem pretty happy around 940.That’s roughly midpoint of the recent range; we’re waiting for a catalyst to move.
September Treasury Bonds:Breakout setup; 114-12 is the upside breakout point, 112-31 on the downside.
Sept. Japanese Yen: Breakout day; points are 10234 on the upside, 10120 on the downside.
Sept. Euro Currency:Rallying on a momentum buy day, 14000 is an upside breakout point.
Sept British Pound:momentum is still bullish; 1.6227 is important resistance.
Sept. Canadian Dollar:Momentum buy day; resistance is 7928 then 7940.
August Gold:Momentum buy day; 960 then 963 are resistance.
July Silver:Momentum buy day; resistance is 1532 then 1550.
July Copper:Breakout setup; resistance is 232.20 then 233.60.
July Cocoa:Breakout setup; resistance is at Friday’s high of 2766 then the April high of 2796.
July Sugar:Breakout setup; breakout points are 1572 on the upside; 1531 on the downside.
July Crude Oil:Doji yesterday=breakout setup today.Resistance is at the 2009 high of 70.32.Don’t get married to the long side.
Soybean Complex:There’s a USDA supply demand report out tomorrow morning before the open.Many traders feel that old crop soybean stocks will be at dangerously low levels.Keep an open mind going into the report.
July Wheat:Momentum buy day; 594 is critical support.Resistance is 608.
July Corn:Momentum buy day; 434 is support.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
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