Stocks broke after the jobless claims number-they showed a jump when the estimate was for a drop. That is in keeping with the consumer confidence report earlier this week, whish showed consumers are losing confidence in the labor market. At 9 AM we get the ISM manufacturing survey and pending home sales. ISM is expected to have risen last month. Tomorrow morning is NFP for September. It’s expected that payrolls fell by around 200K last month; the rate is expected to tick up to 9.8%. In other news, G7 will meet this weekend; the strength in the Euro is expected to be a topic of discussion. Last night the CEO of Honda said that $/¥ below 90 is too painful. That’s equivalent to 1.1111 in the futures. This is helping the Dollar today.
Dec. S&P: There was a doji with a big range yesterday-an indecisive market. There’s trendline support at 1044.90, trendline resistance at 1060.75.
Dec. T Bonds: An ID/NR breakout setup today, use the overnight high and low (121-24 and 121-04) for breakout points. I don’t know if we should expect much today with tomorrow being “Unenjoyment Day”.
Dec. Yen: Yesterday’s rally stopped at Fibonacci resistance of 11203; watch support at 11077 today.
Dec. Euro FX: Momentum sell short day; it stopped at Fib resistance of 14682 yesterday. Support is Tuesday’s low of 14521.
Dec. British Pound: Trading back under old low support of 16022. Support is 15945.
Dec. Gold: It’s on a momentum sell short signal, stopped at trendline resistance of 1011.50. 1000 is the first support.
Dec. Silver: Momentum is on a sell short signal, but it’s working on clearing trendline and Fib resistance around 1670. If they could clear that they could try for 1700.3
Dec. Copper: A momentum sell short day today; it stopped at Fib retracement resistance of 282.60.
March Sugar: A momentum sell short day today; watch old high support at 2438.
Dec. Cotton: A momentum sell short day today; it stopped at Fib retracement resistance of 63.02.
Nov Crude Oil: It’s on a momentum short signal; watch support at 70.30.
Nov. Natural Gas: On an ID/NR breakout signal; it broker before the inventory report came out (9:30). 4.500 is support.
Dec. Live Cattle: Holding in after yesterday’s breakout rally; watch trendline resistance at 86.20.
Nov. Soybeans: Still in the triangle; the lines are at 932-2 and 910-6 today.
Dec. Bean Oil: It’s breaking trendline resistance at 34.28 and 34.50, depending on which points you connect.
Dec. Wheat: It’s been volatile; bullish over 450. 458-4 is resistance.
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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