Stocks are quiet overnight; other equity markets were quiet as well. Crude oil is slightly higher ahead of the inventory report at 9:30. Gold is lower on profit taking after the recent runup. I’m a bit suspicious of gold if Dec. can’t regain $1000 relatively soon. In addition to crude inventories, we get unemployment claims and the US trade balance for July. There’s also a 30 year T Bond auction; results are out at Noon Central.
Dec. S&P: Overnight it turned lower at the August double top at 1034. It’s a momentum sell short day.
Dec. NASDAQ: Faltering at the August high of 1066, also has a momentum sell short signal.
Dec. T Notes: A doji yesterday could yield a directional move today; there’s resistance at 11711.5.
Dec. Yen: it’s holding in well after yesterday’s rally faded. The 109 area is a pivot point; staying over there could start a new up leg.
Dec Euro Currency: Trade or Fade labeled today a breakout day; yesterday’s range was 58% of Tuesday’s. For now, I’d watch today’s range for breakout points.
Dec. British Pound: It looks like today is the breakout day I wrote about yesterday (read here: http://tinyurl.com/leytk2). 16678 is the next upside objective.
Dec. Canadian Dollar: Breakout day setup; I’m watching 9190 for a downside breakout point.
Dec. Gold: Broke support at 992 and 988; regaining 992 would aid the bulls. Momentum is down to a buy signal level.
Dec. Silver: A breakout setup today; breakout points are 1600 and 1670.
Dec. Copper: The recent rally is over; 286 is short term support.
March Sugar: Breakout setup today; watch 2290 and 2226 for breakout points.
Dec. Coffee: Breakout setup today; watch yesterday’s range for breakout points.
Dec. Cotton: Breakout day; 6124 is a big Fibonacci resistance point. Taking that out could be lead to a good rally.
Oct. Crude Oil: Breakout setup today; watch yesterday’s high and low for breakout points.
Oct. Live Cattle: Breakout setup today; there’s Fibonacci resistance at 8760.
Oct. Lean Hogs: There’s big Fibonacci retracement resistance at 5200.
Nov. Soybeans: It has a breakout setup today; use yesterday’s high and low for breakout points.
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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