US stocks are slightly higher. Shanghai stocks were higher overnight after good Chinese economic numbers. The U. of Mich. Consumer sentiment report is out at 8:55; it’s supposed to have risen to 67.0% from 65.7 in July.
Dec. S&P: It’s bullish over the 1034 double top, but is it time for a correction after five straight up days?
Dec. Dow: It still needs to clear the August high at 9576 for the bulls to take over.
Dec. T Bonds: A momentum sell short day after yesterday’s big rally. Watch support at 120.
Dec. Euro Currency: Momentum is still bullish. 14687 is a high on the weekly chart from late ’08.
Dec. Gold: Bullish after regaining 1000; watch for a retest of the swing high at 1009.70.
Dec. Silver: Cleared the recent swing high at 1686; more to go.
Dec. Copper: Bullish momentum today paused the selloff. Watch support at 286.
Dec. Cocoa: Clearing 3000 was like taking the cork out of a bottle. The contract high is 3217.
March Sugar: A momentum sell short day after yesterday’s breakout day rally. There’s Fibonacci retracement resistance at 2410.
Dec. Cotton: Clearing Fib resistance at 6124 is good for the bulls; holding it is key for the rally.
Oct. Crude Oil: A breakout day; watch Wednesday’s high at 7252 for an upside breakout point, 7086 on the downside
Oct. Live Cattle: It’s a momentum buy day, and MACD is starting a bullish cross. Watch Fib resistance at 8760.
Nov. Soybeans: It has a breakout setup today. I haven’t looked at the USDA report too closely yet, but it didn’t look like a big surprise.
Dec. Bean Oil: A breakout setup; watch trendline support at 3410.
Dec. Wheat: Breakout setup; watch yesterday’s high and low for breakout points.
Dec. Corn: A momentum sell short day after yesterday’s rally. The USDA reports for corn were slightly bearish.
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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