Stocks are lower, although they cut losses after Dell announced it will be buying Perot systems. The FOMC and G20 have meetings coming up; there’s profit taking ahead of that. In addition, there are concerns about the UK banking system. The profit taking is supporting the Dollar, which in turn is pressuring commodities. Leading Economic Indicators for August is out at 9 AM, it’s expected to have risen by about 0.5%.
Dec. S&P: Breakout setup, broke trendline support at 1057.50.
Dec T Bonds: There’s trendline support at 119-00; momentum is dropping to buy signal levels.
Dec. Yen: Breakout mode; broke trendline support at 10925 and the old high at 10895. There’s a bearish MACD crossover coming.
Dec. Euro Currency: Momentum is dropping to buy signal levels; there’s Fibonacci retracement support at 14610.
Dec. British Pound: Selling off, as I wrote about Friday (here: http://www.futuresinsightblog.com/a-new-look-at-british-pound-futures/). The Sept low at 16112 is the downside target.
Dec. Canadian Dollar: A double top formed over 9400. Today there’s trendline support at 9242.
Dec. Gold: It broke trendline support at 1012.50 and 1010 support. Monday’s low at 994.40 is support.
Dec. Silver: Broke support at 1700; next is last week’s low of 1632.
Dec. Copper: Downside breakout of a triangle targets 266.
Dec. Coffee: 13875 is the top line of a big triangle; breaking that could extend the rally.
Nov. Crude Oil: Broke $71 support; 7050 is next support. Tomorrow should be a momentum buy day.
Nov. Soybeans: Breaking under 934-4 support; 925 is next.
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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