Chinese (Shanghai) stocks were up 4.8% after a Chinese securities regulator said that Chinese authorities will promote a “stable and healthy market”.  This lowered concern that China wants to rein in their markets.  The ECB left rates unchanged; this had little impact.  Weekly retail sales reports were weak, and jobless claims came in as expected. Later we get the ISM services number at 9 AM. It’s expected to have risen, but still be under the 50% dividing line between expansion and contraction. Tomorrow morning we get the August employment report.  It’s expected to have shown a decline of 247,000 jobs in August.  There’s a bit more angst over this report after yesterday’s weak ADP report.  Trade may be light later tomorrow ahead of the Labor Day weekend.

Sept. S&P:  Rallying on a momentum buy day; bullish over 1000.  Stocks needed to rebound ahead of the NFP report, and holiday weekends tend to be bullish.
Sept. NASDAQ:  As with the Spoos, rallying on a momentum buy day.  1600 is a pivot point; 1615 is the next upside objective.
Sept T Bonds:  Holding the 120 breakout area is good for the bulls.  Expect some downside today; momentum is on a sell short signal.
Sept. Dollar Index:  Back in the triangle; it tested the bottom line of the triangle at 78.03.  Tomorrow should be a momentum buy day.
Sept. Yen:  Selling off on a momentum sell short day. 10909 was the last intermediate high.
Sept. EuroFX:  Channel formed; we’ll look for a directional move tomorrow.
Sept. British Pound:  Broke trendline resistance at 16298. Tomorrow should be a momentum sell short day.
Sept. Canadian Dollar:  NR4 breakout setup; watch trendline support at 9022, I have an upside breakout point at 9119.
Dec. Gold:  Maintaining strength after yesterday’s channel breakout. Momentum is at short sale levels; look to buy a pullback.  I’m watching the 975 area for now.
Dec. Silver:  1522.5 was the upside breakout point; look to buy a pullback toward there.
Dec. Cocoa:  Momentum sell short day; consider selling a break of today’s low at 2920.  The targets for a selloff are 2895 then 2870.
March Sugar:  2478 was the upside breakout point; holding that is key for the bulls in the short run.  It’s a momentum buy day today, but is MACD setting up a bearish crossover?
Dec. Cotton:  Triangle formed and an ID/NR breakout day. I’m watching breakout points at 5985 and 5787.
Oct. Crude Oil:  Momentum is bullish. Yesterday was a doji and it held Fibonacci retracement support at 6772. 6742 was the low for August.
Oct. Live Cattle:  Big range, good recovery yesterday; it’s setting up for a momentum sell short day tomorrow.  8760 is resistance.
Nov. Soybeans:  Formed a double bottom yesterday with the mid August lows; but this also could be a head and shoulders forming. There’s resistance today at 971 then 975.
Dec. Wheat:  Breakout setup; watch 494 and 480 as breakout points.
Dec Corn:  Another breakout setup; breakout points are 323.50 and 314.00.

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