The jobs report was a bit worse than expected-August jobs fell by 216K, the rate rose to 9.7%. July’s NFP was revised downward by 29K. That’s not a disaster, but not a bullish surprise for the economy either. That’s it for economic news today; trade may thin out this afternoon ahead of the long Labor Day weekend. Chinese stocks were up by 3% overnight, Europe was a bit higher. The G20 meets this weekend; I don’t expect anything exciting from it.
Sept. S&P: The day before a holiday weekend is often bullish; today doesn’t look to be an exception. They cleared resistance at 1007; the midpoint of the recent selloff is 1014.90.
Sept. NASDAQ: 1615 is resistance; clearing that targets 1627.
Dec. Treasury Bonds: ID/NR breakout setup; it’s currently trading at support around 120. There’s trendline support at 11924.
Currencies: Roll to December for Monday night.
Sept. Yen: I was looking for downside followthrough from yesterday’s sell short day. There’s trendline support at 10731.
Sept. Euro Currency: 14228 is the midpoint of August’s trading range; look for some downside if they take that out. I’m not looking for much action here today, though.
Sept. British Pound: It’s a momentum sell short day; there’s Fibonacci retracement resistance at 16369. The 16300 area is the first downside objective.
Sept. Canadian Dollar: Canada posted payroll gains for August; the Loonie is being rewarded for it. There’s retracement resistance at 9168, then resistance at 9200.
Dec. Gold: It’s a momentum sell short day and it ran into resistance at the June high of 993.60. Support is 987.
Dec. Silver: As with gold, a momentum sell short day, with resistance at the June high of 1625. Support is 1588 then 1575.
Dec. Copper: Momentum sell short day; bearish under 28650. Support is 28570 then 28190.
Dec. Cocoa: Breakout day; watch for a downside breakout point at 2905. 3000 is resistance.
March Sugar: It’s a breakout day (NR4); it pounded through all the breakout points and broke through the mid August low of 2270.
Dec. Cotton: Breakout day; watch 5830 for a downside breakout point. There is additional trendline support at 5800.
Oct. Crude Oil: Broke important Fibonacci support at 6772 and the mid August low of 6742. It’s a breakout day, and the last near support is Wednesday’s low of 6705.
Nov. Soybeans: Trading around support at the mid August low of 940-4. A close under there could take them back to the mid July basing area-I’d look for 900.
Dec. Corn: There’s now a double bottom (temporarily?) at 311-4. I’d consider selling a break under there. The contract low for Z09 is 305.
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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