Stocks were lower overnight on reports that CIT is unlikely to get federal aid, which makes it likely it will file for bankruptcy.If someone understands the logic of who gets federal handouts and who doesn’t, could you please explain it to me? Also pressuring the markets were reports that North Korean jets entered Japanese airspace. JP Morgan Chase gave an upbeat earnings report, this helped to pull stocks back up. (As traders chew through JPM’s earnings, there’s talk about high credit card writeoffs.)China had Q2 GDP growth of 7.9%.This good news was tempered by a big drop in exports, which is still the engine of their economy. Jobless claims showed a bigger than expected drop, the second week in a row with a big decline. We also get the Philly Fed Index at 9 AM.
Sept. S&P:Bullish MACD crossover, hanging in well.It’s trading around the last swing high of 928.25, that’s the pivot point today.Momentum is at a short sell signal level.
Sept. NASDAQ:Momentum sell short day, it’s seeing resistance at the last swing high of 1496.25.
Sept. Dow:Bullish MACD crossover, it’s currently trading over its last swing high of 8527.
Sept Treasury Bonds:Momentum buy day, it’s bouncing off Fibonacci retracement support at 116-16.5.
Sept. Japanese Yen:Rallying of Fib retracement support of 10615, resistance is 10712 then 10750.
Sept. Canadian Dollar:Momentum sell short day, stopped at resistance of 9000.
Sept. Silver:Momentum sell short day, stopped at Fibonacci retracement at 1338. 1300 is the first downside objective.
Sept. Cocoa:Breakout day, there’s support around 2640.Tomorrow should be a momentum buy day, especially with a breakout selloff today.
Oct. Sugar:Breakout day; it looks like this was a lower high forming. 1730 is the first downside objective.
Sept. Coffee:Look to buy a correction; I’ll be watching around the area I bought yesterday (116.50 ish).
August Crude Oil:Momentum sell short day. 6200 is resistance, 60.20 is support.
Nov. Soybeans:good weather and Chinese sales from their stockpiles are weighing on the beans.They’re testing the recent low at 881-2.
Dec. Soymeal:Already under the recent low at 275.00.
Dec. Bean Oil:Looks ready to break; watch support at 34.00.
Dec. Corn:Expect a retest of the recent low of 328-0.I think it might try to find a bottom around here.
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