Key Market Reports and Commentary for Wednesday 25/09/2013

Morning Markets Report
Prepared on Wednesday, September 25, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has retreated 20 points to 15266. The US Dollar Index dropped 0.189 points to 80.404. Gold is declining 3.55 dollars to 1321.95. Silver has slipped 0.0730 dollars to 21.6650. The Dow Industrials moved lower 66.79 points, at 15334.59, while the S&P 500 softened 4.42 points, last seen at 1697.42. The Nasdaq Composite rose 15.43 points to 3780.72. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Is The Market Slide Over?
Tuesday Sep 24th

The Fed’s Great Adventure in Inflation
Tuesday Sep 24th

Did you avoid the BlackBerry meltdown?
Monday Sep 23rd

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 428.2)

Market Composite Index Cur Chg (previous +11.2%)

Purchase Index (S.A.) (previous 188.1)

Purchase Index (S.A.) Cur Chg (previous +2.5%)

Refinance Index (previous 1801.7)

Refinance Index Cur Chg (previous +17.9%)

8:30 AM ET. Aug Advance Report on Durable Goods

Total Orders (expected -0.6%; previous -7.3%)

Orders, Ex-Defense (previous -6.7%)

Orders, Ex-Transportation (previous -0.6%)

10:00 AM ET. Aug New Residential Sales

Overall Sales (expected 420K; previous 394K)

Percent Change (expected +6.6%; previous -13.4%)

Months’ Supply (previous 5.2)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 355.63M)

Crude Oil Stocks (Net Change) (previous -4.37M)

Gasoline Stocks (previous 216.02M)

Gasoline Stocks (Net Change) (previous -1.63M)

Distillate Stocks (previous 131.09M)

Distillate Stocks (Net Change) (previous -1.08M)

Refinery Usage (previous 92.5%)

Total Products Supplied (previous 19.82M)

Total Products Supplied (Net Change) (previous +1.46M)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.404 -0.189 -0.24%
POWERSHARES DB US DOLLAR INDEX 21.73 +0.03 +0.14%
US Dollar/Canadian Dollar 1.03095 +0.00035 +0.03%
Euro/US Dollar 1.35110 +0.00414 +0.31%
JAPANESE YEN Dec 2013 0.010155 +0.000031 +0.31%
SWISS FRANC Dec 2013 1.0986 +0.0019 +0.17%

CURRENCIES

December Dollar closed higher due to short covering on Tuesday as it extended the short covering rebound off last week’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews this month’s decline, February’s low crossing at 79.66 is the next downside target. Closes above the 20-day moving average crossing at 81.67 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.04. Second resistance is the 20-day moving average crossing at 81.67. First support is last Thursday’s low crossing at 80.15. Second support is February’s low crossing at 79.66.

The December Euro closed lower on Tuesday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, February’s high crossing at 137.17 is the next upside target. Closes below the 20-day moving average crossing at 133.30 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 135.73. Second resistance is February’s high crossing at 137.17. First support is the 10-day moving average crossing at 134.17. Second support is the 20-day moving average crossing at 133.30.

The December British Pound closed lower on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.5761 would confirm that a short-term top has been posted. If December renews the rally off July’s low, the December 2012 high crossing at 1.6264 is the next upside target. First resistance is last Wednesday’s high crossing at 1.6112. Second resistance is the December 2012 high crossing at 1.6264. First support is the 10-day moving average crossing at 1.5943. Second resistance is the 20-day moving average crossing at 1.5761.

The December Swiss Franc closed lower on Tuesday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, January’s high crossing at .11062 is the next upside target. Closes below the 20-day moving average crossing at .10806 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at .11015. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10877. Second support is the 20-day moving average crossing at .10806.

The December Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 96.11 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, June’s high crossing at 98.22 is the next upside target. First resistance is last Thursday’s high crossing at 97.99. Second resistance is June’s high crossing at 98.22. First support is the 10-day moving average crossing at 96.93. Second support is the 20-day moving average crossing at 96.11.

The December Japanese Yen closed slightly higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off this month’s low, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10093 would confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at .10223. Second resistance is the reaction high crossing at .10330. First support is this month’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 103.69 +0.56 +0.54%
NEW YORK HARBOR ULSD Nov 2013 2.9933 +0.0329 +1.11%
NATURAL GAS Nov 2013 3.582 +0.023 +0.64%
RBOB GASOLINE Nov 2013 2.6723 +0.0254 +0.96%
POWERSHARES DYNAMIC ENERGY 49.83 -0.40 -0.80%
UNITED STATES GASOLINE 56.5336 +0.6136 +1.09%

ENERGIES

November crude oil closed lower on Tuesday extending this month’s decline. A short covering rebound tempered early session losses and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off August’s high, the 38% retracement level of the April-August rally crossing at 102.43 is the next downside target. Multiple closes above the 20-day moving average crossing at 106.86 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 106.86. Second resistance is the reaction high crossing at 110.70. First support is the 38% retracement level of the April-August rally crossing at 102.43. Second support is the 50% retracement level of the April-August rally crossing at 98.71.

October heating oil closed higher due to short covering on Tuesday but not before spiking below the 62% retracement level of the April-August rally crossing at 294.14. The high-range close sets the stage for a steady to higher opening when Wednesday’s trading begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 287.93 is the next downside target. Closes above the 20-day moving average crossing at 309.02 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 303.29. Second resistance is the 20-day moving average crossing at 309.02. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is the 75% retracement level of the April-August rally crossing at 287.93.

October unleaded gas posted an upside reversal due to short covering on Tuesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 259.52 is the next downside target. Closes above the 20-day moving average crossing at 278.39 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 270.27. Second resistance is the 20-day moving average crossing at 278.39. First support is today’s low crossing at 260.66. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed sharply lower on Tuesday as it extends the decline off this month’s high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the reaction low crossing at 3.418 is the next downside target. Closes above the 10-day moving average crossing at 3.659 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.659. Second resistance is the 50% retracement level of the May-August decline crossing at 3.841. First support is the reaction low crossing at 3.418. Second support is April’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2601 -2 -0.08%
COFFEE Dec 2013 117.95 +0.10 +0.08%
ORANGE JUICE-A Nov 2013 127.60 +4.35 +3.34%
IPATH DJ-UBS SUGAR TRUST 60.62 +0.38 +0.62%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.69%

FOOD & FIBER

December coffee closed higher due to short covering on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 12.10 would confirm that a low has been posted. If December extends this summer’s decline, monthly support crossing at 10.21 is the next downside target.

December cocoa closed lower on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25.56 would confirm that a short-term top has been posted. If December extends the rally off June’s low, the 2012 high crossing at 27.25 is the next upside target.

October sugar closed higher on Tuesday as it extends the rally off July’s low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If October renews this month’s rally, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.85 would confirm that a short-term top has been posted.

October cotton closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August’s high, May’s low crossing at 81.83 is the next downside target. Closes above the 10-day moving average crossing at 84.65 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 450.50 +1.75 +0.39%
OATS Dec 2013 310.75 +0.25 +0.08%
WHEAT Dec 2013 663.25 +5.00 +0.76%
TEUCRIUM CORN 33.9583 -0.3517 -1.03%
IPATH DJ-UBS GRAINS TRUST 46.14 +0.13 +0.28%
ELEMENTS MLCX GRAINS INDEX TRUST 6.1900 -0.0400 -0.64%
SOYBEANS Nov 2013 1319.75 +7.25 +0.55%
SOYBEAN (MINI) Nov 2013 1321.25 +8.75 +0.67%
SOYBEAN MEAL Dec 2013 415.7 +3.4 +0.82%
TEUCRIUM SOYBEAN 24.1124 -0.2176 -0.92%

GRAINS

Corn closed down 4 1/2-cents at 4.48 3/4.

December corn closed lower on Tuesday as it extends the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.65 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.65 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.48. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 4 3/4-cents at 6.58 1/4.

December wheat closed higher due to short covering on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the reaction high crossing at 6.76 1/2 is the next upside target. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. First resistance is last Thursday’s high crossing at 6.62 1/2. Second resistance is the reaction high crossing at 6.76 1/2. First support is the reaction low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed up 6 1/4-cents at 7.04.

December Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that a low might be in or is near. Today’s close above the reaction high crossing at 7.03 opens the door for a possible test of the reaction high crossing at 7.17. If December renews the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. First resistance is today’s high crossing at 7.05. Second resistance is the reaction high crossing at 7.17. First support is the reaction low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed up 6 1/4-cents at 7.05.

December Minneapolis wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this summer’s decline, weekly support crossing at 6.93 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.13 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.13 1/4. Second resistance is the reaction high crossing at 7.48. First support is Monday’s low crossing at 6.97 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed up 4 3/4-cents at 13.12 1/2.

November soybeans closed higher due to short covering on Tuesday but remains below the 38% retracement level of the August-September rally crossing at 13.15. Today’s mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If November extends this month’s decline, the 50% retracement level of the August-September rally crossing at 12.85 is the next downside target. Closes above the 20-day moving average crossing at 13.55 1/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 13.55 1/4. Second resistance is August’s high crossing at 14.09 1/2. First support is Monday’s low crossing at 13.05 1/2. Second support is the 50% retracement level of the August-September rally crossing at 12.85.

December soybean meal closed up $3.10 at 412.30.

December soybean meal closed higher due to short covering on Tuesday as it consolidated some of this month’s decline. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, the 38% retracement level of the April-September rally crossing at 404.90 is the next downside target. Closes above the 20-day moving average crossing at 426.80 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 426.80. Second resistance is this month’s high crossing at 451.20. First support is the 38% retracement level of the April-September rally crossing at 404.90. Second support is the 50% retracement level of the April-September rally crossing at 390.60.

December soybean oil closed down 15 pts. at 42.09.

December soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. Closes above the 20-day moving average crossing at 43.24 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 43.24. Second resistance is the reaction high crossing at 44.46. First support is Monday’s low crossing at 41.96. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15334.59 -66.79 -0.44%
NASDAQ COMPOSITE INDEX (COMBINED) 3780.72 +15.43 +0.41%
S&P 500 CASH 1697.42 -4.42 -0.26%
SPDR S&P 500 170.14 +0.21 +0.12%
QQQQ VOLATILITY INDEX 12.53 -0.31 -2.46%
iShares RUSSELL 2000 INDEX 107.207 +0.897 +0.84%

U.S. STOCK INDEXES

December NASDAQ 100 closed higher on Tuesday ending a two-day correction off last Friday’s high. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. First resistance is last Friday’s high crossing at 3241.50. Second resistance is monthly high crossing at 3329.82. First support is the 10-day moving average crossing at 3191.65. Second support is the 20-day moving average crossing at 3144.71.

The December S&P 500 closed higher on Tuesday. Today’s rally ended a three-day decline following comments by President Obama that eased concerns over Middle East tensions. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1668.47 would confirm that a short-term top has been posted. If December renews the rally off August’s low into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 1726.50. Second resistance is unknown now that December is trading into uncharted territory. First support is gap support crossing at 1702.80. Second support is the 20-day moving average crossing at 1668.47.

The Dow closed lower on Tuesday as it extended Monday’s decline below the 10-day moving average crossing at 15,457. Today’s mid-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 15,185 are needed to confirm that a short-term top has been posted. If the Dow renews the rally off August’s low, upside targets will now be hard to project. First resistance is last Wednesday’s high crossing at 15,709. Second resistance is unknown. First support is today’s low crossing at 15,340. Second support is the 20-day moving average crossing at 15,185.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 133.31250 +0.34375 +0.26%
iShares FLOATING RATE NOTE 50.6843 +0.0143 +0.03%
5 YEAR T-NOTES Dec 2013 120.703125 +0.007813 +0.01%
ULTRA T-BONDS Dec 2013 142.71875 +0.37500 +0.26%
POWERSHARES SENIOR LOAN PORTF 24.798 -0.012 -0.05%

INTEREST RATES

T-bonds closed up 1-04/32 at 133-01.

December T-bonds closed higher on Tuesday as it extends the rally off this month’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off this month’s low, the 25% retracement level of the May-September decline crossing at 133-09 is the next upside target. Closes below the 20-day moving average crossing at 130-18 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-September decline crossing at 133-09. Second resistance is the 38% retracement level of the May-September decline crossing at 135-28. First support is the 20-day moving average crossing at 130-18. Second support is this month’s low crossing at 128-12.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Nov 2013 164.60 -0.15 -0.09%
LEAN HOGS Dec 2013 88.400 +0.325 +0.37%
LIVE CATTLE Dec 2013 131.275 +0.050 +0.04%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.8001 +0.3401 +1.23%

LIVESTOCK

hogs closed up $2.32 at $92.50.

October hog gapped up and closed higher on Tuesday thereby renewing the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI will need to see additional strength before turning bullish again. If October extends the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 89.83 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 93.12. Second resistance is weekly resistance crossing at 95.30. First support is today’s gap crossing at 90.42. Second support is the 20-day moving average crossing at 89.83.

October cattle closed up $0.72 at 127.32.

October cattle closed higher on Tuesday as it extends the rally off last week’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, the reaction high crossing at 127.75 is the next upside target. Closes below the 10-day moving average crossing at 125.69 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 127.35. Second resistance is the reaction high crossing at 127.75. First support is the 20-day moving average crossing at 125.89. Second support is the 10-day moving average crossing at 125.69.

October feeder cattle closed up $1.67 at $163.77.

October Feeder cattle closed sharply higher on Tuesday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May’s low, January’s high crossing at 164.75 is the next upside target. Closes below the 20-day moving average crossing at 158.98 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 163.80. Second resistance is January’s high crossing at 164.75. First support is Monday’s gap crossing at 160.65. Second support is the 20-day moving average crossing at 158.98.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1322.0 +5.7 +0.43%
SPDR GOLD SHARES 127.877 +0.327 +0.26%
SILVER Dec 2013 21.680 +0.094 +0.43%
PALLADIUM Dec 2013 722.30 +2.30 +0.32%
DIREXION DAILY GOLD MINERS BEA 33.660 0.000 0.00%
POWERSHARES DB PRECIOUS METALS 43.23 -0.20 -0.46%

PRECIOUS METALS

October gold closed lower on Tuesday and the mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1362.30 are needed to confirm that a short-term low has been posted. If October renews the decline off August’s high, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1362.30. Second resistance is August’s high crossing at 1432.90. First support is last Wednesday’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed lower on Tuesday as it extends the decline off last Thursday’s high. A short covering rally tempered early session losses and the mid-range close set the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 22.985 are needed to confirm that a low has been posted. If December renews the decline off August’s high, August’s low crossing at 19.145 is the next downside target. First resistance is the 20-day moving average crossing at 22.985. Second resistance is August’s high crossing at 25.160. First support is last Wednesday’s low crossing at 21.225. Second support is the 62% retracement level of the June-August rally crossing at 20.867.

December copper closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off August’s low, August’s high crossing at 339.50 is the next upside target. Closes below the 10-day moving average crossing at 326.21 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 335.95. Second resistance is August’s high crossing at 339.50. First support is the 10-day moving average crossing at 326.20. Second support is this month’s low crossing at 319.05.


 

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1. BP.Z13 BRITISH POUND Dec 2013 1.5997 -0.0041 -0.26% 82,201 +100    Entry Signal
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3. GE.U14.E EURODOLLAR Sep 2014 99.555 -0.005 -0.01% 23,016 +100    Entry Signal
4. LC.Z13 LIVE CATTLE Dec 2013 131.225 +0.725 +0.55% 20,043 +100    Entry Signal
5. LC.G14 LIVE CATTLE Feb 2014 132.900 +0.700 +0.53% 7,695 +100    Entry Signal
6. LC.J14 LIVE CATTLE Apr 2014 134.00 +0.70 +0.52% 3,748 +100    Entry Signal
7. FC.X13 FEEDER CATTLE Nov 2013 164.750 +2.375 +1.44% 3,554 +100    Entry Signal
8. FC.V13 FEEDER CATTLE Oct 2013 163.775 +1.675 +1.02% 3,003 +100    Entry Signal
9. ZQ.F14.E 30 DAY FED FUND Jan 2014 99.895 0.000 0.00% 1,461 +100    Entry Signal
10. ZQ.V14.E 30 DAY FED FUND Oct 2014 99.790 +0.005 +0.01% 878 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 18/09/2013

Morning Markets Report
Prepared on Wednesday, September 18, 2013

Copyright 2013 INO.com. All Rights Reserved.

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 385)

Market Composite Index Cur Chg (previous -13.5%)

Purchase Index (S.A.) (previous 183.6)

Purchase Index (S.A.) Cur Chg (previous -2.7%)

Refinance Index (previous 1528.5)

Refinance Index Cur Chg (previous -20.2%)

8:30 AM ET. Aug New Residential Construction – Housing Starts and Building Permits

Total Starts (expected 915K; previous 896K)

Starts Percent Change (expected +2.1%; previous +5.9%)

Building Permits (expected 953K; previous 943K)

Building Permits Percent Change (expected -0.1%; previous +2.7%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 359.99M)

Crude Oil Stocks (Net Change) (previous -0.22M)

Gasoline Stocks (previous 217.65M)

Gasoline Stocks (Net Change) (previous +1.66M)

Distillate Stocks (previous 132.17M)

Distillate Stocks (Net Change) (previous +2.59M)

Refinery Usage (previous 92.5%)

Total Products Supplied (previous 18.36M)

Total Products Supplied (Net Change) (previous -0.55M)

2:00 PM ET. U.S. interest rate decision, followed by Ben Bernanke press briefing

Federal Funds Rate

Federal Funds Rate Change (Pts)

Federal Funds Rate (Dir) (previous +0)

Discount Rate

Discount Rate Change

FOMC Vote For Action (previous 11)

FOMC Vote Against Action (previous 1)

High Range Value (Current Period)

Low Range Value

Federal Funds Rate Change High Range (previous 0.25)

Federal Funds Rate Change Low Range (previous 0)

2:00 PM ET. Federal Reserve economic projections

# of Total FOMC Officials Voting (previous 19)

Year 1 2013

# of Votes for Yr 1 Forecast (previous 18)

Year 1 Target Rate at Year-End (previous 0.25)

Year 2 (previous 2014)

# of Votes for Yr 2 Forecast (previous 15)

Year 2 Target Rate at Year-End (previous 0.25)

Year 3 (previous 2015)

# of Votes for Yr 3 Forecast (previous 10)

Year 3 Target Rate at Year-End (previous 1)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.121 -0.034 -0.04%
POWERSHARES DB US DOLLAR INDEX 21.90 -0.04 -0.18%
US Dollar/Canadian Dollar 1.03091 +0.00111 +0.11%
Euro/US Dollar 1.33510 +0.00001 0.00%
JAPANESE YEN Dec 2013 0.010104 +0.000011 +0.11%
SWISS FRANC Dec 2013 1.0801 -0.0007 -0.06%

CURRENCIES

December Dollar was lower overnight extending the decline off this month’s high. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, August’s low crossing at 81.03 is the next downside target. Closes above the 20-day moving average crossing at 81.93 are needed to confirm that a short-term top has been posted. First resistance is Monday’s gap crossing at 81.56. Second resistance is the 20-day moving average crossing at 81.93. First support is Monday’s low crossing at 81.13. Second support is August’s low crossing at 81.03.

The December Euro was lower overnight as it consolidates some of the rally off this month’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the reaction high crossing at 134.15 is the next upside target. Closes below the 10-day moving average crossing at 132.83 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 133.91. Second resistance is reaction high crossing at 134.15. First support is the 20-day moving average crossing at 132.96. Second support is the 10-day moving average crossing at 132.83.

The December British Pound was higher overnight and trading above weekly resistance crossing at 1.5901. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 1.6086 is the next upside target. Closes below the 20-day moving average crossing at 1.5670 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.5970. Second resistance is weekly resistance crossing at 1.6086. First support is Monday’s gap crossing at 1.5874. Second support is the 10-day moving average crossing at 1.5784.

The December Swiss Franc was slightly lower overnight as it consolidates some of this month’s rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the reaction high crossing at .10910 is the next upside target. Closes below the 10-day moving average crossing at .10739 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at .10834. Second resistance is the reaction high crossing at .10910. First support is the 10-day moving average crossing at .10739. Second support is this month’s low crossing at .10584.

The December Canadian Dollar was lower overnight as it consolidates some of the rally off August’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, July’s high crossing at 97.26 is the next upside target. Closes below the 20-day moving average crossing at 95.65 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 97.11. Second resistance is July’s high crossing at 97.26. First support is the 10-day moving average crossing at 96.38. Second support is the 20-day moving average crossing at 95.65.

The December Japanese Yen was slightly higher overnight. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at .10110 would confirm that a short-term low has been posted. If December renews the decline off August’s high, July’s low crossing at .9860 is the next downside target. First resistance is the 20-day moving average crossing at .10110. Second resistance is the reaction high crossing at .10330. First support is last Wednesday’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 105.24 +0.42 +0.40%
NEW YORK HARBOR ULSD Oct 2013 2.9897 -0.0086 -0.29%
NATURAL GAS Nov 2013 3.803 -0.019 -0.50%
RBOB GASOLINE Nov 2013 2.6561 +0.0066 +0.25%
POWERSHARES DYNAMIC ENERGY 50.410 +0.260 +0.52%
UNITED STATES GASOLINE 56.64 -1.17 -2.07%

ENERGIES

October Nymex crude oil was higher due to short covering overnight as it consolidated some of the decline off this month’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends this month’s decline, the 38% retracement level of the April-August rally crossing at 102.43 is the next downside target. Closes above the 10-day moving average crossing at 107.83 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 107.83. Second resistance is August’s high crossing at 112.24. First support is the reaction low crossing at 104.21. Second support is the 38% retracement level of the April-August rally crossing at 102.43.

October heating oil was lower overnight as it extends this month’s decline. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible near-term. If October extends the decline off August’s high, the 62% retracement level of the April-August rally crossing at 294.14 is the next downside target. Closes above the 20-day moving average crossing at 310.83 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 310.83. Second resistance is August’s high crossing at 322.90. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is 75% retracement level of the April-August rally crossing at 287.96.

October unleaded gas was slightly higher due to short covering overnight as it consolidates some of the decline off August’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 259.52 is the next downside target. Closes above the 20-day moving average crossing at 281.51 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 275.16. Second resistance is the 20-day moving average crossing at 281.51. First support is the overnight low crossing at 264.48. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas was lower overnight as it consolidates some of the rally off August’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20-day moving average crossing at 3.611 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is Tuesday’s high crossing at 3.776. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20-day moving average crossing at 3.611. Second support is the reaction low crossing at 3.483.

 


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2616 +2 +0.08%
COFFEE Dec 2013 115.30 +0.35 +0.31%
ORANGE JUICE-A Nov 2013 127.55 -8.30 -6.51%
IPATH DJ-UBS SUGAR TRUST 59.28 -0.71 -1.21%
IPATH DJ-UBS SOFTS TRUST 46.2000 -0.4599 -1.00%

FOOD & FIBER

December coffee closed sharply lower on Tuesday as it renewed this summer’s decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning bearish with today’s decline signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the reaction high crossing at 12.10 would confirm that a low has been posted.

December cocoa closed lower due to profit taking on Tuesday as it consolidates some of the rally off June’s low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling additional gains are possible near-term. If December extends the rally off June’s low, the 2012 high crossing at 27.25 is the next upside target. Closes below the 20-day moving average crossing at 25.20 would confirm that a short-term top has been posted.

October sugar closed lower on Tuesday and the low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.66 would confirm that a short-term top has been posted. If October renews this month’s rally, June’s high crossing at 17.49 is the next upside target.

October cotton closed lower due to profit taking on Tuesday as it consolidated some of last week’s rally. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last week’s rally, the 38% retracement level of the August-September decline crossing at 86.70 is the next downside target. Closes below the 10-day moving average crossing at 84.26 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 455.00 +1.00 +0.22%
OATS Dec 2013 307.50 +0.75 +0.24%
WHEAT Dec 2013 644.75 +1.75 +0.27%
TEUCRIUM CORN 34.4231 -0.2169 -0.63%
IPATH DJ-UBS GRAINS TRUST 47.3500 +0.8100 +1.75%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2232 -0.0168 -0.27%
SOYBEANS Nov 2013 1338.00 -4.50 -0.34%
SOYBEAN (MINI) Nov 2013 1338.75 -3.75 -0.28%
SOYBEAN MEAL Dec 2013 424.6 -2.0 -0.47%
TEUCRIUM SOYBEAN 24.5000 -0.4105 -1.70%

GRAINS

corn was higher due to short covering overnight as it consolidates some of the decline off August’s high. If December extends the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.70 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.70 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is Tuesday’s low crossing at 4.53 1/4. Second support is August’s low crossing at 4.45 3/4.

December wheat was higher overnight while extending the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. Closes above last Thursday’s high crossing at 6.55 would temper the near-term bearish outlook. First resistance is last Thursday’s high crossing at 6.55. Second resistance is August’s high crossing at 6.76 1/2. First support is the reaction low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed up a 1/2-cent at 6.90 1/4.

December Kansas City wheat closed fractionally higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above last Thursday’s high would open the door for a possible test of the reaction high crossing at 7.17. First resistance is last Thursday’s high crossing at 7.03. Second resistance is the reaction high crossing at 7.17. First support is last Monday’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this summer’s decline, weekly support crossing at 6.93 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.18 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.18 3/4. Second resistance is the reaction high crossing at 7.48. First support is Tuesday’s low crossing at 6.98 1/2. Second support is weekly support crossing at 6.93 3/4.

 

SOYBEAN COMPLEX

soybeans were lower overnight as they extends this week’s decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. If November renews the rally off August’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is August’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the reaction low crossing at 13.35. Second support is the August 26th gap crossing at 13.31 1/2.

December soybean meal was lower overnight as it extends this week’s decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 415.60 would confirm that a short-term top has been posted. If December extends the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is last Friday’s high crossing at 451.20. Second resistance is weekly resistance crossing at 460.60. First support is the 20-day moving average crossing at 427.30. Second support is the reaction low crossing at 415.60.

December soybean oil was lower overnight as it extends the decline off August’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. Closes above the 20-day moving average crossing at 43.42 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 43.42. Second resistance is the August’s high crossing at 45.32. First support is the overnight low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15529.73 +34.95 +0.23%
NASDAQ COMPOSITE INDEX (COMBINED) 3744.86 +27.01 +0.72%
S&P 500 CASH 1704.76 +7.16 +0.42%
SPDR S&P 500 171.02 +0.71 +0.42%
QQQQ VOLATILITY INDEX 13.21 -0.47 -3.59%
iShares RUSSELL 2000 INDEX 105.995 +0.955 +0.90%

U.S. STOCK INDEXES

December NASDAQ 100 was higher overnight as it extends this year’s rally. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3123.46 would confirm that a short-term top has been posted. If December extends the aforementioned rally, weekly resistance crossing at 3329.82 is the next upside target. First resistance is Monday’s high crossing at 3213.25. Second resistance is weekly resistance crossing at 3329.82. First support is the 10-day moving average crossing at 3162.70. Second support is the 20-day moving average crossing at 3123.46.

The December S&P 500 was higher overnight as it extends the rally off August’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, weekly resistance crossing at 1705.00 is the next upside target. Closes below the 20-day moving average crossing at 1656.20 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1702.80. Second resistance is weekly resistance crossing at 1705.00. First support is Monday’s gap crossing at 1683.40. Second support is the 10-day moving average crossing at 1676.32. Third support is the 20-day moving average crossing at 1656.20.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 130.3125 0.0000 0.00%
iShares FLOATING RATE NOTE 50.6300 -0.0500 -0.10%
5 YEAR T-NOTES Dec 2013 119.593750 -0.109375 -0.09%
ULTRA T-BONDS Dec 2013 138.56250 +0.28125 +0.20%
POWERSHARES SENIOR LOAN PORTF 24.785 +0.005 +0.02%

INTEREST RATES

T-bonds were higher overnight as they extend the rebound off last week’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday’s high crossing at 130-11 are needed to confirm that a short-term low has been posted. If December renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. First resistance is last Thursday’s high crossing at 130-11. Second resistance is the reaction high crossing at 132-04. First support is this month’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 157.125 -0.750 -0.48%
LEAN HOGS Dec 2013 87.375 -0.150 -0.17%
LIVE CATTLE Dec 2013 128.225 -0.425 -0.33%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.320 -0.150 -0.55%

LIVESTOCK

hogs closed down $1.15 at $90.97.

October hog closed lower due to profit taking on Tuesday as it consolidated some of this summer’s rally. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 88.46 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 92.20. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 90.54. Second support is the 20-day moving average crossing at 88.46.

October cattle closed down $0.37 at 125.17.

October cattle closed lower on Tuesday as it extends the trading range of the past eight days. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near-term. Closes above the 20-day moving average crossing at 126.19 would confirm that a low has been posted. If October extends the decline off August’s high, August’s low crossing at 124.12 is the next downside target. First resistance is the 20-day moving average crossing at 126.19. Second resistance is the reaction high crossing at 127.25. First support is today’s low crossing at 124.30. Second support is August’s low crossing at 124.12.

October feeder cattle closed down $1.62 at $157.87.

October Feeder cattle gapped down and closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral warning bulls to use caution as a short-term top might be in or is near. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside target. If October renews this month’s decline, August’s low crossing at 155.85 is the next downside target. First resistance is the reaction high crossing at 160.00. Second resistance is August’s high crossing at 160.70. First support is gap support crossing at 158.02. Second support is August’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1299.5 -9.9 -0.76%
SPDR GOLD SHARES 126.51 +0.06 +0.05%
SILVER Dec 2013 21.530 -0.254 -1.17%
PALLADIUM Dec 2013 700.70 -6.25 -0.89%
DIREXION DAILY GOLD MINERS BEA 33.67 -2.10 -6.22%
POWERSHARES DB PRECIOUS METALS 43.5401 -0.2299 -0.53%

PRECIOUS METALS

October gold was lower overnight as it extends the decline off August’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, August’s low crossing at 1272.10 is the next downside target. Closes above the 20-day moving average crossing at 1370.80 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1370.80. Second resistance is August’s high crossing at 1432.90. First support is the overnight low crossing at 1281.80. Second support is August’s low crossing at 1272.10.

December silver was lower overnight as it extends the decline off August’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, the 62% retracement level of the June-August rally crossing at 20.875 is the next downside target. Closes above the 20-day moving average crossing at 23.240 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 23.240. Second resistance is August’s high crossing at 25.160. First support is the overnight low crossing at 21.370. Second support is the 62% retracement level of the June-August rally crossing at 20.875.

December copper was higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a lower might be in or is near. Closes above the 20-day moving average crossing at 327.05 are needed to confirm that a short-term low has been posted. If December extends the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is the 20-day moving average crossing at 327.05. Second resistance is August’s high crossing at 339.50. First support is last Friday’s low crossing at 319.05. Second support is the reaction low crossing at 314.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. MU MICRON TECH 16.840 +0.400 +2.38% 31,592,127 +100    Entry Signal
2. GE GENERAL ELECTRIC 24.455 +0.315 +1.29% 31,485,666 +100    Entry Signal
3. NOK NOKIA 6.285 +0.045 +0.72% 31,158,349 +90    Entry Signal
4. ZNGA ZYNGA 3.27 +0.18 +5.50% 30,448,482 +100    Entry Signal
5. SWY SAFEWAY 30.91 +2.87 +9.26% 28,871,696 +100    Entry Signal
6. AMD ADVANCED MICRO DEVICES 3.85 +0.03 +0.78% 25,068,975 +90    Entry Signal
7. F FORD MOTOR 17.44 +0.09 +0.52% 21,949,457 +100    Entry Signal
8. CSCO CISCO SYSTEMS 24.380 0.000 0.00% 17,941,721 +90    Entry Signal
9. SD SANDRIDGE ENERGY 5.84 +0.33 +5.65% 15,806,619 +100    Entry Signal
10. DAL DELTA AIR LINES 23.3099 +0.1599 +0.69% 13,890,593 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. GE.Z13.E EURODOLLAR Dec 2013 99.715 0.000 0.00% 48,981 +100    Entry Signal
2. 6B.Z13.E BRITISH POUND Dec 2013 1.5960 +0.0060 +0.38% 37,794 +100    Entry Signal
3. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1802.6 +0.9 +0.05% 16,715 +100    Entry Signal
4. MFS.U13.E MSCI EAFE INDEX Sep 2013 1808.3 +1.0 +0.06% 16,378 +100    Entry Signal
5. 6N.Z13.E NEW ZEALAND $ Dec 2013 0.8167 -0.0023 -0.28% 3,275 +100    Entry Signal
6. ZQ.Z13.E 30 DAY FED FUND Dec 2013 99.900 +0.005 +0.01% 1,711 +100    Entry Signal
7. MME.Z13.E MSCI EMERGING MARKETS Dec 2013 1001.9 +0.3 +0.03% 2,074 +100    Entry Signal
8. ZQ.H14.E 30 DAY FED FUND Mar 2014 99.875 +0.005 +0.01% 1,157 +100    Entry Signal
9. ED.H14.E EURODOLLAR Mar 2014 99.665 +0.010 +0.01% 360 +100    Entry Signal
10. LBS.X13.E LUMBER (RANDOM LENGTH) Nov 2013 341.8 +2.5 +0.73% 267 +100    Entry Signal

Morning Markets Report 11/09/2013

Morning Markets Report
Prepared on Wednesday, September 11, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 4 points to 15177. The US Dollar Index slipped 0.016 points to 81.814. Gold has retreated 4.24 dollars to 1359.60. Silver has retreated 0.0085 dollars to 22.9700. The Dow Industrials moved higher by 127.94 points, at 15191.06, while the S&P 500 rose 12.28 points, last seen at 1683.99. The Nasdaq Composite climbed 22.64 points to 3728.82. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
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Tuesday Sep 10th

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Tuesday Sep 10th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 445)

Market Composite Index Cur Chg (previous +1.3%)

Purchase Index (S.A.) (previous 188.6)

Purchase Index (S.A.) Cur Chg (previous -0.4%)

Refinance Index (previous 1916.3)

Refinance Index Cur Chg (previous +2.4%)

10:00 AM ET. July Monthly Wholesale Trade

Inventories (expected +0.3%; previous -0.2%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 360.21M)

Crude Oil Stocks (Net Change) (previous -1.84M)

Gasoline Stocks (previous 215.99M)

Gasoline Stocks (Net Change) (previous -1.83M)

Distillate Stocks (previous 129.59M)

Distillate Stocks (Net Change) (previous +0.55M)

Refinery Usage (previous 91.7%)

Total Products Supplied (previous 18.91M)

Total Products Supplied (Net Change) (previous -0.54M)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.814 -0.016 -0.02%
POWERSHARES DB US DOLLAR INDEX 22.090 0.000 0.00%
US Dollar/Canadian Dollar 1.03376 -0.00184 -0.18%
Euro/US Dollar 1.32560 -0.00074 -0.06%
JAPANESE YEN Sep 2013 0.009969 +0.000004 +0.04%
SWISS FRANC Sep 2013 1.0697 -0.0001 -0.01%

CURRENCIES

December Dollar was slightly higher due to short covering overnight as it consolidates some of the decline off last Friday’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 81.95 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, the 62% retracement level of the July-August’s decline crossing at 83.62 is the next upside target. First resistance is the 50% retracement level of the July-August’s decline crossing at 82.87. Second resistance is the 62% retracement level of the July-August’s decline crossing at 83.62. First support is the 20-day moving average crossing at 81.95. Second support is the reaction low crossing at 81.39.

The December Euro was lower overnight as it consolidates some of the rally off last Friday’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 132.96 would confirm that a short-term low has been posted. If December renews the decline off August’s high, the 62% retracement level of the July-August rally crossing at 130.27 is the next downside target. First resistance is the 20-day moving average crossing at 132.96. Second resistance is August’s high crossing at 134.58. First support is the 50% retracement level of the July-August rally crossing at 131.10. Second support is the 62% retracement level of the July-August rally crossing at 130.27.

The December British Pound was higher overnight as it extends the rally off the late-August low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 1.5901 is the next upside target. Closes below the 20-day moving average crossing at 1.5599 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.5815. Second resistance is weekly resistance crossing at 1.5901. First support is the 20-day moving average crossing at 1.5599. Second support is the late-August low crossing at 1.5420.

The December Swiss Franc was slightly higher overnight as it consolidates below the 10-day moving average crossing at .10715. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at .10777 are needed to confirm that a short-term low has been posted. If December resumes the decline off August’s high, the 62% retracement level of the July-August rally crossing at .10543 is the next downside target. First resistance is the 20-day moving average crossing at .10777. Second resistance is August’s high crossing at .10938. First support is last Friday’s low crossing at .10584. Second support is the 62% retracement level of the July-August rally crossing at .10543.

The December Canadian Dollar was higher overnight as it extends the rally off August’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, August’s high crossing at 97.02 is the next upside target. Closes below the 10-day moving average crossing at 95.43 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 96.56. Second resistance is August’s high crossing at 97.02. First support is the 20-day moving average crossing at 95.58. Second support is the 10-day moving average crossing at 95.43.

The December Japanese Yen was higher due to short covering overnight as it extends the decline off August’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends the decline off August’s high, July’s low crossing at .9860 is the next downside target. Closes above the 20-day moving average crossing at .10150 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10150. Second resistance is the reaction high crossing at .10330. First support is the overnight low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 107.31 -0.08 -0.07%
NEW YORK HARBOR ULSD Oct 2013 3.0831 +0.0163 +0.53%
NATURAL GAS Nov 2013 3.643 -0.019 -0.52%
RBOB GASOLINE Oct 2013 2.7400 +0.0043 +0.16%
POWERSHARES DYNAMIC ENERGY 50.470 -0.180 -0.36%
UNITED STATES GASOLINE 58.3828 -1.0272 -1.76%

ENERGIES

October Nymex crude oil was slightly higher overnight. Stochastics and the RSI are neutral to bearish hinting that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 107.44 would confirm that a short-term top has been posted. If October renews this year’s rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is August’s high crossing at 112.24. Second resistance is monthly resistance crossing at 114.83. First support is the 20-day moving average crossing at 107.44. Second support is the reaction low crossing at 103.50.

October heating oil was higher due to short covering overnight as it consolidates some of the decline off August’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 38% retracement level of the April-August rally crossing at 304.17 is the next downside target. Closes above the 10-day moving average crossing at 313.32 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 313.32. Second resistance is August’s high crossing at 322.90. First support is the 38% retracement level of the April-August rally crossing at 304.17. Second support is 50% retracement level of the April-August rally crossing at 298.88.

October unleaded gas was lower overnight as it extends the decline off August’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, August’s low crossing at 269.93 is the next downside target. Closes above the 10-day moving average crossing at 284.80 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 288.80. Second resistance is August’s high crossing at 298.21. First support is the overnight low crossing at 272.34. Second support is August’s low crossing at 269.93.

October Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3.543 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If October renews the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20-day moving average crossing at 3.543. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2560 -10 -0.39%
COFFEE Dec 2013 117.00 +0.35 +0.30%
ORANGE JUICE-A Nov 2013 137.00 -0.40 -0.29%
IPATH DJ-UBS SUGAR TRUST 59.9405 +0.7205 +1.20%
IPATH DJ-UBS SOFTS TRUST 44.8801 -0.3799 -0.82%

FOOD & FIBER

December coffee closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 118.99 would confirm that a low has been posted. If December renews this summer’s decline, monthly support crossing at 10.21 is the next downside target.

December cocoa closed higher on Tuesday as it extends the rally off June’s low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling additional gains are possible near-term. If December extends the rally off June’s low, the 87% retracement level of the 2012-2013-decline crossing at 26.43 is the next upside target. Closes below the 20-day moving average crossing at 24.92 would confirm that a short-term top has been posted.

October sugar closed higher on Tuesday as it extends the rally off August’s low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, August’s high crossing at 17.29 is the next upside target. Closes below the 10-day moving average crossing at 16.59 would confirm that a short-term top has been posted.

October cotton closed higher due to short covering on Tuesday as it consolidates some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 86.39 would confirm that a low has been posted. If October renews the decline off August’s high, May’s low crossing at 81.83 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 469.50 +0.50 +0.11%
OATS Dec 2013 318.75 +5.00 +1.57%
WHEAT Dec 2013 647.75 +1.25 +0.19%
TEUCRIUM CORN 35.4404 +0.2804 +0.79%
IPATH DJ-UBS GRAINS TRUST 47.31 +0.39 +0.83%
ELEMENTS MLCX GRAINS INDEX TRUST 6.3226 +0.0526 +0.83%
SOYBEANS Nov 2013 1359.50 +4.50 +0.33%
SOYBEAN (MINI) Nov 2013 1359.500 +4.500 +0.33%
SOYBEAN MEAL Dec 2013 427.2 +2.0 +0.47%
TEUCRIUM SOYBEAN 24.3049 -0.1851 -0.76%

GRAINS

corn was higher due to short covering overnight but remains below broken support marked by the 20-day moving average crossing at 4.73 3/4. If December renews the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.73 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.73 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is last Thursday’s low crossing at 4.57. Second support is August’s low crossing at 4.45 3/4.

December wheat was higher overnight as it extends the trading range of the past five days. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.49 1/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 6.49 1/4. Second resistance is August’s high crossing at 6.76 1/2. First support is last Thursday’s low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed up 6 1/4-cents at 6.94 3/4.

December Kansas City wheat closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.01 is the next upside target. First resistance is the 20-day moving average crossing at 7.01. Second resistance is the reaction high crossing at 7.17. First support is Monday’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat was higher due to short covering overnight as it consolidates some of this summer’s decline. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, weekly support crossing at 7.00 is the next downside target. Closes above the 20-day moving average crossing at 7.27 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.27 3/4. Second resistance is the reaction high crossing at 7.48. First support is Monday’s low crossing at 7.01 1/4. Second support is weekly support crossing at 7.00.

SOYBEAN COMPLEX

soybeans were higher overnight as it extends the trading range of the past two weeks. Stochastics and the RSI remain bearish signaling that a short-term top might be in or is near. Closes below the August 26th gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. If November renews the rally off August’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is August’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the 20-day moving average crossing at 13.34. Second support is the August 26th gap crossing at 13.31 1/2.

December soybean meal was higher overnight while extending the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, the 20-day moving average crossing at 416.80 is the next downside target. If December renews the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is August’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is the 20-day moving average crossing at 416.80. Second support is last Thursday’s low crossing at 415.60.

December soybean oil was higher due to short covering overnight as it consolidates some of the decline off August’s high but remains below the 20-day moving average. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, the reaction low crossing at 42.67 is the next downside target. Closes above the 10-day moving average crossing at 43.80 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 43.80. Second resistance is the August’s high crossing at 45.32. First support is the reaction low crossing at 42.67. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15191.06 +127.94 +0.84%
NASDAQ COMPOSITE INDEX (COMBINED) 3728.82 +22.64 +0.61%
S&P 500 CASH 1683.99 +12.28 +0.73%
SPDR S&P 500 168.890 +1.256 +0.74%
QQQQ VOLATILITY INDEX 13.72 -0.86 -6.28%
iShares RUSSELL 2000 INDEX 104.97 +1.03 +0.98%

U.S. STOCK INDEXES

December NASDAQ 100 was lower due to profit taking overnight as it consolidates some of the rally off August’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3098.53 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 3182.00. Second resistance is weekly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3098.53. Second support is August’s low crossing at 3049.25.

The December S&P 500 was slightly lower overnight as it consolidates some of the rally off August’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the reaction high crossing at 1684.40 is the next upside target. Closes below the 10-day moving average crossing at 1641.17 are needed to confirm that a short-term top has been posted. First resistance is the reaction high crossing at 1684.40. Second resistance is August’s high crossing at 1697.60. First support is the 10-day moving average crossing at 1641.17. Second support is August’s low crossing at 1621.00.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 129.12500 +0.31250 +0.24%
iShares FLOATING RATE NOTE 50.6400 -0.0300 -0.06%
5 YEAR T-NOTES Dec 2013 119.015625 +0.117188 +0.10%
ULTRA T-BONDS Dec 2013 137.43750 +0.53125 +0.39%
POWERSHARES SENIOR LOAN PORTF 24.80 -0.01 -0.04%

INTEREST RATES

T-bonds were higher due to short covering overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July’s high, weekly support crossing at 125-29 is the next downside target. Closes above the 10-day moving average crossing at 131-14 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 131-14. Second resistance is the reaction high crossing at 132-04. First support is last Friday’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 157.750 -0.025 -0.02%
LEAN HOGS Dec 2013 87.675 +0.125 +0.14%
LIVE CATTLE Oct 2013 125.250 +0.225 +0.18%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.3900 -0.0401 -0.15%

LIVESTOCK

hogs closed down $0.02 at $90.85.

October hog closed lower due to light profit taking on Tuesday as it consolidated some of the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 87.51 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 91.10. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 88.67. Second support is the 20-day moving average crossing at 87.51.

October cattle closed down $0.32 at 125.02.

October cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, August’s low crossing at 124.12 is the next downside target. Closes above the 20-day moving average crossing at 126.92 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 126.09. Second resistance is the 20-day moving average crossing at 126.92. First support is last Friday’s low crossing at 124.90. Second support is August’s low crossing at 124.12.

October feeder cattle closed down $0.27 at $157.77.

October Feeder cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Today’s close below gap support crossing at 158.02 has tempered the near-term friendly outlook. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside target. First resistance is last Tuesday’s high crossing at 160.00. Second resistance is August’s high crossing at 160.70. First support is gap support crossing at 158.02. Second support is August’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1360.2 -3.8 -0.28%
SPDR GOLD SHARES 131.7308 -2.1792 -1.65%
SILVER Dec 2013 23.015 -0.001 -0.00%
PALLADIUM Dec 2013 703.00 +10.35 +1.49%
DIREXION DAILY GOLD MINERS BEA 31.9600 +3.4400 +10.79%
POWERSHARES DB PRECIOUS METALS 46.0645 -0.1055 -0.23%

PRECIOUS METALS

October gold was lower overnight as it extends Tuesday’s breakout below the 20-day moving average. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the reaction low crossing at 1315.50 is the next downside target. Closes above the 10-day moving average crossing at 1389.60 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1389.60. Second resistance is August’s high crossing at 1432.90. First support is the reaction low crossing at 1315.50. Second support is August’s low crossing at 1272.10.

December silver was lower overnight as it extends Tuesday’s breakout below the 20-day moving average. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, the reaction low crossing at 22.320 is the next downside target. Closes above the 10-day moving average crossing at 23.681 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 23.681. Second resistance is August’s high crossing at 25.160. First support is the reaction low crossing at 22.320. Second support is August’s low crossing at 19.145.

December copper was higher overnight as it extends the trading range of the past two weeks. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 330.33 are needed to confirm that a short-term low has been posted. If December renews the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is the 20-day moving average crossing at 330.33. Second resistance is August’s high crossing at 339.50. First support is last Thursday’s low crossing at 322.00. Second support is the reaction low crossing at 314.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. MU MICRON TECH 16.250 +0.635 +3.91% 74,924,245 +90    Entry Signal
2. DAL DELTA AIR LINES 22.73 +0.97 +4.29% 64,934,892 +90    Entry Signal
3. F FORD MOTOR 17.56 +0.25 +1.42% 44,741,169 +90    Entry Signal
4. NOK NOKIA 5.67 +0.15 +2.65% 42,654,955 +100    Entry Signal
5. VALE VALE 16.810 +0.480 +2.86% 34,621,783 +100    Entry Signal
6. AMD ADVANCED MICRO DEVICES 3.865 +0.175 +4.52% 32,214,259 +100    Entry Signal
7. SIRI SIRIUS XM RADIO 3.845 +0.045 +1.17% 28,721,611 +100    Entry Signal
8. BSX BOSTON SCIENTIFIC 11.94 -0.05 -0.42% 23,406,280 +90    Entry Signal
9. C CITIGROUP 51.0935 +1.0035 +1.96% 23,167,897 +90    Entry Signal
10. VOD VODAFONE GROUP 33.015 -0.325 -0.98% 19,891,931 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. 6B.U13.E BRITISH POUND Sep 2013 1.5776 +0.0045 +0.29% 48,916 +100    Entry Signal
2. 6B.Z13.E BRITISH POUND Dec 2013 1.5765 +0.0045 +0.29% 8,601 +100    Entry Signal
3. GE.Z13.E EURODOLLAR Dec 2013 99.705 0.000 0.00% 18,788 +100    Entry Signal
4. LH.J14 LEAN HOGS Apr 2014 87.200 -0.200 -0.23% 3,201 +100    Entry Signal
5. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1784.1 +19.6 +1.10% 2,062 +100    Entry Signal
6. ZM.U13.E SOYBEAN MEAL Sep 2013 462.5 -3.3 -0.71% 571 +100    Entry Signal
7. M6B.U13.E E-MICRO GBP/USD Sep 2013 1.5779 +0.0048 +0.31% 437 +100    Entry Signal
8. ND.Z13 NASDAQ 100 INDEX Dec 2013 3175.75 +18.25 +0.57% 385 +100    Entry Signal
9. ZS.U13.E SOYBEANS Sep 2013 1403.75 -0.50 -0.04% 267 +100    Entry Signal
10. CC.U13.E COCOA Sep 2013 2544 +18 +0.71% 112 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 21/08/2013

Morning Markets Report
Prepared on Wednesday, August 21, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has slid 29 points to 14956. The US Dollar Index moved higher by 0.111 points to 81.056. Gold is dropping 10.65 dollars to 1361.41. Silver is declining 0.1897 dollars to 22.9183. The Dow Industrials trended lower by 7.75 points, at 15002.99, while the S&P 500 moved higher by 6.29 points, last seen at 1652.35. The Nasdaq Composite trended higher 25.80 points to 3614.89. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Know the Zone & Improve Your Gap Trading
Wednesday Aug 21st

Did You Miss Adam On CNBC’s Street Signs Today? (Updated With Video)
Tuesday Aug 20th

Poll: Where’s the market heading this week?
Tuesday Aug 20th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 471.9)

Market Composite Index Cur Chg (previous -4.7%)

Purchase Index (S.A.) (previous 182.7)

Purchase Index (S.A.) Cur Chg (previous -5.4%)

Refinance Index (previous 2145.3)

Refinance Index Cur Chg (previous -4.4%)

10:00 AM ET. July Existing Home Sales

Total Sales (previous 5.08M)

Percent Change (previous -1.2%)

Month’s Supply (previous 5.2)

Median Price (previous 214200)

Median Price – Yrly % Chg (previous +13.5%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 360.49M)

Crude Oil Stocks (Net Change) (previous -2.81M)

Gasoline Stocks (previous 222.43M)

Gasoline Stocks (Net Change) (previous -1.17M)

Distillate Stocks (previous 128.48M)

Distillate Stocks (Net Change) (previous +2.03M)

Refinery Usage (previous 89.4%)

Total Products Supplied (previous 9.09M)

Total Products Supplied (Net Change) (previous -0.6M)

2:00 PM ET. Federal Open Market Committee meeting minutes

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

Cont Jobless Claims Net Chg (prior week) (previous -54K)

9:00 AM ET. Aug US Flash Manufacturing PMI

9:00 AM ET. 2nd Quarter U.S. Quarterly House Price Index

9:00 AM ET. June U.S. Monthly House Price Index

House Price Index (previous 201.8)

House Price Index (MoM) (previous +0.7%)

House Price Index (YoY) (previous +7.3%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous -0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 3006B)

Total Working Gas in Storage (Net Change) (previous +65B)

11:00 AM ET. Aug Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.056 +0.111 +0.14%
POWERSHARES DB US DOLLAR INDEX 21.8671 -0.1029 -0.47%
US Dollar/Canadian Dollar 1.04260 +0.00080 +0.08%
Euro/US Dollar 1.34050 -0.00131 -0.10%
JAPANESE YEN Sep 2013 0.010262 -0.000024 -0.23%
SWISS FRANC Sep 2013 1.0877 -0.0030 -0.28%

CURRENCIES

September Dollar closed lower on Tuesday as it extends the decline off July’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging and have turned bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, June’s low crossing at 80.61 is the next downside target. Closes above last Thursday’s high crossing at 81.99 are needed to confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is today’s low crossing at 80.77. Second support is June’s low crossing at 80.61.

The September Euro closed higher on Tuesday as it extends the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July’s low, the 75% retracement level of the February-July decline crossing at 134.65 is the next upside target. Closes below the 20-day moving average crossing at 133.01 are needed to confirm that a short-term top has been posted. First resistance is the 75% retracement level of the February-July decline crossing at 134.65. Second resistance is the 87% retracement level of the February-July decline crossing at 135.84. First support is the 20-day moving average crossing at 133.01. Second support is the reaction low crossing at 131.87.

The September British Pound closed higher on Tuesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. Closes below the 20-day moving average crossing at 1.5425 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.5695. Second resistance is June’s high crossing at 1.5743. First support is the 20-day moving average crossing at 1.5425. Second resistance is the reaction low crossing at 1.5200.

The September Swiss Franc closed higher on Tuesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10962 is the next upside target. Closes below last Thursday’s low crossing at .10644 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10936. Second resistance is June’s high crossing at .10962. First support is last Thursday’s low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 95.64 are needed to confirm that a short-term top has been posted. If September renews the rally off August’s low, July’s high crossing at 97.49 is the next upside target. First resistance is July’s high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is the reaction low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .10217 would confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is the reaction high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10217. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 104.71 -0.40 -0.38%
NEW YORK HARBOR ULSD Oct 2013 3.0738 -0.0114 -0.37%
NATURAL GAS Nov 2013 3.636 +0.035 +0.97%
RBOB GASOLINE Oct 2013 2.8196 +0.0012 +0.04%
POWERSHARES DYNAMIC ENERGY 48.8710 +0.3224 +0.66%
UNITED STATES GASOLINE 60.1380 +0.1980 +0.33%

ENERGIES

September crude oil closed sharply lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 102.22 would confirm that a short-term top has been posted. Closes above July’s high crossing at 108.93 would renew this summer’s rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. First resistance is July’s high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is the reaction low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, August’s high crossing at 310.71 is the next upside target. Closes below the 10-day moving average crossing at 303.36 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is the 10-day moving average crossing at 303.36. Second support is August’s low crossing at 291.93.

September unleaded gas closed lower on Tuesday as it consolidated some of the rally off August’s low. The mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 10-day moving average crossing at 292.83 are needed to confirm that a short-term top has been posted. If September extends the rally off August’s low, August’s high crossing at 304.56 is the next upside target. First resistance is August’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is the 10-day moving average crossing at 292.83. Second support is the 50% retracement level of the June-July rally crossing at 285.24.

September Henry natural gas closed lower due to profit taking on Tuesday but remains above the 20-day moving average crossing at 3.401. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends Monday’s rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 10-day moving average crossing at 3.339 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 3.501. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 10-day moving average crossing at 3.339. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2495 -25 -1.00%
COFFEE Dec 2013 119.25 +0.45 +0.38%
ORANGE JUICE-A Nov 2013 134.90 -1.00 -0.74%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.68%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.21%

FOOD & FIBER

September coffee closed sharply lower on Tuesday as it renewed this summer’s decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today’s close below the reaction low crossing at 11.93 confirms that a short-term top has been posted. Closes above the 10-day moving average crossing at 120.92 would confirm that a low has been posted.

September cocoa closed higher on Tuesday as it extended last week’s trading range. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target. Closes below the 20-day moving average crossing at 23.89 would confirm that a short-term top has been posted.

October sugar closed lower on Tuesday and the low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the reaction low crossing at 16.09 is the next downside target. Closes above the 10-day moving average crossing at 16.93 would confirm that a low has been posted.

October cotton closed limit down on Tuesday as it consolidated some of the rally off May’s low. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 88.13 would confirm that a short-term top has been posted. If October renews the rally off July’s low, weekly resistance crossing at 95.00 is the next upside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 478.00 +2.50 +0.53%
OATS Dec 2013 334.25 -2.00 -0.60%
WHEAT Dec 2013 651.0 +5.0 +0.77%
TEUCRIUM CORN 36.04 -0.59 -1.64%
IPATH DJ-UBS GRAINS TRUST 47.0000 -0.3190 -0.69%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2826 -0.0874 -1.39%
SOYBEANS Nov 2013 1305.50 +15.00 +1.16%
SOYBEAN (MINI) Nov 2013 1305.625 +15.125 +1.17%
SOYBEAN MEAL Dec 2013 407.0 +5.0 +1.24%
TEUCRIUM SOYBEAN 23.8328 +0.5828 +2.47%

GRAINS

Corn closed down 10-cents at 4.75 1/2.

December corn closed lower due to profit taking on Tuesday as it consolidates some of the rally off last week’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends Monday’s rally, psychological resistance crossing at 5.00 is the next upside target. Closes below the 10-day moving average crossing at 4.63 1/2 would signal that a short-term top has been posted. If December renews this summer’s decline, weekly support crossing at 4.33 1/2 is the next downside target. First resistance is today’s high crossing at 4.86 3/4. Second resistance is psychological resistance crossing at 5.00. First support is the 10-day moving average crossing at 4.63 1/2. Second support is last Tuesday’s low crossing at 4.45 3/4.

December wheat closed down 7 1/2-cents at 6.46.

December wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 6.57 are needed to confirm that a short-term low has been posted. If December extends this year’s decline, weekly support crossing at 6.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 6.57. Second resistance is the reaction high crossing at 6.79 3/4. First support is last Wednesday’s low crossing at 6.35 1/2. Second support is weekly support crossing at 6.25 3/4.

December Kansas City Wheat closed down 8 3/4-cents at 6.98 3/4.

December Kansas City wheat closed lower due to profit taking on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.06 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.06 3/4. Second resistance is the reaction high crossing at 7.25. First support is today’s low crossing at 6.98 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed down 6 1/2-cents at 7.39.

December Minneapolis wheat closed lower on Monday. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 7.44 3/4 are needed to confirm that a low has been posted. If December renews the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.44 3/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is last Wednesday’s low crossing at 7.35. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans closed down 12 3/4-cents at 12.90 1/2.

November soybeans closed lower due to profit taking on Tuesday as it consolidates some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off last week’s low, June’s high crossing at 13.33 is the next upside target. Closes below the 20-day moving average crossing at 12.20 1/4 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 13.09 3/4. Second resistance is June’s high crossing at 13.33. First support is the 20-day moving average crossing at 12.20 1/4. Second support is August’s low crossing at 11.62 1/2.

December soybean meal closed down $2.20 at 402.00.

December soybean meal closed lower due to profit taking on Tuesday as it consolidates some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 439.20 is the next upside target. Closes below the 20-day moving average crossing at 369.50 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 407.10. Second resistance is weekly resistance crossing at 439.20. First support is the 20-day moving average crossing at 369.50. Second support is the reaction low crossing at 354.60.

December soybean oil closed down 60 pts. at 43.18.

December soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the 25% retracement level of this year’s decline crossing at 44.75 is the next upside target. If December renews this year’s decline, weekly support crossing at 40.56 is the next downside target. First resistance is Monday’s high crossing at 43.98. Second resistance is the 25% retracement level of this year’s decline crossing at 44.75. First support is August’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15002.99 -7.75 -0.05%
NASDAQ COMPOSITE INDEX (COMBINED) 3614.89 +25.80 +0.71%
S&P 500 CASH 1652.35 +6.29 +0.38%
SPDR S&P 500 165.62 +0.85 +0.51%
QQQQ VOLATILITY INDEX 14.21 -0.41 -2.88%
iShares RUSSELL 2000 INDEX 102.110 +1.462 +1.43%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher due to short covering on Tuesday as it consolidates above the 25% retracement level of the June-August rally crossing at 3065.37. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. If September renews the rally off June’s low, monthly resistance crossing at 3329.82 is the next upside target. First resistance is August’s high crossing at 3144.25. Second resistance is monthly resistance crossing at 3329.82. First support is Monday’s low crossing at 3060.25. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 closed higher due to short covering on Tuesday as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. Closes above the 20-day moving average crossing at 1681.81 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1681.81. Second resistance is August’s high crossing at 1705.00. First support is today’s low crossing at 1641.20. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.

The Dow closed higher due to short covering on Tuesday as it consolidates some of the decline off this month’s high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month’s decline, the 62% retracement level of the July-August rally crossing at 14,975 is the next downside target. Closes above the 20-day moving average crossing at 15,423 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 15,285. Second resistance is the 20-day moving average crossing at 15,423. First support is the 62% retracement level of the July-August rally crossing at 14,975. Second support is the 75% retracement level of the June-July rally crossing at 14,830.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 131.21875 -0.12500 -0.10%
iShares FLOATING RATE NOTE 50.6571 +0.0071 +0.01%
5 YEAR T-NOTES Sep 2013 120.687500 -0.023438 -0.02%
ULTRA T-BONDS Sep 2013 138.9375 -0.1875 -0.13%
POWERSHARES SENIOR LOAN PORTF 24.690 +0.160 +0.65%

INTEREST RATES

T-bonds closed up 29/32 at 131-09.

September T-bonds closed higher due to short covering on Tuesday as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If September extends the decline off July’s high, weekly support crossing at 125-29 is the next downside target. Closes above the 20-day moving average crossing at 133-06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133-06. Second resistance is the reaction high crossing at 135-02. First support is Monday’s low crossing at 130-05. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 158.250 +0.300 +0.19%
LEAN HOGS Oct 2013 86.85 -0.10 -0.12%
LIVE CATTLE Oct 2013 128.15 +0.05 +0.04%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2496 +0.0896 +0.33%

LIVESTOCK

hogs closed up $0.47 at $86.95.

October hog closed higher on Tuesday ending a three-day decline off last week’s high. The mid-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 85.58 would confirm that a short-term top has been posted. If October extends the rally off July’s low, last November’s high crossing at 88.90 is the next upside target. First resistance is last Wednesday’s high crossing at 87.80. Second resistance is last November’s high crossing at 88.90. First support is the 10-day moving average crossing at 86.34. Second support is the 20-day moving average crossing at 85.58.

October cattle closed up $0.08 at 128.15.

October cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 126.34 are needed to confirm that a top has been posted. If October extends this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.34. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.35 at $160.47.

October Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. Closes below the 20-day moving average crossing at 159.33 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 160.70. Second resistance is January’s high crossing at 163.95. First support is the 20-day moving average crossing at 159.33. Second support is the reaction low crossing at 158.70.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1367.3 -5.3 -0.39%
SPDR GOLD SHARES 132.44 +0.43 +0.32%
SILVER Sep 2013 23.060 -0.011 -0.05%
PALLADIUM Sep 2013 747.90 -1.75 -0.23%
DIREXION DAILY GOLD MINERS BEA 22.74 -2.88 -12.63%
POWERSHARES DB PRECIOUS METALS 45.41 +0.10 +0.22%

PRECIOUS METALS

October gold closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, June’s high crossing at 1424.00 is the next upside target. Closes below the 20-day moving average crossing at 1325.40 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1382.40. Second resistance is June’s high crossing at 1424.00. First support is the 20-day moving average crossing at 1325.40. Second resistance is the reaction low crossing at 1272.10.

September silver closed lower due to light profit taking on Tuesday as it consolidated some of the rally off June’s low. The high-range close set the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 38% retracement level of the September-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.746 are needed to confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 23.605. Second resistance is the 38% retracement level of the September-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.703. Second support is the 20-day moving average crossing at 30.746.

September copper closed slightly higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, June’s high crossing at 341.25 is the next upside target. Closes below the 20-day moving average crossing at 322.47 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is June’s high crossing at 341.25. First support is the 10-day moving average crossing at 330.77. Second support is the 20-day moving average crossing at 322.47.


 

Top Stocks
# symbol name last net % volume score triangles
1. FB FACEBOOK 38.41 +0.60 +1.56% 47,447,750 +100    Entry Signal
2. COLE COLE REAL ESTATE INVESTMENTS 11.33 +0.03 +0.26% 20,282,722 +90    Entry Signal
3. AAPL APPLE 501.35 -6.39 -1.28% 12,334,134 +90    Entry Signal
4. TSL TRINA SOLAR 7.819 +1.039 +13.29% 9,587,287 +100    Entry Signal
5. DELL DELL 13.765 -0.025 -0.18% 9,165,967 +90    Entry Signal
6. P PANDORA MEDIA 21.335 +0.165 +0.77% 9,110,332 +90    Entry Signal
7. TJX TJX COMPANIES 54.2599 +3.5099 +6.47% 7,744,729 +100    Entry Signal
8. IAG IAMGOLD 6.455 +0.295 +4.57% 7,506,230 +90    Entry Signal
9. QCOM QUALCOMM 66.710 +0.380 +0.57% 6,916,570 +90    Entry Signal
10. GG GOLDCORP 31.6650 +0.7650 +2.42% 6,848,502 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3421 +0.0077 +0.57% 244,413 +100    Entry Signal
2. 6E.U13.E EURO FX Sep 2013 1.3397 -0.0024 -0.18% 76,101 +90    Entry Signal
3. SM.Z13 SOYBEAN MEAL Dec 2013 402.0 -2.2 -0.55% 45,277 +90    Entry Signal
4. SM.U13 SOYBEAN MEAL Sep 2013 413.8 -6.5 -1.57% 12,202 +90    Entry Signal
5. GE.U13.E EURODOLLAR Sep 2013 99.7325 +0.0025 0.00% 7,078 +90    Entry Signal
6. ZM.Z13.E SOYBEAN MEAL Dec 2013 407.0 +5.0 +1.24% 5,721 +100    Entry Signal
7. LC.Z13 LIVE CATTLE Dec 2013 130.575 +0.125 +0.10% 4,224 +100    Entry Signal
8. LE.Z13.E LIVE CATTLE Dec 2013 130.675 +0.100 +0.08% 194 +100    Entry Signal
9. LC.G14 LIVE CATTLE Feb 2014 132.000 -0.025 -0.02% 2,829 +100    Entry Signal
10. LE.G14.E LIVE CATTLE Feb 2014 132.000 -0.025 -0.02% 2,415 +90    Entry Signal

Key Market Reports and Commentary for Wednesday 07/08/2013

Morning Markets Report
Prepared on Wednesday, August 7, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is falling 59 points to 15415. The US Dollar Index retreated 0.041 points to 81.579. Gold is down 3.65 dollars to 1278.70. Silver is dropping 0.1855 dollars to 19.3345. The Dow Industrials softened 93.39 points, at 15518.74, while the S&P 500 moved lower 9.77 points, last seen at 1697.37. The Nasdaq Composite fell 28.23 points to 3664.72. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: Is this the top of the market?
Tuesday Aug 6th

Finding Bargains Down Under
Tuesday Aug 6th

Today’s Video Update: All The Trade Triangles Turn Green For Apple
Monday Aug 5th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 494.4)

Market Composite Index Cur Chg (previous -3.7%)

Purchase Index (S.A.) (previous 191.7)

Purchase Index (S.A.) Cur Chg (previous -3.4%)

Refinance Index (previous 2247.6)

Refinance Index Cur Chg (previous -3.8%)

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 364.62M)

Crude Oil Stocks (Net Change) (previous +0.43M)

Gasoline Stocks (previous 223.46M)

Gasoline Stocks (Net Change) (previous +0.77M)

Distillate Stocks (previous 125.99M)

Distillate Stocks (Net Change) (previous -0.47M)

Refinery Usage (previous 91.3%)

Total Products Supplied (previous 19.66M)

Total Products Supplied (Net Change) (previous -0.12M)

12:30 PM ET. Philadelphia Fed President Charles Plosser speech at Women in Housing and Finance event

3:00 PM ET. June Consumer Credit

Monthly Net Change (expected +14B; previous +19.62B)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.579 -0.041 -0.05%
POWERSHARES DB US DOLLAR INDEX 22.0700 -0.0600 -0.27%
US Dollar/Canadian Dollar 1.04138 +0.00458 +0.44%
Euro/US Dollar 1.33130 +0.00040 +0.03%
JAPANESE YEN Sep 2013 0.010285 +0.000042 +0.41%
SWISS FRANC Sep 2013 1.0801 -0.0002 -0.02%

CURRENCIES

September Dollar closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 82.42 would confirm that a short-term low has been posted. If September renews the decline off July’s high, the 87% retracement level of the June-July rally crossing at 81.15 is the next downside target. First resistance is the 20-day moving average crossing at 82.42. Second resistance is last Friday’s high crossing at 82.61. First support is last Wednesday’s low crossing at 81.48. Second support is the 87% retracement level of the June-July rally crossing at 81.15.

The September Euro closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. If September renews the rally off July’s low, June’s high crossing at 134.24 is the next upside target. Closes below the 20-day moving average crossing at 131.86 are needed to confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 133.47. Second resistance is June’s high crossing at 134.24. First support is the 20-day moving average crossing at 131.86. Second support is last Friday’s low crossing at 131.87.

The September British Pound closed higher on Tuesday as it extended the rally off last Friday’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Friday’s low, July’s high crossing at 1.5432 is the next upside target. Closes below last Friday’s low crossing at 1.5098 would confirm that a short-term top has been posted. First resistance is July’s high crossing at 1.5432. Second resistance is the 75% retracement level of the June-July decline crossing at 1.5509. First support is the July 11th gap crossing at 1.5009. Second support is the July’s low crossing at 1.4806.

The September Swiss Franc closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .10674 would confirm that a short-term top has been posted. If September extends the rally off July’s low, the 87% retracement level of the June-July decline crossing at .10874 is the next upside target. First resistance is the 87% retracement level of the June-July decline crossing at .10874. Second resistance is June’s high crossing at .10962. First support is the 20-day moving average crossing at .10674. Second support is last Friday’s low crossing at .10653.

The September Canadian Dollar closed higher due to short covering on Tuesday as it consolidated some of last week’s decline but remains below the 20-day moving average crossing at 96.48. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September renews last week’s decline, the reaction low crossing at 95.52 is the next downside target. Closes above the 10-day moving average crossing at 96.81 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 96.81. Second resistance is the 62% retracement level of the May-July decline crossing at 97.45. First support is Monday’s low crossing at 96.02. Second support is the reaction low crossing at 95.52.

The September Japanese Yen closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral with today’s rally signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10669 is the next upside target. Closes below last Friday’s low crossing at .10002 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10258. Second resistance is June’s high crossing at .10669. First support is last Friday’s low crossing at .10002. Second support is July’s low crossing at .9852.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 105.16 -0.14 -0.13%
NEW YORK HARBOR ULSD Sep 2013 2.9940 -0.0143 -0.47%
NATURAL GAS Sep 2013 3.305 -0.013 -0.39%
RBOB GASOLINE Sep 2013 2.9100 -0.0051 -0.17%
POWERSHARES DYNAMIC ENERGY 50.2799 -0.2101 -0.42%
UNITED STATES GASOLINE 59.60 -0.70 -1.17%

ENERGIES

September crude oil closed lower for the third day in a row on Tuesday as it consolidated some of last week’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above July’s high crossing at 108.93 would renew this summer’s rally while opening the door for a possible test of weekly resistance crossing at 110.55 later this summer. Closes below last Tuesday’s low crossing at 102.67 would confirm that a short-term top has been posted. First resistance is July’s high crossing at 108.93. Second resistance is weekly resistance crossing at 110.55. First support is last Tuesday’s low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil closed lower for the third day in a row on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. Closes below last Wednesday’s low crossing at 297.72 would confirm that a short-term top has been posted. If September renews last week’s rally, July’s high crossing at 313.22 is the next upside target. First resistance is last Friday’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is last Wednesday’s low crossing at 297.72. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas closed lower on Tuesday and below last Wednesday’s low crossing at 292.33 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the 50% retracement level of the April-July rally crossing at 285.24 is the next downside target. Closes above the 20-day moving average crossing at 300.51 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 300.51. Second resistance is last Thursday’s high crossing at 304.56. First support is the 38% retracement level of the June-July rally crossing at 290.90. Second support is the 50% retracement level of the June-July rally crossing at 285.24.

September Henry natural gas closed lower on Tuesday as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year’s decline, weekly support crossing at 3.178 is the next downside target. Closes above the 20-day moving average crossing at 3.578 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.463. Second resistance is the 20-day moving average crossing at 3.578. First support is Monday’s low crossing at 3.309. Second support is weekly support crossing at 3.178.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2410 +23 +0.96%
COFFEE Sep 2013 119.00 +1.10 +0.93%
ORANGE JUICE-A Sep 2013 140.25 -1.60 -1.14%
IPATH DJ-UBS SUGAR TRUST 57.556 -0.734 -1.27%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.67%

FOOD & FIBER

September coffee closed lower on Tuesday and the low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, weekly support crossing at 11.00 is the next downside target. Closes above the 20-day moving average crossing at 122.15 would confirm that a short-term low has been posted.

September cocoa closed higher on Tuesday as it extended the rally off June’s low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, May’s high crossing at 24.43 is the next upside target. Closes below the 20-day moving average crossing at 23.05 would confirm that a short-term top has been posted.

October sugar closed unchanged on Tuesday. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 16.42 would confirm that a short-term top has been posted. If October renews the rally off July’s low, June’s high crossing at 17.49 is the next upside target.

October cotton closed higher on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, the reaction high crossing at 87.82 is the next upside target. If October renews the decline off June’s high, May’s low crossing at 81.83 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 460.25 +1.00 +0.22%
OATS Dec 2013 324.25 -0.50 -0.15%
WHEAT Dec 2013 660.75 -2.00 -0.30%
TEUCRIUM CORN 35.015 -0.065 -0.19%
IPATH DJ-UBS GRAINS TRUST 44.660 -0.140 -0.31%
ELEMENTS MLCX GRAINS INDEX TRUST 6.120 -0.018 -0.29%
SOYBEANS Nov 2013 1171.00 +3.75 +0.32%
SOYBEAN (MINI) Nov 2013 1166.000 -1.250 -0.11%
SOYBEAN MEAL Dec 2013 349.0 +3.3 +0.95%
TEUCRIUM SOYBEAN 22.0100 -0.2699 -1.23%

GRAINS

Corn closed down 1 1/4-cents at 4.59 1/4.

December corn closed lower on Tuesday extending last Friday’s breakout below weekly support crossing at 4.67 3/4. The market continues to focus on generally favorable weather conditions across much of the Midwest and disregarding improving export demand and shipments. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. If December extends this summer’s decline, psychological support crossing at 4.50 and then weekly support crossing at 4.33 1/2 are the next downside targets. Closes above the 20-day moving average crossing at 4.88 3/4 would increase the odds that a temporary bottom has been posted. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. First resistance is the 10-day moving average crossing at 4.71 1/2. Second resistance is the 20-day moving average crossing at 4.88 3/4. First support is today’s low crossing at 4.55. Second support is psychological support crossing at 4.50.

December wheat closed up 5-cents at 6.62 3/4.

December wheat closed higher on Tuesday as it consolidated some of Monday’s decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. If December extends this year’s decline, psychological support crossing at 6.50 is the next downside target. Closes above last week’s high crossing at 6.79 3/4 would confirm that a short-term low has been posted. First resistance is last week’s high crossing at 6.79 3/4. Second resistance is July’s high crossing at 7.05 3/4. First support is Monday’s low crossing at 6.54. Second support is psychological support crossing at 6.50.

December Kansas City Wheat closed up 5-cents at 7.12 1/4.

December Kansas City wheat closed higher due to short covering on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off April’s high, weekly support crossing at 7.00 is the next downside target. If December renews last week’s rally, July’s high crossing at 7.28 is the next upside target. First resistance is last Friday’s high crossing at 7.25. Second resistance is July’s high crossing at 7.28. First support is last Monday’s low crossing at 7.00 3/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat closed up 5 1/2-cents at 7.48 1/4.

December Minneapolis wheat posted an inside day with a higher close on Tuesday as it consolidated some of Monday’s decline. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.58 1/4 are needed to confirm that a low has been posted. If December extends the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.58 1/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is Monday’s low crossing at 7.41 1/4. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans closed down 16-cents at 11.67 1/4.

November soybeans closed lower on Tuesday and tested the 50% retracement level of the 2010-2012-rally crossing at 11.66 1/4. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible neutral to. If November extends the decline off June’s high, the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2 is the next downside target. Closes above the 20-day moving average crossing at 12.40 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 12.06 1/4. Second resistance is the 20-day moving average crossing at 12.40 3/4. First support is today’s low crossing at 11.65 1/4. Second support is the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2.

December soybean meal closed down $5.90 at 345.70.

December soybean meal closed lower on Tuesday and below the 75% retracement level of the April-June rally crossing at 347.20 as it extended the decline off July’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the aforementioned decline, the 87% retracement level of the April-June rally crossing at 338.60 is the next downside target. Closes above the 20-day moving average crossing at 372.70 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 362.70. Second resistance is the 20-day moving average crossing at 372.70. First support is today’s low crossing at 345.30. Second support is the 87% retracement level of the April-July rally crossing at 338.60.

December soybean oil closed down 62 pts. at 42.59.

December soybean closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year’s decline, weekly support crossing at 40.56 is the next downside target. Closes above the 20-day moving average crossing at 44.28 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 43.14. Second resistance is the 20-day moving average crossing at 44.28. First support is today’s low crossing at 42.40. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15518.74 -93.39 -0.60%
NASDAQ COMPOSITE INDEX (COMBINED) 3664.72 -28.23 -0.77%
S&P 500 CASH 1697.37 -9.77 -0.58%
SPDR S&P 500 169.6800 -1.0200 -0.60%
QQQQ VOLATILITY INDEX 11.94 +0.52 +4.41%
iShares RUSSELL 2000 INDEX 104.4700 -1.0500 -1.01%

U.S. STOCK INDEXES

September NASDAQ 100 closed sharply lower on Tuesday as it consolidates some of this year’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3069.81 would confirm that a top has been posted. First resistance is Monday’s high crossing at 3140.25. Second resistance is monthly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3069.81. Second support is the reaction low crossing at 3023.50.

The September S&P 500 closed sharply lower due to profit taking on Tuesday as it consolidated some of their recent gains. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, upside targets will now be hard to project with the index trading into uncharted territory. Closes below the 20-day moving average crossing at 1683.15 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 1705.00. Second resistance is unknown with September trading into uncharted territory. First support is the 20-day moving average crossing at 1683.15. Second support is the reaction low crossing at 1670.50.

The Dow closed lower on Tuesday and below the 20-day moving average crossing at 16,521 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are diverging but are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends today’s decline, the reaction low crossing at 15,405 is the next downside target. If the Dow extends this year’s rally, upside targets will be hard to project with the Dow trading in uncharted territory. First resistance is Monday’s high crossing at 17,047. Second resistance is unknown. First support is the reaction low crossing at 15,405. Second support is the 38% retracement level of the June-July rally crossing at 15,236.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 133.34375 +0.18750 +0.14%
iShares FLOATING RATE NOTE 50.63 -0.01 -0.02%
5 YEAR T-NOTES Sep 2013 121.445313 +0.054688 +0.05%
ULTRA T-BONDS Sep 2013 142.59375 +0.31250 +0.22%
POWERSHARES SENIOR LOAN PORTF 24.885 -0.045 -0.18%

INTEREST RATES

T-bonds closed up 1/32 at 133-07.

September T-bonds closed slightly higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 134-06 would confirm that a short-term low has been posted. If September extends the decline off July’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the 20-day moving average crossing at 134-06. Second resistance is the reaction crossing at 136-00. First support is last Friday’s low crossing at 131-25. Second support is monthly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.65 +0.65 +0.41%
LEAN HOGS Oct 2013 86.85 +0.40 +0.46%
LIVE CATTLE Oct 2013 124.875 +0.200 +0.16%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.6707 +0.2359 +0.88%

LIVESTOCK

hogs closed up $0.95 at $86.45.

October hog gapped up and closed higher on Tuesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last week’s low, July’s high crossing at 86.87 is the next upside target. Closes below the 10-day moving average crossing at 84.82 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 86.50. Second resistance is July’s high crossing at 86.87. First support is the 10-day moving average crossing at 84.82. Second support is the 50% retracement level of the March-June rally crossing at 82.68.

October cattle closed up $0.12 at 124.67.

October cattle closed higher on Tuesday but the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews last week’s decline, June’s low crossing at 121.65 is the next downside target. Closes above the 20-day moving average crossing at 125.68 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 126.95. Second resistance is the reaction high crossing at 127.20. First support is last Friday’s low crossing at 124.12. Second support is June’s low crossing at 121.65.

August feeder cattle closed up $0.27 at $154.25.

August Feeder cattle closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, the reaction high crossing at 155.70 is the next upside target. Closes below the 20-day moving average crossing at 152.57 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 154.60. Second resistance is the reaction high crossing at 155.70. First support is the 20-day moving average crossing at 152.57. Second support is the reaction low crossing at 149.90.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1275.7 -6.8 -0.53%
SPDR GOLD SHARES 123.969 -1.731 -1.40%
SILVER Sep 2013 19.250 -0.273 -1.40%
PALLADIUM Sep 2013 714.30 -8.50 -1.18%
DIREXION DAILY GOLD MINERS BEA 104.8900 +14.7599 +14.10%
POWERSHARES DB PRECIOUS METALS 41.59 -0.65 -1.56%

PRECIOUS METALS

October gold closed lower on Tuesday and below last Friday’s low crossing at 1282.50 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that additional weakness is possible. If October renews the rally off June’s low, the reaction high crossing at 1395.20 is the next upside target. First resistance is July’s high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is today’s low crossing at 1278.40. Second support is July’s low crossing at 1208.50.

September silver closed lower on Tuesday as it extends the trading range of the past seven weeks. The low-range close set the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 18.670 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is the reaction high crossing at 20.595. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at 19.215. Second support is the reaction low crossing at 18.670.

September copper closed slightly higher on Monday. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September renews last week’s rally, July’s high crossing at 323.40 is the next upside target. If September renews the decline off July’s high, July’s low crossing at 302.50 is the next downside target. First resistance is July’s high crossing at 323.40. Second resistance is the reaction high crossing at 329.15. First support is July’s low crossing at 302.50. Second support is June’s low crossing at 298.55.


 

Top Stocks
# symbol name last net % volume score triangles
1. FB FACEBOOK 38.490 -0.699 -1.81% 62,175,913 +100    Entry Signal
2. MU MICRON TECH 14.145 -0.029 -0.21% 27,843,478 +100    Entry Signal
3. FTR FRONTIER COMMUNICATIONS 4.565 +0.005 +0.11% 14,434,140 +100    Entry Signal
4. COLE COLE REAL ESTATE INVESTMENTS 11.39 -0.06 -0.53% 13,122,421 +100    Entry Signal
5. SD SANDRIDGE ENERGY 5.765 -0.055 -0.95% 12,998,346 +100    Entry Signal
6. FOXA TWENTY-FIRST CENTURY FOX 31.23 -0.13 -0.42% 12,070,572 +90    Entry Signal
7. AAPL APPLE 465.59 -3.86 -0.83% 10,987,104 +100    Entry Signal
8. CSX CSX 25.60 -0.26 -1.02% 8,149,037 +100    Entry Signal
9. QCOM QUALCOMM 65.535 -0.715 -1.09% 7,194,843 +90    Entry Signal
10. PBI PITNEY BOWES 17.92 +0.34 +1.90% 7,168,403 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. 6S.U13.E SWISS FRANC Sep 2013 1.0801 -0.0002 -0.02% 10,385 +100    Entry Signal
2. LH.Q13 LEAN HOGS Aug 2013 100.550 +0.325 +0.32% 9,547 +100    Entry Signal
3. GE.U13.E EURODOLLAR Sep 2013 99.720 0.000 0.00% 9,454 +90    Entry Signal
4. LH.G14 LEAN HOGS Feb 2014 84.800 +0.575 +0.68% 7,521 +100    Entry Signal
5. CC.Z13.E COCOA Dec 2013 2410 +23 +0.96% 5,461 +100    Entry Signal
6. CC.U13.E COCOA Sep 2013 2395 +21 +0.88% 5,250 +100    Entry Signal
7. ZQ.U13.E 30 DAY FED FUND Sep 2013 99.900 0.000 0.00% 3,682 +90    Entry Signal
8. FC.U13 FEEDER CATTLE Sep 2013 157.65 +0.65 +0.41% 2,598 +100    Entry Signal
9. GF.U13.E FEEDER CATTLE Sep 2013 157.65 +0.65 +0.41% 2,257 +100    Entry Signal
10. FC.Q13 FEEDER CATTLE Aug 2013 154.250 +0.275 +0.18% 1,971 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 17/07/2013

Morning Markets Report
Prepared on Wednesday, July 17, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is higher 0 points to 15391. The US Dollar Index advanced 0.046 points to 82.579. Gold is falling 3.91 dollars to 1286.41. Silver 0.0300 dollars to 19.8300. The Dow Industrials softened 32.41 points, at 15451.85, while the S&P 500 declined 6.24 points, last seen at 1676.26. The Nasdaq Composite moved lower 10.07 points to 3597.42. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Time To Look At Apple?
Tuesday Jul 16th

Goldman’s profit doubles, but questions loom
Tuesday Jul 16th

Rates of Interest
Tuesday Jul 16th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 533.3)

Market Composite Index Cur Chg (previous -4%)

Purchase Index (S.A.) (previous 201.7)

Purchase Index (S.A.) Cur Chg (previous -3.1%)

Refinance Index (previous 2454.6)

Refinance Index Cur Chg (previous -4.4%)

8:30 AM ET. June New Residential Construction – Housing Starts and Building Permits

Total Starts (expected 950K; previous 914K)

Starts Percent Change (expected +3.9%; previous +6.8%)

Building Permits (expected 1M; previous 974K)

Building Permits Percent Change (expected +1.5%; previous -3.1%)

10:00 AM ET. Ben Bernanke presents Monetary Policy Report to U.S. House Financial Services Committee

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 373.92M)

Crude Oil Stocks (Net Change) (previous -9.87M)

Gasoline Stocks (previous 221.03M)

Gasoline Stocks (Net Change) (previous -2.63M)

Distillate Stocks (previous 123.81M)

Distillate Stocks (Net Change) (previous +3.04M)

Refinery Usage (previous 92.4%)

Total Products Supplied (previous 19.24M)

Total Products Supplied (Net Change) (previous -1.15M)

2:00 PM ET. U.S. Federal Reserve Beige Book


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.579 +0.046 +0.06%
POWERSHARES DB US DOLLAR INDEX 22.36 -0.13 -0.58%
US Dollar/Canadian Dollar 1.03860 -0.00037 -0.04%
Euro/US Dollar 1.31420 +0.00065 +0.05%
JAPANESE YEN Sep 2013 0.010035 -0.000051 -0.51%
SWISS FRANC Sep 2013 1.0649 +0.0005 +0.05%

CURRENCIES

The September Dollar was slightly higher overnight as it consolidates some of Tuesday’s decline. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, the 62% retracement level of the June-July rally crossing at 82.27 is the next downside target. Closes above the 10-day moving average crossing at 83.61 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 83.61. Second resistance is last Tuesday’s high crossing at 84.96. First support is the 62% retracement level of the June-July rally crossing at 82.27. Second support is the 75% retracement level of the June-July rally crossing at 81.70.

The September Euro was lower overnight as it consolidates some of Tuesday’s rally. S tochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends Tuesday’s rally, the 75% retracement level of the June-July decline crossing at 132.56 is the next upside target. Closes below the 10-day moving average crossing at 129.94 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 132.12. Second resistance is the 75% retracement level of the June-July decline crossing at 132.56. First support is the 10-day moving average crossing at 129.94. Second support is last Tuesday’s low crossing at 127.55.

The September British Pound was higher overnight and trading above the 20-day moving average. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1.5196 would confirm that the short-term low has been posted. If September renews the decline off June’s high, weekly support cr ossing at 1.4542 is the next downside target. First resistance is the 20-day moving average crossing at 1.5196. Second resistance is the reaction high crossing at 1.5470. First support is last Tuesday’s low crossing at 1.4806. Second support is weekly support crossing at 1.4542.

The September Swiss Franc was slightly higher overnight as it extends Tuesday’s breakout above the 20-day moving average. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week’s low, the reaction high crossing at .10829 is the next upside target. Closes below the July 11th gap crossing at .10446 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at .10669. Second resistance is the reaction high crossing at .10829. First support is the July 11th gap crossing at .10446. Second support is the 87% retracement level of the May-June rally crossing at .10284.

The September Canadian Dollar was lower overnight as it consolidates some of Tuesday’s rally but remains above the 20-day moving average. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the 50% retracement level of the May-July decline crossing at 93.83 is the next upside target. Closes below the 10-day moving average crossing at 95.41 would signal that a short-term top has been posted. First resistance is the 50% retracement level of the May-July decline crossing at 93.83. Second resistance is the 62% retracement level of the May-July decline crossing at 97.47. First support is the 10-day moving average crossing at 95.41. Second support is July’s low crossing at 94.09.

The September Japanese Yen was lower overnight. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the reaction high crossing at .10184 are neede d to confirm that a short-term low has been posted. If September renews the decline off June’s high, the reaction low crossing at .9757 is the next downside target. First resistance is the reaction high crossing at .10184. Second resistance is the reaction high crossing at .10318. First support is July’s low crossing at .9852. Second support is the reaction low crossing at .9757.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 105.49 -0.20 -0.19%
NEW YORK HARBOR ULSD Sep 2013 3.0358 -0.0106 -0.35%
NATURAL GAS Sep 2013 3.650 -0.026 -0.71%
RBOB GASOLINE Sep 2013 3.0172 -0.0358 -1.18%
POWERSHARES DYNAMIC ENERGY 49.450 -0.071 -0.14%
UNITED STATES GASOLINE 62.9086 +0.7086 +1.13%

ENERGIES

August Nymex crude oil was lower in overnight trading due to profit taking as it consolidates some of the rally off April’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the May 2011 high crossing at 109.45 is the next upside target. Closes below the 20-day moving average crossing at 100.54 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 107.45. Second resistance is the May 2011 high crossing at 109.45. First support is the 10-day moving average crossing at 104.64. Second support is the 20-day moving average crossing at 100.54.

August heating oil was lower due to profit taking overnight as it consolidates some of the rally off June’s low. Stoc hastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, is the 75% retracement level of the February-April decline crossing at 308.83 is the next upside target. Closes below the 20-day moving average crossing at 294.08 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the February-April decline crossing at 308.83. Second resistance is the 87% retracement level of the February-April decline crossing at 314.66. First support is the 10-day moving average crossing at 300.38. Second support is the 20-day moving average crossing at 294.08.

August unleaded gas was lower due to profit taking overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementio ned rally, weekly resistance crossing at 321.88 is the next upside target. Closes below the 20-day moving average crossing at 287.83 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 315.08. Second resistance is weekly resistance crossing at 321.88. First support is the 10-day moving average crossing at 300.24. Second support is the 20-day moving average crossing at 287.83.

August Henry natural gas was lower overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above last Wednesday’s high crossing at 3.787 are needed to confirm that a short-term low has been posted. If August renews the decline off May’s high, the 87% retracement level of the January-May rally crossing at 3.508 is the next downside target. First resistance is last Wednesday’s high crossing at 3.787. Second resistance is the reaction high crossing at 4.003. First support is June’s low crossing at 3.526. Second support is the 87% retracement level of the January-May rally crossing at 3.508.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2013 2313 +24 +1.05%
COFFEE Sep 2013 127.05 +1.10 +0.88%
ORANGE JUICE-A Sep 2013 142.60 +3.15 +2.21%
IPATH DJ-UBS SUGAR TRUST 55.621 -0.689 -1.24%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.67%

FOOD & FIBER

September coffee closed higher on Tuesday renewing the rally off June’s low. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If September renews the rally off June’s low, the reaction high crossing at 131.80 is the next upside target. If September renews this year’s decline, weekly support crossing at 11.33 is the next downside target.

September cocoa closed sharply higher on Tuesday as it extends the rally off June’s low. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Today’s close above the reaction high crossing at 22.50 confirms that a low has been pos ted and has opened the door for additional gains near-term. Closes below the 20-day moving average crossing at 21.90 would confirm that a short-term top has been posted.

October sugar closed lower on Tuesday as it extends this year’s decline. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible. If October extends this year’s decline, monthly support crossing at 15.64 is the next downside target. Closes above the 20-day moving average crossing at 16.64 would confirm that a low has been posted.

October cotton closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off June’s high, June’s low crossing at 81.83 is the next downside target. Closes above the 20-da y moving average crossing at 86.02 are needed to confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 510.50 -0.25 -0.05%
OATS Dec 2013 343.25 +1.50 +0.44%
WHEAT Sep 2013 671.5 +2.0 +0.30%
TEUCRIUM CORN 38.4813 +0.3313 +0.86%
IPATH DJ-UBS GRAINS TRUST 49.336 +0.665 +1.35%
ELEMENTS MLCX GRAINS INDEX TRUST 6.53 -0.09 -1.36%
SOYBEANS Nov 2013 1283.50 -2.75 -0.21%
SOYBEAN (MINI) Nov 2013 1283.500 -2.750 -0.21%
SOYBEAN MEAL Dec 2013 386.6 -2.0 -0.51%
TEUCRIUM SOYBEAN 24.20 -0.01 -0.04%

GRAINS

December corn was fractionally lower overnight. Stochastics and the RSI are neutral, signaling that sideways trading is possible near-term. Monday’s close below last Friday’s low crossing at 5.07 has tempered the near-term friendly outlook. Closes above the 20-day moving average crossing at 5.23 3/4 are needed to confirm that a short-term low has been posted and would then open the door for additional short-term gains during July. First resistance is the 20-day moving average crossing at 5.23 3/4. Second resistance is the June 24th gap crossing at 5.53 3/4. First support is Monday’s low crossing at 4.98 1/4. Second support is last Monday’s low crossing at 4.90.

December wheat was higher due to short covering overnight as it consolidates some of the decline off last Thursday’s high. The high-range close sets the stage for a s teady to higher opening when the day session begins trading. Stochastics and the RSI have turned neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the rally off this month’s low, the reaction high crossing at 7.30 3/4 is the next upside target. Closes below the 10-day moving average crossing at 6.84 1/2 would temper the near-term friendly outlook. First resistance is the reaction high crossing at 7.30 3/4. Second resistance is June’s high crossing at 7.38 1/4. First support is the 10-day moving average crossing at 6.84 1/2. Second support is July’s low crossing at 6.66 1/4.

December Kansas City Wheat closed up 2 1/4-cents at 7.20 1/4.

December Kansas City wheat closed higher on Tuesday. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7.26 are needed t o confirm that a short-term low has been posted. If December renews the decline off April’s high, weekly support crossing at 7.00 is the next downside target. First resistance is the 20-day moving average crossing at 7.26. Second resistance is the reaction high crossing at 7.55 1/2. First support is the reaction low crossing at 7.06 1/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat was higher due to short covering overnight as it consolidates some of Monday’s decline. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June’s high, psychological support crossing at 7.50 is the next downside target. Closes above the 20-day moving average crossing at 7.83 are needed to confirm that a low has been posted. First resistance is the 20-day moving average cros sing at 7.83. Second resistance is the reaction high crossing at 8.06 3/4. First support is Monday’s low crossing at 7.66. Second support is psychological support crossing at 7.50.

SOYBEAN COMPLEX

November soybeans were lower overnight as they consolidates some of the rebound off Monday’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If November renews the rally off last week’s low, the reaction high crossing at 13.19 is the next upside target. Multiple closes below the 10-day moving average crossing at 12.67 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 13.19. Second resistance is June’s high crossing at 13.30. First support is the 10-day moving average crossing at 12.67. Second support is the 75% retracement level of the Ap ril-June rally crossing at 12.23.

December soybean meal was lower overnight as it consolidates some of Tuesday’s rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally, June’s high crossing at 399.00 is the next upside target. Closes below the 10-day moving average crossing at 376 90 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 391.30. Second resistance is June’s high crossing at 399.00. First support is the 10-day moving average crossing at 376.90. Second support is the 62% retracement level of the April-June rally crossing at 356.30.

December soybean oil was higher due to short covering overnight as it some of the decline off last Thursday’s high. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this year’s decline, weekly support crossing at 44.00 is the next downside target. Closes above last Thursday’s high crossing at 46.53 are needed to confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 46.53. Second resistance is June’s high crossing at 48.36. First support is June’s low crossing at 44.60. Second support is weekly support crossing at 44.00.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15451.85 -32.41 -0.21%
NASDAQ COMPOSITE INDEX (COMBINED) 3597.42 -10.07 -0.28%
S&P 500 CASH 1676.26 -6.24 -0.37%
SPDR S&P 500 167.480 -0.675 -0.40%
QQQQ VOLATILITY INDEX 13.14 +0.35 +2.67%
iShares RUSSELL 2000 INDEX 103.04 -0.54 -0.52%

U.S. STOCK INDEXES

The September NASDAQ 100 was steady overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 2954.05 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 3076.75. Second resistance is monthly resistance crossing at 3329.82. First support is the 10-day moving average crossing at 3015.37. Second support is the 20-day moving average crossing at 2954.05.

The September S&P 500 was slightly lower due to profit taking overnight as it consolidates some of the rally off June’s low. Stochasti cs and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, monthly resistance crossing at 1685.50 is the next upside target. Closes below the 20-day moving average crossing at 1623.98 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1679.40. Second resistance is monthly resistance crossing at 1685.50. First support is the 10-day moving average crossing at 1652.50. Second support is the 20-day moving average crossing at 1623.98.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 134.56250 -0.40625 -0.30%
iShares FLOATING RATE NOTE 50.5849 -0.0251 -0.05%
5 YEAR T-NOTES Sep 2013 121.117188 -0.093750 -0.08%
ULTRA T-BONDS Sep 2013 144.71875 -0.65625 -0.45%
POWERSHARES SENIOR LOAN PORTF 24.84 -0.01 -0.04%

INTEREST RATES

September T-bonds were lower in overnight trading as it consolidates some of the rally off last week’s low. Stochastics and the RSI remains bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 134-27 are needed to confirm that a low has been posted. If September renews the decline off May’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the 20-day moving average crossing at 134-27. Second resistance is the reaction high crossing at 136-27. First support is last Monday’s low crossing at 132-02. Second support is weekly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 152.475 -0.075 -0.05%
LEAN HOGS Oct 2013 85.725 +0.375 +0.44%
LIVE CATTLE Oct 2013 126.400 -0.275 -0.22%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.91 +0.03 +0.11%

LIVESTOCK

August hogs closed up $0.75 at $96.30.

August hog closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 96.91 would confirm that a short-term low has been posted. If August renews the decline off June’s high, the 50% retracement level of the March-June rally crossing at 93.73 is the next downside target. First resistance is the 20-day moving average crossing at 96.91. Second resistance is June’s high crossing at 99.65. First support is the 38% retracement level of the March-June rally crossing at 95.13. Second support is the 50% retracement level of the March-June rally crossing at 93.73.

August cattle closed down $0.32 at 122.12.

August cattle closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 121.68 are needed to confirm that a short-term top has been posted. If August renews the rally off June’s low, May’s high crossing at 124.10 is the next upside target. First resistance is June’s high crossing at 123.10. Second resistance is May’s high crossing at 12410. First support is the 20-day moving average crossing at 121.68. Second support is the reaction low crossing at 121.00.

August feeder cattle closed down $0.10 at $152.55.

August Feeder cattle closed lower on Tuesday as it consolidated some of Monday’s rally. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, April’s high crossing at 154.40 is the next upside target. Closes below the 20-day moving average crossing at 149.35 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 152.75. Second resistance is April’s high crossing at 154.40. First support is the 20-day moving average crossing at 149.35. Second support is the June 27th gap crossing at 148.95.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1286.0 -4.4 -0.34%
SPDR GOLD SHARES 124.91 +0.73 +0.58%
SILVER Sep 2013 19.790 -0.145 -0.73%
PALLADIUM Sep 2013 731.55 -4.05 -0.55%
DIREXION DAILY GOLD MINERS BEA 95.9267 -17.4933 -18.41%
POWERSHARES DB PRECIOUS METALS 42.2001 +0.2601 +0.62%

PRECIOUS METALS

August gold was lower overnight as it consolidates some of Tuesday’s rally. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June’s low, the 25% retracement level of the 2012-2013-decline crossing at 1336.40 is the next upside target. Closes below the 10-day moving average crossing at 1261.00 would temper the near-term friendly outlook. First resistance is last Thursday’s high crossing at 1297.20. Second resistance is the 25% retracement level of the 2012-2013-decline crossing at 1336.40. First support is the 10-day moving average crossing at 1261.00. Second support is June’s low crossing at 1179.40.

September silver was lower overnight as it extends the trading range of the past four days. Stochastics and the RSI are becom ing overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. Closes below the reaction low crossing at 18.670 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 20.250. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at 18.670. Second support is June’s low crossing at 18.170.

August copper was lower overnight while extending the trading range of the past four days. Stochastics and the RSI are becoming overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off June’s low, the 38% retracement level of the February-June decline crossing at 330.10 is the next upside target. Closes below the 20-day moving average crossing at 310.97 would temp er the near-term friendly outlook. First resistance is last Thursday’s high crossing at 320.25. Second resistance is the 38% retracement level of the February-June decline crossing at 330.10. First support is the 20-day moving average crossing at 310.97. Second support is June’s low crossing at 298.30.


 

Top Stocks
# symbol name last net % volume score triangles
1. BAC BANK of AMERICA CORP 13.92 +0.04 +0.29% 123,624,302 +100    Entry Signal
2. SIRI SIRIUS XM RADIO 3.665 +0.005 +0.14% 52,328,687 +100    Entry Signal
3. RAD RITE AID 3.07 +0.24 +7.84% 41,613,601 +100    Entry Signal
4. MSFT MICROSOFT 36.2800 +0.1100 +0.30% 32,964,612 +90    Entry Signal
5. C CITIGROUP 51.820 +0.010 +0.02% 31,976,861 +100    Entry Signal
6. WFC WELLS FARGO 42.985 -0.365 -0.85% 19,262,076 +100    Entry Signal
7. JPM JP MORGAN CHASE 54.985 +0.095 +0.17% 17,552,240 +90    Entry Signal
8. MS MORGAN STANLEY 26.38 -0.31 -1.18% 17,056,915 +90    Entry Signal
9. ZNGA ZYNGA 3.45 -0.10 -2.89% 16,923,324 +100    Entry Signal
10. GM GENERAL MOTORS 36.16 -0.34 -0.94% 15,680,446 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. SM.Z13 SOYBEAN MEAL Dec 2013 388.6 +11.7 +3.01% 44,779 +100    Entry Signal
2. SP.U13 S&P 500 INDEX Sep 2013 1671.2 -6.3 -0.38% 8,875 +100    Entry Signal
3. TF.U13.E RUSSELL 2000 (MINI) Sep 2013 1037.9 +0.5 +0.05% 3,891 +100    Entry Signal
4. ZM.Q13.E SOYBEAN MEAL Aug 2013 468.4 +1.6 +0.34% 2,548 +100    Entry Signal
5. ZM.H14.E SOYBEAN MEAL Mar 2014 388.2 +10.2 +2.63% 1,456 +100    Entry Signal
6. CC.Z13.E COCOA Dec 2013 2320 +22 +0.96% 1,285 +100    Entry Signal
7. ND.U13 NASDAQ 100 INDEX Sep 2013 3070.75 -2.25 -0.07% 1,237 +100    Entry Signal
8. RB.V13.E RBOB GASOLINE Oct 2013 2.8434 -0.0268 -0.94% 2,071 +100    Entry Signal
9. CL.Z14.E CRUDE OIL Dec 2014 92.28 -0.04 -0.04% 924 +100    Entry Signal
10. ZM.U13.E SOYBEAN MEAL Sep 2013 424.4 -0.6 -0.14% 865 +100    Entry Signal

Key Market Reports and Commentary for Wednesday 26/06/2013

Morning Markets Report
Prepared on Wednesday, June 26, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 68 points to 14758. The US Dollar Index trended higher 0.157 points to 82.832. Gold is dropping 21.38 dollars to 1227.36. Silver 0.3171 dollars to 18.5800. The Dow Industrials trended higher 100.75 points, at 14760.31, while the S&P 500 climbed 14.94 points, last seen at 1588.03. The Nasdaq Composite gained 29.65 points to 3350.41. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Listen and learn, a new way to improve your trading
Tuesday Jun 25th

3 Investments For When The Gold Sell-Off Ends
Tuesday Jun 25th

Stunning Chart Shows Gold and Silver Defy Bulls’ Optimism
Tuesday Jun 25th

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 648.9)

Market Composite Index Cur Chg (previous -3.3%)

Purchase Index (S.A.) (previous 210.4)

Purchase Index (S.A.) Cur Chg (previous -3%)

Refinance Index (previous 3208.5)

Refinance Index Cur Chg (previous -3.4%)

8:30 AM ET. 1st. Quarter Revised Corporate Profits

8:30 AM ET. 1st. Quarter 3rd estimate GDP

GDP (expected +2.4%; previous +2.4%)

Chain-Weighted Price Index (expected +1.1%; previous +1.1%)

Corporate Profits (previous -2%)

PCE Price Index (previous +1%)

Purchase Price Index (previous +1.2%)

Real Final Sales (previous +1.8%)

Core PCE Price Index (Ex Food/Energy) (previous +1.3%)

Personal Consumption (previous +3.4%)

10:00 AM ET. U.S. House Financial Services Committee hearing on Dodd-Frank and bailouts

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 394.12M)

Crude Oil Stocks (Net Change) (previous +0.31M)

Gasoline Stocks (previous 221.73M)

Gasoline Stocks (Net Change) (previous +0.18M)

Distillate Stocks (previous 121.62M)

Distillate Stocks (Net Change) (previous -0.49M)

Refinery Usage (previous 89.3%)

Total Products Supplied (previous 18.42M)

Total Products Supplied (Net Change) (previous +0.5M)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.832 +0.157 +0.20%
POWERSHARES DB US DOLLAR INDEX 22.395 +0.035 +0.16%
US Dollar/Canadian Dollar 1.04760 -0.00270 -0.26%
Euro/US Dollar 1.3058 -0.0008 -0.06%
JAPANESE YEN Sep 2013 0.010236 +0.000002 +0.02%
SWISS FRANC Sep 2013 1.0636 -0.0037 -0.35%

CURRENCIES

The September Dollar was higher overnight as it extends the rally off June’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the reaction high crossing at 83.26 is the next upside target. Closes below the 10-day moving average crossing at 81.82 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 83.26. Second resistance is the reaction high crossing at 84.73. First support is the 20-day moving average crossing at 82.11. Second support is the 10-day moving average crossing at 81.82.

The September Euro was lower overnight as it extends the decline off June’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term . If September extends the decline off June’s high, the reaction low crossing at 129.63 is the next downside target. Closes above the 10-day moving average crossing at 132.33 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 132.02. Second resistance is the 10-day moving average crossing at 132.33. First support is the overnight low crossing at 130.18. Second support is the reaction low crossing at 129.63.

The September British Pound was lower overnight as it extends the decline off June’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June’s high, the reaction low crossing at 1.5264 is the next downside target. Closes above the 10-day moving average crossing at 1.5528 would confirm that the short-term low has been posted. First resistance is the 10-day moving average crossing at 1.5528. Second resistance is the 62% retra cement level of the January-March decline crossing at 1.5719. First support is Monday’s low crossing at 1.5335. Second support is the reaction low crossing at 1.5264.

The September Swiss Franc was lower overnight as it extends the decline off June’s high. Stochastics and the RSI remain bearish signaling that additional weakness is possible near-term. If September extends the decline off June’s high, the 50% retracement level of the May-June rally crossing at .10576 is the next downside target. Closes above the 10-day moving average crossing at .10772 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10772. Second resistance is June’s high crossing at .10962. First support is the 50% retracement level of the May-June rally crossing at .10576. Second support is the 62% retracement level of the May-June rally crossing at .10484.

The September Canadian Dollar was higher due to short covering overnight as it the consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, monthly support crossing at 93.67 is the next downside target. Closes above the 20-day moving average crossing at 96.83 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 96.83. Second resistance is June’s high crossing at 98.46. First support is Monday’s low crossing at 94.53. Second support is monthly support crossing at 93.67.

The September Japanese Yen was higher due to short covering overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below Monday’s low crossing at .10136 would confirm that a short-term top has been posted while opening the door for additiona l weakness near-term. If September renews the rally off May’s low, April’s high crossing at .10810 is the next upside target. First resistance is April’s high crossing at .10810. Second resistance is the 38% retracement level of the 2012-2013-decline crossing at .10914. First support is Monday’s low crossing at .10136. Second support is the reaction low crossing at .10078.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Aug 2013 95.07 -0.25 -0.26%
NEW YORK HARBOR ULSD Aug 2013 2.8615 +0.0030 +0.11%
NATURAL GAS Sep 2013 3.702 +0.034 +0.92%
RBOB GASOLINE Aug 2013 2.7157 -0.0091 -0.33%
POWERSHARES DYNAMIC ENERGY 47.180 +0.630 +1.33%
UNITED STATES GASOLINE 54.5400 +0.0600 +0.11%

ENERGIES

August Nymex crude oil was lower overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month’s rally, June’s low crossing at 91.50 is the next downside target. Closes above the 10-day moving average crossing at 96.44 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.44. Second resistance is June’s high crossing at 99.21. First support is the 50% retracement level of the April-June rally crossing at 92.77. Second support is June’s low crossing at 91.50.

August heating oil was lower overnight. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, June’s low crossing at 277.45 i s the next downside target. Closes above the 10-day moving average crossing at 290.78 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 290.78. Seconded resistance is June’s high crossing at 298.94. First support is June’s low crossing at 277.45. Second support is April’s low crossing at 273.76.

August unleaded gas was lower overnight as it extends the decline off June’s high. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends the aforementioned decline, April’s low crossing at 265.08 is the next downside target. Closes above the 10-day moving average crossing at 280.26 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 280.26. Second resistance is June’s high crossing at 290.27. First support is the overnight low crossing at 270.20. Second support is April’s low c rossing at 265.08.

August Henry natural gas was slightly higher due to short covering overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off May’s high, the 75% retracement level of the January-May rally crossing at 3.656 is the next downside target. Closes above the 20-day moving average crossing at 3.868 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.823. Second resistance is the 20-day moving average crossing at 3.868. First support is the 75% retracement level of the January-May rally crossing at 3.656. Second support is the 87% retracement level of the January-May rally crossing at 3.510.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2013 2188 +25 +1.15%
COFFEE Sep 2013 120.45 -0.10 -0.08%
ORANGE JUICE-A Sep 2013 134.20 -6.10 -4.54%
IPATH DJ-UBS SUGAR TRUST 60.2100 +0.1401 +0.23%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.66%

FOOD & FIBER

September coffee closed higher due to short covering on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are diverging but are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off May’s high, weekly support crossing at 11.33 is the next downside target. Closes above the 20-day moving average crossing at 12.60 are needed to confirm that a short-term low has been posted.

September cocoa closed higher on Tuesday as it consolidated some of the decline off June’s high. The mid-range close sets the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’ s decline, March’s low crossing at 20.59 is the next downside target. Closes above the 20-day moving average crossing at 22.57 would confirm that a low has been posted.

October sugar closed higher on Tuesday. The mid-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible. If October extends this week’s rally, May’s high crossing at 18.21 is the next upside target. If October renews this year’s decline, the contract low crossing at 16.15 is the next downside target.

July cotton closed higher due to short covering on Tuesday as it consolidated some of the decline off June’s high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If July extends Monday’s decline, June’s low crossing at 79.32 is the next downside target. Close s above the 10-day moving average crossing at 86.90 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 546.25 +1.75 +0.32%
OATS Dec 2013 371.75 -4.50 -1.21%
WHEAT Sep 2013 687.0 +2.0 +0.29%
TEUCRIUM CORN 40.91 -0.25 -0.61%
IPATH DJ-UBS GRAINS TRUST 50.85 +0.09 +0.18%
ELEMENTS MLCX GRAINS INDEX TRUST 6.7601 -0.1499 -2.21%
SOYBEANS Nov 2013 1271.00 -7.50 -0.59%
SOYBEAN (MINI) Nov 2013 1270.375 -8.125 -0.64%
SOYBEAN MEAL Dec 2013 382.1 -2.5 -0.65%
TEUCRIUM SOYBEAN 24.5325 +0.0026 +0.01%

GRAINS

July corn was higher due to short covering overnight as it consolidates some of the decline off last Wednesday’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last Wednesday’s high, the reaction low crossing at 6.40 1/2 is the next downside target. If July renews the rally off April’s low, the 38% retracement level of the August-April decline crossing at 6.91 1/2 is the next upside target. First resistance is last Wednesday’s high crossing at 6.83 1/2. Second resistance is the 38% retracement level of the August-April decline crossing at 6.91 1/2. First support is Monday’s low crossing at 6.50 1/2. Second support is the reaction low crossing at 6.40 1/2.

July wheat was lower overnight as it extends the decline off last week’s high. Th e high-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June’s high, April’s low crossing at 6.64 3/4 is the next downside target. Closes above the 20-day moving average crossing at 6.92 3/4 would temper the near-term bearish outlook. From a broad perspective, July wheat needs to close above 7.40 1/2 or below 6.64 3/4 to confirm a breakout of this spring’s trading range and point the direction of the next trending move. First resistance is the reaction high crossing at 7.14 1/2. Second resistance is the reaction high crossing at 7.27 3/4. First support is May’s low crossing at 6.74. Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed down 11-cents at 7.04 1/4.

July Kansas City wheat closed sharply lower on Tuesday thereby renewing the decline off April’s high. The low-r ange close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April’s high, the May 2012-low crossing at 6.83 is the next downside target. Closes above the 20-day moving average crossing at 7.31 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.31 1/2. Second resistance is last Thursday’s high crossing at 7.40 3/4. First support is today’s low crossing at 7.04. Second support is last May’s low crossing at 6.83.

July Minneapolis wheat was higher overnight. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the reaction low crossing at 8.00 1/4 would confirm a downside breakout of May’s trading range and would open the door for additional weakness near-term. If July renews the rally off April’s low, the 38% retracement level of the July-April decline crossing at 8.53 3/4 is the next upside target. First resistance is April’s high crossing at 8.34 1/2. Second resistance is the 38% retracement level of the July-April decline crossing at 8.53 3/4. First support is the reaction low crossing at 8.00 1/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX

July soybeans were lower overnight as they consolidate some of this week’s rebound off May’s low. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, June’s high crossing at 15.58 3/4 is the next upside target. If July renews the decline off June’s high, the reaction low crossing at 14.71 1/4 is the next downside target. First resistance is the reaction high crossing at 15.46 3/4. Second resistance is June’s high crossing at 15.58 3/4. First support is Monday’s low crossing at 14.85 1/2. Second support is the reaction low crossing at 14.71 1/4.

July soybean meal was lower overnight as it consolidates some of the rally off last Friday’s low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, June’s high crossing at 469.90 is the next upside target. Closes below last Friday’s low crossing at 443 30 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the reaction high crossing at 462.00. Second resistance is June’s high crossing at 469.90. First support is last Friday’s low crossing at 443.30. Second support is the 38% retracement level of the April-June rally crossing at 438.40.

July soybean oil was lower overnight as it extends this year’s decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this year’s decline, the 50% retracement level of the 2010-2011-rally crossing at 46.56 is the next downside target. Closes above the 20-day moving average crossing at 48.23 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 48.23. Second resistance is June’s high crossing at 49.59. First support is the overnight low crossing at 46.79. Second support is the 50% retracement level of the 2010-2011-rally crossing at 46.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14760.31 +100.75 +0.68%
NASDAQ COMPOSITE INDEX (COMBINED) 3350.41 +29.65 +0.89%
S&P 500 CASH 1588.03 +14.94 +0.94%
SPDR S&P 500 158.64 +1.58 +1.00%
QQQQ VOLATILITY INDEX 16.47 -1.57 -9.36%
iShares RUSSELL 2000 INDEX 95.7300 +1.0200 +1.07%

U.S. STOCK INDEXES

The September NASDAQ 100 was higher overnight as it extended the short covering rebound off Monday’s low. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 50% retracement level of the November-May rally crossing at 2774.87 is the next downside target. Closes above the 20-day moving average crossing at 2937.97 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 2912.50. Second resistance is the 20-day moving average crossing at 2937.98. First support is the 38% retracement level of the November-May rally crossing at 2838.86. Second support is the 50% retracement level of the November-May rally crossing at 2774.87.

The September S&P 500 was higher due to short covering overnight as it consolidates some of the decline off May’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideway to lower prices are possible near-term. If September extends this month’s decline, the 38% retracement level of the November-May rally crossing at 1545.59 is the next downside target. Closes above the 20-day moving average crossing at 1614.77 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1614.77. Second resistance is last Wednesday’s high crossing at 1648.70. First support is Monday’s low crossing at 1553.80. Second support is the 38% retracement level of the November-May rally crossing at 1545.59.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 134.40625 +0.25000 +0.19%
iShares FLOATING RATE NOTE 50.620 -0.025 -0.05%
5 YEAR T-NOTES Sep 2013 120.554688 +0.109375 +0.09%
ULTRA T-BONDS Sep 2013 144.56250 +0.21875 +0.15%
POWERSHARES SENIOR LOAN PORTF 24.6619 +0.0119 +0.05%

INTEREST RATES

September T-bonds were higher due to short covering overnight as they consolidate some of the decline off May’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If September extends the decline off May’s high, weekly support crossing at 130-24 is the next downside target. Closes above the 20-day moving average crossing at 138-18 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 137-05. Second resistance is the 20-day moving average crossing at 138-18. First support is Monday’s low crossing at 133-04. Second support is weekly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 147.875 +0.200 +0.13%
LEAN HOGS Aug 2013 98.125 +0.425 +0.43%
LIVE CATTLE Aug 2013 121.200 +0.075 +0.06%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.0266 -0.0134 -0.05%

LIVESTOCK

July hogs closed down $0.80 at $100.15.

July hogs posted an inside day with a lower close on Tuesday as it consolidates some of Monday’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March’s low, weekly resistance crossing at 104.20 is the next upside target. Closes below gap support crossing at 99.15 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 101.75. Second resistance is weekly resistance crossing at 104.20. First support is the 10-day moving average crossing at 99.35. Second support is the reaction low crossing at 97.30.

Augus t cattle closed down $0.05 at 121.12.

August cattle closed lower on Tuesday as it consolidated some of last Friday’s rally. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, May’s high crossing at 124.10 is the next upside target. Closes below the 20-day moving average crossing at 119.78 would temper the near-term friendly outlook. First resistance is today’s high crossing at 122.05. Second resistance is May’s high crossing at 12410. First support is the 20-day moving average crossing at 119.78. Second support is May’s low crossing at 117.90.

August feeder cattle closed up $0.20 at $147.87.

August Feeder cattle closed higher on Tuesday as it extends the rally off May’s low. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, the reaction high crossing at 149.80 is the next upside target. Closes below the 20-day moving average crossing at 144.98 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 148.20. Second resistance is the reaction high crossing at 149.80. First support is the 20-day moving average crossing at 144.98. Second support is May’s low crossing at 142.50.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1229.8 -45.3 -3.55%
SPDR GOLD SHARES 123.4499 -0.4801 -0.39%
SILVER Sep 2013 18.595 -0.957 -4.88%
PALLADIUM Sep 2013 647.75 -21.05 -3.16%
DIREXION DAILY GOLD MINERS BEA 140.4000 +1.1200 +0.79%
POWERSHARES DB PRECIOUS METALS 41.6097 -0.2272 -0.55%

PRECIOUS METALS

August gold was sharply lower overnight as it extended this year’s decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, monthly support crossing at 1155.60 is the next downside target. Closes above the 20-day moving average crossing at 1360.80 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1324.90. Second resistance is the 20-day moving average crossing at 1360.80. First support is the overnight low crossing at 1223.20. Second support is monthly support crossing at 1155.60.

July silver was sharply lower overnight as it extends this year’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this year’s decline, monthly support crossing at 17.080 is the next downside target. Closes above the 20-day moving average crossing at 21.416 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 20.599. Second resistance is the 20-day moving average crossing at 21.417. First support is the overnight low crossing at 18.360. Second support is monthly support crossing at 17.080.

July copper was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off June’s high, monthly support crossing at 295.40 is the next downside target. Closes above the 20-day moving average crossing at 320.53 are needed to confirm that a short-term low has been pos ted. First resistance is the 10-day moving average crossing at 311.79. Second resistance is the 20-day moving average crossing at 320.53. First support is Tuesday’s low crossing at 298.35. Second support is monthly support crossing at 295.40.


 

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8. CMA COMERICA 39.700 +1.260 +3.18% 2,985,849 +100    Entry Signal
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Top Futures
# symbol name last net % volume score triangles
1. CL.Q13.E CRUDE OIL Aug 2013 95.07 -0.25 -0.26% 37,374 +80    Entry Signal
2. SM.Z13 SOYBEAN MEAL Dec 2013 384.6 +4.8 +1.25% 32,160 +80    Entry Signal
3. CLT.N13.E CRUDE OIL (TAS) Jul 2013 0.00 -0.01 -0.50% 27,489 +90    Entry Signal
4. CL.N13 CRUDE OIL Jul 2013 95.40 +0.15 +0.16% 26,731 +85    Entry Signal
5. LH.Q13 LEAN HOGS Aug 2013 97.700 -0.325 -0.33% 19,379 +75    Entry Signal
6. LH.N13 LEAN HOGS Jul 2013 100.15 -0.80 -0.80% 10,949 +90    Entry Signal
7. CL.U13.E CRUDE OIL Sep 2013 95.00 -0.21 -0.22% 9,319 +80    Entry Signal
8. LH.V13 LEAN HOGS Oct 2013 85.65 -0.20 -0.23% 6,816 +100    Entry Signal
9. LH.Z13 LEAN HOGS Dec 2013 82.600 -0.275 -0.33% 5,344 +100    Entry Signal
10. HE.Z13.E LEAN HOGS Dec 2013 82.600 -0.275 -0.33% 4,756 +90    Entry Signal