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 Tuesday 10/09/2013

Morning Markets Report
Prepared on Tuesday, September 10, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 84 points to 15120. The US Dollar Index moved up 0.141 points to 81.950. Gold is lower 16.12 dollars to 1368.85. Silver has retreated 0.3302 dollars to 23.2275. The Dow Industrials edged higher by 140.62 points, at 15063.12, while the S&P 500 moved up 16.54 points, last seen at 1671.71. The Nasdaq Composite rose 45.90 points to 3705.91. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
7 ETFs To Buy Today
Monday Sep 9th

Gold Chart of The Week
Monday Sep 9th

Advanced Trading Applications of Candlestick Charting
Sunday Sep 8th

Key Events for Tuesday

N/A 4th Quarter Manpower Quarterly U.S. Employment Outlook Survey

7:30 AM ET. Aug NFIB Index of Small Business Optimism

Small Business Optimism Index (previous 94.1)

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.6%)

Chain Store Sales Index – YoY (previous +1.8%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.6%)

12MonChgPct (previous +3.9%)

52WkChgPct (previous +4.7%)

10:00 AM ET. July Job Openings & Labor Turnover Survey

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -1.9M)

Gasoline Stocks (Net Change) (previous -0.4M)

Distillate Stocks (Net Change) (previous -0.1M)

Refinery Runs (previous 91%)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.950 +0.141 +0.18%
POWERSHARES DB US DOLLAR INDEX 22.0950 -0.1050 -0.48%
US Dollar/Canadian Dollar 1.03464 -0.00256 -0.25%
Euro/US Dollar 1.32419 -0.00121 -0.09%
JAPANESE YEN Sep 2013 0.009968 -0.000073 -0.73%
SWISS FRANC Sep 2013 1.0685 -0.0045 -0.42%

CURRENCIES

December Dollar closed lower on Monday confirming last Friday’s key reversal down. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. 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 81.94 would confirm that a short-term top has been posted. If September renews the rally off August’s low, the 62% retracement level of the July-August decline crossing at 83.62 is the next upside target. First resistance is the 50% retracement level of the July-August decline crossing at 82.87. Second resistance is the 62% retracement level of the July-August decline crossing at 83.62. First support is the 20-day moving average crossing at 81.94. Second support is the reaction low crossing at 81.39.

The December Euro closed higher due to short covering on Monday as it extends the rebounded off the 50% retracement level of the July-August rally crossing at 131.04. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. 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 132.98 would confirm that a low has been posted. If December extends 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 132.98. 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 closed higher on Monday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging but remain 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 10-day moving average crossing at 1.5563 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.5723. Second resistance is weekly resistance crossing at 1.5901. First support is the reaction low crossing at 1.5420. Second resistance is the reaction low crossing at 1.5410.

The December Swiss Franc closed higher on Monday confirming last Friday’s key reversal up. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. 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 .10784 would confirm that a short-term low has been posted. If December extends 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 .10784. Second resistance is the reaction 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 closed higher on Monday as it extended last Friday’s breakout above the 20-day moving average confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. 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, the reaction high crossing at 98.86 is the next upside target. Closes below the 10-day moving average crossing at 95.13 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 96.28. Second resistance is the reaction high crossing at 98.86. First support is the 10-day moving average crossing at 95.13. Second support is August’s low crossing at 94.37.

The December Japanese Yen posted an inside day with a lower close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’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 extends last week’s decline, July’s low crossing at .9860 is the next downside target. Closes above the 20-day moving average crossing at .10181 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10181. Second resistance is the reaction high crossing at .10330. First support is last Friday’s low crossing at .9982. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 107.71 -1.81 -1.66%
NEW YORK HARBOR ULSD Oct 2013 3.0903 -0.0280 -0.90%
NATURAL GAS Nov 2013 3.654 -0.027 -0.73%
RBOB GASOLINE Oct 2013 2.7699 -0.0325 -1.17%
POWERSHARES DYNAMIC ENERGY 50.269 +0.045 +0.09%
UNITED STATES GASOLINE 60.268 -0.222 -0.37%

ENERGIES

October crude oil posted an inside day with a lower close on Monday as it consolidated some of the rally off April’s low. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If October renews this summer’s rally, weekly resistance crossing at 114.83 is the next upside target. Closes below the 20-day moving average crossing at 107.28 are needed to confirm that a short-term top has been posted. First resistance is August’s high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20-day moving average crossing at 107.28. Second support is the reaction low crossing at 103.50.

October heating oil closed lower on Monday and the low-range close sets the stage for a steady to lower opening on Tuesday. 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 311.06 would confirm that a short-term top has been posted. If October renews the rally off August’s low, the contract high crossing at 324.56 is the next upside target. First resistance is August’s high crossing at 322.90. Second resistance is the contract high crossing at 324.56. First support is the 20-day moving average crossing at 311.06. Second support is the reaction low crossing at 305.03.

October unleaded gas closed lower on Monday extending last week’s breakout below the 20-day moving average confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. 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, the reaction low crossing at 278.44 is the next downside target. Closes above the 10-day moving average crossing at 287.41 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 287.41. Second resistance is August’s high crossing at 298.21. First support is the reaction low crossing at 278.44. Second support is August’s low crossing at 269.93.

October Henry natural gas closed higher due to short covering on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening on Tuesday. 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 3.518 would confirm that a short-term top has been posted. 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 3.518. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2542 -12 -0.47%
COFFEE Dec 2013 118.25 +0.20 +0.17%
ORANGE JUICE-A Nov 2013 137.40 +4.20 +3.06%
IPATH DJ-UBS SUGAR TRUST 59.21 +0.62 +1.05%
IPATH DJ-UBS SOFTS TRUST 44.8801 -0.3799 -0.84%

FOOD & FIBER

December coffee closed unchanged on Monday. The mid-range close set the stage for a steady opening on Tuesday. 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 119.46 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 slightly lower on Monday as it consolidated some of the rally off June’s low. The mid-range close sets the stage for a steady opening on Tuesday. 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 24.88 would confirm that a short-term top has been posted.

October sugar closed higher on Monday as it extends the rally off August’s low. The high-range close set the stage for a steady to higher opening on Tuesday. 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 16.53 would confirm that a short-term top has been posted.

October cotton closed higher due to short covering on Monday as it consolidates some of the decline off August’s high. The mid-range close sets the stage for a steady opening on Tuesday. 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, May’s low crossing at 81.83 is the next downside target. Closes above the 20-day moving average crossing at 86.39 would confirm that a low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 463.00 -0.50 -0.11%
OATS Dec 2013 310.50 -3.25 -1.04%
WHEAT Dec 2013 641.75 +0.50 +0.08%
TEUCRIUM CORN 35.138 -0.262 -0.75%
IPATH DJ-UBS GRAINS TRUST 46.940 -0.560 -1.19%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4610 -0.0483 -0.77%
SOYBEANS Nov 2013 1346.25 -10.25 -0.76%
SOYBEAN (MINI) Nov 2013 1347.250 -9.250 -0.68%
SOYBEAN MEAL Dec 2013 423.1 -3.4 -0.80%
TEUCRIUM SOYBEAN 24.3049 -0.1851 -0.76%

GRAINS

Corn closed down 4 3/4-cents at 4.63 1/2.

December corn closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night 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, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 10-day moving average crossing at 4.76 3/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 4.76 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 closed down 6 1/2-cents at 6.41 1/4.

December wheat closed lower on Monday due to spillover weakness from the corn market. The low-range close sets the stage for a steady to lower opening when Tuesday’s night 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, August’s low crossing at 6.35 1/2 is the next downside target. Closes above the 10-day moving average crossing at 6.52 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.52. Second resistance is August’s high crossing at 6.79 3/4. 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 down 7-cents at 6.88 1/2.

December Kansas City wheat closed lower on Monday extending this summer’s decline. The low-range close sets the stage for a steady to lower opening on Tuesday. 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 1/2 is the next upside target. First resistance is the 20-day moving average crossing at 7.01 1/2. Second resistance is the reaction high crossing at 7.17. First support is today’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed down 10-cents at 7.02 3/4.

December Minneapolis wheat closed lower on Monday as it extends this summer’s decline. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, psychological support crossing at 7.00 is the next downside target. Closes above the 20-day moving average crossing at 7.31 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.31 1/4. Second resistance is the reaction high crossing at 7.48. First support is today’s low crossing at 7.01 1/4. Second support is psychological support crossing at 7.00.

SOYBEAN COMPLEX

soybeans closed down 11 1/4-cents at 13.56 1/2.

November soybeans posted a key reversal down on Monday and the low-range close sets the stage for a steady to lower opening when Tuesday’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 August 26th gap crossing at 13.31 1/2 are needed to 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 August 26th gap crossing at 13.31 1/2. Second support is the 20-day moving average crossing at 13.20 3/4.

December soybean meal closed down $2.40 at 426.50.

December soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 August 26th gap crossing at 420.30 are needed to confirm that a short-term top has been posted. 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 August 26th gap crossing at 420.30. Second support is the 20-day moving average crossing at 411.40.

December soybean oil closed down 55 pts. at 43.17.

December soybeans closed lower on Monday and below the 20-day moving average crossing at 43.60 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends today’s decline, the reaction low crossing at 42.67 is the next downside target. Closes above last Friday’s high crossing at 44.46 would temper the near-term bearish outlook. First resistance is last Friday’s high crossing at 44.46. Second resistance is 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 15063.12 +140.62 +0.93%
NASDAQ COMPOSITE INDEX (COMBINED) 3705.91 +45.90 +1.24%
S&P 500 CASH 1671.71 +16.54 +0.99%
SPDR S&P 500 167.61 +1.57 +0.94%
QQQQ VOLATILITY INDEX 14.52 -0.23 -1.58%
iShares RUSSELL 2000 INDEX 103.97 +1.58 +1.52%

U.S. STOCK INDEXES

December NASDAQ 100 closed higher on Monday and above August’s trading range thereby renewing the rally off June’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3093.93 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 3167.75. Second resistance is monthly high crossing at 3329.82. First support is the 20-day moving average crossing at 3093.93. Second support is August’s low crossing at 3049.25.

The December S&P 500 closed higher on Monday and above the 20-day moving average crossing at 1646.62 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. 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, the reaction high crossing at 1684.40 is the next upside target. Closes below the 10-day moving average crossing at 1638.32 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1662.00. Second resistance is the reaction high crossing at 1684.40. First support is the 10-day moving average crossing at 1638.32. Second support is August’s low crossing at 1621.00.

The Dow closed higher on Monday and above the 20-day moving average crossing at 15,009 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes. If the Dow extends the rally off August’s low, the 50% retracement level of August’s decline crossing at 15,209 is the next upside target. Closes below last Friday’s low crossing at 14,789 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 15,088. Second resistance is the 50% retracement level of August’s decline crossing at 15,209. First support is last Friday’s low crossing at 14,789. Second support is August’s low crossing at 14,760.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 128.71875 -0.87500 -0.68%
iShares FLOATING RATE NOTE 50.665 -0.005 -0.01%
5 YEAR T-NOTES Dec 2013 118.906250 -0.281250 -0.24%
ULTRA T-BONDS Dec 2013 136.75000 -1.34375 -0.98%
POWERSHARES SENIOR LOAN PORTF 24.805 +0.045 +0.18%

INTEREST RATES

T-bonds closed up 13/32 at 129-14.

December T-bonds closed higher due to short covering on Monday as it consolidated some of the decline off last week’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews 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 130-12 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 130-12. 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 157.75 -0.30 -0.19%
LEAN HOGS Oct 2013 90.900 +0.025 +0.03%
LIVE CATTLE Oct 2013 125.200 -0.150 -0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.4300 +0.0588 +0.21%

LIVESTOCK

hogs closed down $0.03 at $90.87.

October hog closed lower due to light profit taking on Monday 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 Tuesday’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 87.27 would confirm that a short-term top has been posted. First resistance is today’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 88.19. Second support is the 20-day moving average crossing at 87.27.

October cattle closed down $0.32 at 125.35.

October cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’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 127.07 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 126.30. Second resistance is the 20-day moving average crossing at 127.04. 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 up $0.02 at $158.05.

October Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below gap support crossing at 158.02 would temper 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 1368.0 -18.7 -1.35%
SPDR GOLD SHARES 133.87 -0.28 -0.21%
SILVER Dec 2013 23.260 -0.457 -1.93%
PALLADIUM Dec 2013 686.3 +3.3 +0.48%
DIREXION DAILY GOLD MINERS BEA 28.5200 +0.9200 +3.23%
POWERSHARES DB PRECIOUS METALS 46.0645 -0.1055 -0.23%

PRECIOUS METALS

October gold closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends last week’s decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10-day moving average crossing at 1398.60 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August’s low crossing at 1272.10.

December silver closed lower on Monday. The low-range close set the stage for a steady to lower opening when Tuesday’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 20-day moving average crossing at 23.337 are needed to confirm that a short-term top has been posted. If December renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.862 is the next upside target. First resistance is August’s high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is the 20-day moving average crossing at 23.338. Second support is the reaction low crossing at 22.320.

December copper closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday’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 330.81 would 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 330.81. 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. DAL DELTA AIR LINES 21.740 +1.850 +8.50% 45,712,274 +100    Entry Signal
2. NOK NOKIA 5.53 +0.16 +2.90% 42,979,551 +100    Entry Signal
3. F FORD MOTOR 17.3001 +0.3001 +1.73% 37,241,111 +90    Entry Signal
4. DRYS DRYSHIPS 3.08 +0.20 +6.49% 35,017,060 +100    Entry Signal
5. MU MICRON TECH 15.62 +0.36 +2.30% 31,838,557 +90    Entry Signal
6. BSX BOSTON SCIENTIFIC 11.985 +0.485 +4.05% 22,527,859 +100    Entry Signal
7. ZNGA ZYNGA 3.105 +0.085 +2.74% 22,254,908 +100    Entry Signal
8. VALE VALE 16.33 +0.71 +4.35% 21,930,604 +100    Entry Signal
9. MOLX MOLEX 38.595 +9.255 +23.96% 21,553,798 +100    Entry Signal
10. YHOO YAHOO! 29.25 +1.08 +3.69% 20,147,343 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ES.U13.E S&P 500 INDEX (E-MINI) Sep 2013 1679.75 +10.75 +0.64% 169,905 +100    Entry Signal
2. LH.Z13 LEAN HOGS Dec 2013 87.625 +0.625 +0.71% 22,024 +100    Entry Signal
3. NQ.U13.E NASDAQ 100 INDEX (E-MINI) Sep 2013 3186.00 +21.00 +0.66% 19,581 +100    Entry Signal
4. YM.U13.E DJ $5 (E-MINI) Sep 2013 15120 +84 +0.56% 19,298 +100    Entry Signal
5. ES.Z13.E S&P 500 INDEX (E-MINI) Dec 2013 1672.75 +10.25 +0.62% 4,316 +100    Entry Signal
6. SP.U13 S&P 500 INDEX Sep 2013 1669.1 +15.6 +0.93% 7,034 +100    Entry Signal
7. 6B.Z13.E BRITISH POUND Dec 2013 1.5682 -0.0010 -0.06% 5,370 +100    Entry Signal
8. SP.Z13 S&P 500 INDEX Dec 2013 1662.4 +15.6 +0.94% 3,221 +100    Entry Signal
9. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1764.5 +25.5 +1.45% 2,769 +100    Entry Signal
10. LH.J14 LEAN HOGS Apr 2014 87.400 +0.525 +0.60% 2,492 +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 Tuesday 20/08/2013

Morning Markets Report
Prepared on Tuesday, August 20, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 17 points to 15019. The US Dollar Index declined 0.223 points to 81.060. Gold has climbed 1.89 dollars to 1365.42. Silver is dropping 0.1710 dollars to 22.9020. The Dow Industrials slipped 70.73 points, at 15010.74, while the S&P 500 dropped 9.77 points, last seen at 1646.06. The Nasdaq Composite fell 13.21 points to 3589.57. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Binary Options, Why are they so popular?
Tuesday Aug 20th

Stocks drop for a fourth straight day
Monday Aug 19th

Today’s Video Update: J.C. Penney & Sears report earnings this week…guess which one I’m interested in?
Monday Aug 19th

Key Events for Tuesday

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.2%)

Chain Store Sales Index – YoY (previous +2.6%)

8:30 AM ET. July Chicago Fed National Activity Index

National Activity Index (previous -0.13)

3 Month Moving Average (previous -0.26)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.4%)

12MonChgPct (previous +3.7%)

52WkChgPct (previous +3.7%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -999000M)

Gasoline Stocks (Net Change) (previous +1.7M)

Distillate Stocks (Net Change) (previous +1.1M)

Refinery Runs (previous

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 81.060 -0.223 -0.29%
POWERSHARES DB US DOLLAR INDEX 21.96 -0.02 -0.09%
US Dollar/Canadian Dollar 1.03710 +0.00045 +0.04%
Euro/US Dollar 1.33811 +0.00371 +0.28%
JAPANESE YEN Sep 2013 0.010282 +0.000033 +0.32%
SWISS FRANC Sep 2013 1.0866 +0.0033 +0.30%

CURRENCIES

September Dollar was lower overnight. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September renews 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 the reaction low crossing at 80.89. Second support is June’s low crossing at 80.61.

The September Euro was higher overnight as it extends the rally off July’s low. 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, June’s high crossing at 134.24 is the next upside target. Closes below last Thursday’s low crossing at 132.07 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is August’s high crossing at 134.02. Second resistance is June’s high crossing at 134.24. First support is last Thursday’s low crossing at 132.07. Second support is the reaction low crossing at 131.87.

The September British Pound was slightly higher overnight as it extends the rally off July’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 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 the short-term top has been posted. First resistance is the overnight high crossing at 1.5677. Second resistance is June’s high crossing at 1.5743. First support is the 10-day moving average crossing at 1.5554. Second support is the 20-day moving average crossing at 1.5425.

The September Swiss Franc was higher overnight as it extends the rally off last Thursday’s low. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Thursday’s low, August’s high crossing at .10904 is the next upside target. Closes below last Thursday’s low crossing at .10644 would confirm that the rally off July’s low has ended. First resistance is August’s high crossing at .10904. 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 was lower overnight. 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 would 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 August’s low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .10218 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is August’s high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10218. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 106.24 -0.62 -0.58%
NEW YORK HARBOR ULSD Oct 2013 3.0769 -0.0024 -0.08%
NATURAL GAS Nov 2013 3.597 -0.011 -0.30%
RBOB GASOLINE Oct 2013 2.8064 -0.0099 -0.35%
POWERSHARES DYNAMIC ENERGY 48.58 -0.54 -1.11%
UNITED STATES GASOLINE 60.000 -0.819 -1.37%

ENERGIES

September Nymex crude oil was lower in overnight trading as it consolidates some of the rally off August’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, July’s high crossing at 108.93 is the next upside target. Closes above July’s high would renew this summer’s rally off April’s low while opening the door for a possible test of weekly resistance crossing at 110.55. Closes below August’s low crossing at 102.22 would confirm that a double top with July’s high has been posted. First resistance is July’s high crossing at 108.93. Second resistance is monthly resistance crossing at 110.55. First support is August’s low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil was lower overnight as it extends Monday’s downside reversal. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, July’s high crossing at 313.22 is the next upside target. Closes below the 10-day moving average crossing at 303.20 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 303.20. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas was lower overnight and trading below the 10-day moving average crossing at 292.63. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 293.63 would confirm that a short-term top has been posted. If September renews 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 293.63. Second support is the 50% retracement level of the April-July rally crossing at 285.24.

September Henry natural gas was lower due to light profit taking overnight but remains above broken resistance marked by the 20-day moving average crossing at 3.402. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this month’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 3.341 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 25% retracement level of the May-August decline crossing at 3.478. 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 3.341. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2532 +20 +0.79%
COFFEE Dec 2013 121.80 -0.95 -0.78%
ORANGE JUICE-A Nov 2013 135.90 +4.20 +3.09%
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 lower on Monday and the low-range close set the stage for a steady to lower opening on Tuesday. 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 11.93 would confirm that a short-term top has been posted. If September renews this month’s rally, the reaction high crossing at 126.50 is the next upside target.

September cocoa closed higher on Monday as it extended last week’s trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.83 would confirm that a short-term top has been posted. 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.

October sugar gapped down and closed below the 20-day moving average crossing at 16.78 confirming that a short-term top has been posted on Monday. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If October extends today’s decline, the reaction low crossing at 16.09 is the next downside target.

October cotton closed lower on Monday 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 Tuesday. 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 July’s low, weekly resistance crossing at 95.00 is the next upside target. Closes below the 20-day moving average crossing at 87.99 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 481.00 -4.50 -0.93%
OATS Dec 2013 336.25 +6.25 +1.86%
WHEAT Dec 2013 648.00 -5.50 -0.84%
TEUCRIUM CORN 36.6364 +1.4064 +3.84%
IPATH DJ-UBS GRAINS TRUST 47.18 +1.39 +2.94%
ELEMENTS MLCX GRAINS INDEX TRUST 6.23 +0.12 +1.88%
SOYBEANS Nov 2013 1289.00 -14.25 -1.09%
SOYBEAN (MINI) Nov 2013 1288.875 -14.375 -1.10%
SOYBEAN MEAL Dec 2013 399.7 -4.5 -1.11%
TEUCRIUM SOYBEAN 23.8328 +0.5828 +2.44%

GRAINS

corn was lower due to profit taking overnight. Monday’s crop condition report showed further deterioration of the corn crop especially in the western Corn Belt. Weather forecast are calling for warmer and continued dry conditions across the region, which will likely lead to further deterioration of the corn crop. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, psychological resistance crossing at 5.00 is the next upside target. Closes below the 10-day moving average crossing at 4.64 would temper the near-term friendly outlook. First resistance is the overnight 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 4.64. Second support is August’s low crossing at 4.45 3/4.

December wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 6.57 1/4 are needed to confirm a short-term low has been posted. If December renews the decline off July’s high, 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 1/4. Second resistance is August’s 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 up 5-cents at 7.07 1/4.

December Kansas City wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI remain 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 the rally off July’s low, July’s high crossing at 7.28 is the next upside target. First resistance is the reaction high crossing at 7.25. Second resistance is July’s high crossing at 7.28. First support is July’s low crossing at 7.00 3/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat was fractionally higher overnight. The low-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.45 1/4 are needed to confirm that a low has been posted. If December resumes 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 7.45 1/4. 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 were lower due to profit taking overnight as they consolidate 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 November extends the rally off this month’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 Monday’s high crossing at 13.09 3/4. Second resistance is June’s high crossing at 13.33. First support is the 10-day moving average crossing at 12.34 1/2. Second support is the 20-day moving average crossing at 12.20 1/4.

December soybean meal was lower due to profit taking in overnight trading 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 the day 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 369.40 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 407.10. Second resistance is weekly resistance crossing at 439.20. First support is the 10-day moving average crossing at 376.20. Second support is the 20-day moving average crossing at 369.40.

December soybean oil was lower overnight as it consolidates some of the rally off August’s low. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. 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, 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 15010.74 -70.73 -0.47%
NASDAQ COMPOSITE INDEX (COMBINED) 3589.57 -13.21 -0.37%
S&P 500 CASH 1646.06 -9.77 -0.59%
SPDR S&P 500 164.895 -0.935 -0.57%
QQQQ VOLATILITY INDEX 14.60 +0.53 +3.63%
iShares RUSSELL 2000 INDEX 100.64 -1.04 -1.03%

U.S. STOCK INDEXES

September NASDAQ 100 was higher overnight as it consolidates above the 25% retracement level of the June-August rally crossing at 3065.37. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. Closes above the 10-day moving average crossing at 3102.25 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3102.25. Second resistance is August’s high crossing at 3148.00. First support is the 25% retracement level of the June-August rally crossing at 3065.37. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 was lower overnight as it extends the decline off August’s high. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible near-term. If September extends this month’s decline, 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 1681.34 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1681.34. Second resistance is August’s high crossing at 1705.00. First support is the overnight low crossing at 1641.20. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 131.03125 +0.65625 +0.50%
iShares FLOATING RATE NOTE 50.65 +0.01 +0.02%
5 YEAR T-NOTES Sep 2013 120.656250 +0.234375 +0.19%
ULTRA T-BONDS Sep 2013 138.68750 +0.71875 +0.52%
POWERSHARES SENIOR LOAN PORTF 24.51 -0.25 -1.02%

INTEREST RATES

T-bonds were higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s trading range breakout, weekly support crossing at 125-29 is the next downside target. Multiple closes above the 20-day moving average crossing at 133-06 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133-06. Second resistance is August’s 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 158.050 +0.100 +0.06%
LEAN HOGS Oct 2013 86.375 -0.100 -0.12%
LIVE CATTLE Oct 2013 128.225 +0.150 +0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2496 +0.0896 +0.33%

LIVESTOCK

hogs closed down $0.25 at $86.47.

October hog closed lower on Monday as it extends the decline off last week’s high. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 85.55 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 86.29. Second support is the 20-day moving average crossing at 85.55.

October cattle closed up $0.15 at 128.07.

October cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’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 month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. Closes below the 20-day moving average crossing at 126.23 are needed to confirm that a top has been posted. 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 126.23. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.25 at $160.12.

October Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’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 20-day moving average crossing at 159.24 would confirm that a short-term top has been posted. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. 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 159.24. Second support is the reaction low crossing at 158.70.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1364.5 -1.2 -0.09%
SPDR GOLD SHARES 131.95 -0.63 -0.48%
SILVER Sep 2013 22.880 -0.286 -1.24%
PALLADIUM Sep 2013 750.00 -2.90 -0.39%
DIREXION DAILY GOLD MINERS BEA 51.6500 +3.0500 +5.95%
POWERSHARES DB PRECIOUS METALS 45.31 -0.17 -0.38%

PRECIOUS METALS

October gold was slightly lower 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 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 1325.00 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 1325.00. Second support is August’s low crossing at 1272.10.

September silver was lower due to profit taking overnight as it consolidates some of this month’s rally. 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 October-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.738 would 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 October-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.686. Second support is the 20-day moving average crossing at 20.738.

September copper was lower 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, the 50% retracement level of the February-June decline crossing at 340.37 is the next upside target. Closes below the 20-day moving average crossing at 322.41 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is the 50% retracement level of the February-June decline crossing at 340.37. First support is the 10-day moving average crossing at 330.65. Second support is the 20-day moving average crossing at 322.41.


 

Top Stocks
# symbol name last net % volume score triangles
1. FB FACEBOOK 37.85 +0.77 +2.04% 56,003,647 +90    Entry Signal
2. AAPL APPLE 507.75 +5.42 +1.07% 16,514,019 +90    Entry Signal
3. DELL DELL 13.785 -0.035 -0.25% 12,294,866 +100    Entry Signal
4. P PANDORA MEDIA 21.13 +0.79 +3.73% 12,180,270 +90    Entry Signal
5. SUPN SUPERNUS PHARMACEUTICALS 6.7929 +0.1529 +2.22% 11,002,579 +90    Entry Signal
6. QCOM QUALCOMM 66.38 -0.52 -0.78% 8,453,216 +90    Entry Signal
7. EGO ELDORADO GOLD 8.84 -0.25 -2.82% 7,602,906 +90    Entry Signal
8. GG GOLDCORP 30.89 -0.18 -0.58% 7,335,927 +90    Entry Signal
9. IAG IAMGOLD 6.15 -0.16 -2.60% 6,360,391 +90    Entry Signal
10. SLW SILVER WHEATON 26.4701 -0.2999 -1.13% 5,545,902 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. SM.Z13 SOYBEAN MEAL Dec 2013 404.2 +17.9 +4.44% 52,944 +100    Entry Signal
2. HO.Z13.E NEW YORK HARBOR ULSD Dec 2013 3.0778 -0.0018 -0.06% 177 +90    Entry Signal
3. CL.H14.E CRUDE OIL Mar 2014 100.77 -0.37 -0.37% 7,951 +90    Entry Signal
4. LC.Z13 LIVE CATTLE Dec 2013 130.450 +0.400 +0.31% 7,568 +100    Entry Signal
5. LC.G14 LIVE CATTLE Feb 2014 132.025 +0.275 +0.21% 6,137 +90    Entry Signal
6. CL.G14.E CRUDE OIL Feb 2014 101.98 -0.37 -0.36% 5,982 +90    Entry Signal
7. LH.Z13 LEAN HOGS Dec 2013 83.450 0.000 0.00% 3,850 +100    Entry Signal
8. GE.V13.E EURODOLLAR Oct 2013 99.715 +0.005 +0.01% 3,299 +90    Entry Signal
9. RB.G14.E RBOB GASOLINE Feb 2014 2.7364 -0.0247 -0.90% 1,918 +90    Entry Signal
10. GE.U13.E EURODOLLAR Sep 2013 99.7300 +0.0025 0.00% 16,763 +100    Entry Signal

Key Market Reports and Commentary for Monday 19/08/2013

Morning Markets Report
Prepared on Monday, August 19, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has retreated 6 points to 15032. The US Dollar Index declined 0.027 points to 81.279. Gold has eased 8.08 dollars to 1372.48. Silver has eased 0.2802 dollars to 23.2098. The Dow Industrials declined 30.72 points, at 15081.47, while the S&P 500 dropped 5.49 points, last seen at 1655.83. The Nasdaq Composite edged lower 1.21 points to 3604.91. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
What Do All Super Traders Have in Common?
Sunday Aug 18th

How to Remove Your Emotions When Trading
Saturday Aug 17th

Weekly Futures Recap W/Mike Seery
Friday Aug 16th

Key Events for Monday

10:00 AM ET. July Regional & State Employment &

7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.2%)

Chain Store Sales Index – YoY (previous +2.6%)

8:30 AM ET. July Chicago Fed National Activity Index

National Activity Index (previous -0.13)

3 Month Moving Average (previous -0.26)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.4%)

12MonChgPct (previous +3.7%)

52WkChgPct (previous +3.7%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -999000M)

Gasoline Stocks (Net Change) (previous +1.7M)

Distillate Stocks (Net Change) (previous +1.1M)

Refinery Runs (previous

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 81.279 -0.027 -0.03%
POWERSHARES DB US DOLLAR INDEX 21.965 +0.025 +0.11%
US Dollar/Canadian Dollar 1.03329 +0.00027 +0.03%
Euro/US Dollar 1.33517 +0.00246 +0.18%
JAPANESE YEN Sep 2013 0.010207 -0.000043 -0.42%
SWISS FRANC Sep 2013 1.0800 0.0000 0.00%

CURRENCIES

September Dollar was lower overnight. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If September renews 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 would 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 the reaction low crossing at 80.89. Second support is June’s low crossing at 80.61.

The September Euro was higher overnight as it extends the rally off last Thursday’s low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July’s low, June’s high crossing at 134.24 is the next upside target. Closes below last Thursday’s low crossing at 132.07 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is August’s high crossing at 134.02. Second resistance is June’s high crossing at 134.24. First support is last Thursday’s low crossing at 132.07. Second support is the reaction low crossing at 131.87.

The September British Pound was slightly higher overnight as it extends the rally off July’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 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 1.5411 would confirm that the short-term top has been posted. First resistance is the overnight high crossing at 1.5670. Second resistance is June’s high crossing at 1.5743. First support is the 10-day moving average crossing at 1.5522. Second support is the 20-day moving average crossing at 1.5411.

The September Swiss Franc was higher overnight and is poised to extend the rally off last Thursday’s low. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Thursday’s low, August’s high crossing at .10904 is the next upside target. Closes below last Thursday’s low crossing at .10644 would renew the decline off August’s high. First resistance is August’s high crossing at .10904. 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 was lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the reaction low crossing at 95.64 would 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 August’s low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen was lower overnight as it consolidates some of last Thursday’s rally. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at .10204 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is August’s high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10204. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 106.87 -0.42 -0.39%
NEW YORK HARBOR ULSD Oct 2013 3.0970 +0.0066 +0.21%
NATURAL GAS Nov 2013 3.593 +0.080 +2.27%
RBOB GASOLINE Oct 2013 2.8505 +0.0041 +0.14%
POWERSHARES DYNAMIC ENERGY 49.3904 -0.4596 -0.94%
UNITED STATES GASOLINE 60.80 +0.55 +0.90%

ENERGIES

September Nymex crude oil was lower in overnight trading as it consolidates some of the rally off August’s low. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, July’s high crossing at 108.93 is the next upside target. Closes above July’s high would renew this summer’s rally off April’s low while opening the door for a possible test of weekly resistance crossing at 110.55. Closes below August’s low crossing at 102.22 would confirm that a double top with July’s high has been posted. First resistance is July’s high crossing at 108.93. Second resistance is monthly resistance crossing at 110.55. First support is August’s low crossing at 102.22. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil was higher overnight as it extends the rally off August’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, August’s high crossing at 310.71 is the next upside target. Closes below the 10-day moving average crossing at 302.81 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 50% retracement level of the April-July rally crossing at 294.45. Second support is the 62% retracement level of the April-July rally crossing at 290.01.

September unleaded gas was higher overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week’s low, August’s high crossing at 304.56 is the next upside target. Closes below the 10-day moving average crossing at 293.03 would confirm that a short-term top has been posted. 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 293.03. Second support is the 50% retracement level of the April-July rally crossing at 285.24.

September Henry natural gas was higher overnight and trading above the 20-day moving average as it extends the rally off this month’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 3.416 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If September renews this year’s decline, psychological support crossing at 3.000 is the next downside target. First resistance is the 20-day moving average crossing at 3.416. Second resistance is July’s high crossing at 3.833. First support is the 10-day moving average crossing at 3.327. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2476 -19 -0.76%
COFFEE Dec 2013 122.85 -0.80 -0.65%
ORANGE JUICE-A Nov 2013 131.90 +3.65 +2.71%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.66%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.21%

FOOD & FIBER

September coffee closed lower on Friday and the low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the reaction high crossing at 126.50 is the next upside target. Closes below the reaction low crossing at 11.93 would confirm that a short-term top has been posted.

September cocoa closed higher on Friday as it extended this week’s trading range. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.77 would confirm that a short-term top has been posted. 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.

October sugar closed lower on Friday as it consolidates some of the rally off July’s low. The low-range close set the stage for a steady to lower opening on Monday. 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 July’s low, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.78 would confirm that a short-term top has been posted.

October cotton gapped up and closed higher on Friday as it extended the rally off May’s low. The high-range close sets the stage for a steady to higher opening on Monday. 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 July’s low, weekly resistance crossing at 95.00 is the next upside target. Closes below the 20-day moving average crossing at 87.68 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 472.00 +8.50 +1.84%
OATS Dec 2013 330.00 +2.50 +0.76%
WHEAT Dec 2013 649.00 +5.50 +0.85%
TEUCRIUM CORN 35.3100 -0.6100 -1.73%
IPATH DJ-UBS GRAINS TRUST 45.87 -0.49 -1.07%
ELEMENTS MLCX GRAINS INDEX TRUST 6.23 +0.12 +1.94%
SOYBEANS Nov 2013 1279.75 +20.50 +1.63%
SOYBEAN (MINI) Nov 2013 1259.250 +24.250 +1.93%
SOYBEAN MEAL Dec 2013 393.8 +7.5 +1.94%
TEUCRIUM SOYBEAN 23.3700 -0.0500 -0.22%

GRAINS

corn was higher overnight and poised to extend last week’s rally. Extended weather forecast are calling for warmer and drier conditions across much of the Midwest, which could lead to some deterioration of the corn crop especially in the western Corn Belt. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the reaction high crossing at 4.80 1/2 is the next upside target. Closes below the 10-day moving average crossing at 4.60 1/2 would temper the near-term friendly outlook. First resistance is reaction high crossing at 4.80 1/2. Second resistance is psychological resistance crossing at 5.00. First support is August’s low crossing at 4.45 3/4. Second support is weekly support crossing at 4.33 1/2.

December wheat was higher due to short covering overnight. The low-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 6.57 3/4 are needed to confirm a short-term low has been posted. If December extends the decline off July’s high, 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 3/4. 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 4-cents at 7.02 1/4.

December Kansas City wheat closed lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI remain 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 the rally off July’s low, July’s high crossing at 7.28 is the next upside target. First resistance is the reaction high crossing at 7.25. Second resistance is July’s high crossing at 7.28. First support is July’s low crossing at 7.00 3/4. Second support is weekly support crossing at 7.00.

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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.45 1/2 are needed to confirm that a low has been posted. If December resumes 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 7.45 1/2. 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 were higher overnight as they extend the rally off August’s low. Hot/dry weather conditions are forecasted to move into the Midwest this week, which could provide additional stress to this year’s soybean crop during this key stage of development. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, July’s high crossing at 12.97 is the next upside target. Closes below the 20-day moving average crossing at 12.17 1/2 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 12.86. Second resistance is July’s high crossing at 12.97. First support is the 20-day moving average crossing at 12.17 1/2. Second support is August’s low crossing at 11.62 1/2.

December soybean meal exceeded July’s high crossing at 393.30 in overnight trading as it extends the rally off August’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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, June’s high crossing at 399.00 is the next upside target. Closes below the 20-day moving average crossing at 368.00 would confirm that a short-term low has been posted. First resistance is the overnight high crossing at 395.00. Second resistance is June’s high crossing at 399.00. First support is the 20-day moving average crossing at 368.00. Second support is the reaction low crossing at 366.60.

December soybean oil was lower overnight 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 the day session begins trading. 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, 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 last Friday’s high crossing at 43.94. 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 15081.47 -30.72 -0.20%
NASDAQ COMPOSITE INDEX (COMBINED) 3604.91 -1.21 -0.03%
S&P 500 CASH 1655.83 -5.49 -0.33%
SPDR S&P 500 165.97 -0.41 -0.25%
QQQQ VOLATILITY INDEX 14.07 -0.20 -1.42%
iShares RUSSELL 2000 INDEX 101.75 -0.36 -0.35%

U.S. STOCK INDEXES

September NASDAQ 100 was higher overnight as it rebounds off the 25% retracement level of the June-August rally crossing at 3065.37. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. Closes above the 10-day moving average crossing at 3107.17 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3107.17. Second resistance is last Tuesday’s high crossing at 3148.00. First support is the 25% retracement level of the June-August rally crossing at 3065.37. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 was lower overnight as it extends the decline off August’s high. Stochastics and the RSI remain bearish signaling that additional weakness is possible near-term. If September extends this month’s decline, the 38% retracement level of the June-August rally crossing at 1647.42 is the next downside target. Closes above the 20-day moving average crossing at 1683.82 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1683.82. Second resistance is August’s high crossing at 1705.00. First support is the 38% retracement level of the June-August rally crossing at 1647.42. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 130.65625 -0.37500 -0.29%
iShares FLOATING RATE NOTE 50.638 -0.022 -0.04%
5 YEAR T-NOTES Sep 2013 120.437500 -0.164063 -0.14%
ULTRA T-BONDS Sep 2013 138.56250 -0.34375 -0.25%
POWERSHARES SENIOR LOAN PORTF 24.765 -0.015 -0.06%

INTEREST RATES

T-bonds were lower overnight as it extends last week’s breakout below the lower boundary of this summer’s trading range crossing at 131-25. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s trading range breakout, weekly support crossing at 125-29 is the next downside target. Multiple closes above the 20-day moving average crossing at 133-13 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133-13. Second resistance is August’s high crossing at 135-02. First support is the overnight low crossing at 130-14. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.675 +0.600 +0.38%
LEAN HOGS Oct 2013 86.725 -0.575 -0.66%
LIVE CATTLE Oct 2013 127.925 -0.175 -0.14%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2496 +0.0896 +0.33%

LIVESTOCK

hogs closed down $0.57 at $86.72.

October hog closed lower on Friday filling Wednesday’s gap crossing at 86.60. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last week’s low, last November’s high crossing at 88.90 is the next upside target. Closes below the 20-day moving average crossing at 85.49 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 87.80. Second resistance is last November’s high crossing at 88.90. First support is Wednesday’s gap crossing at 86.60. Second support is the 20-day moving average crossing at 85.49.

October cattle closed down $0.17 at 127.92.

October cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’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 month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. Closes below the 20-day moving average crossing at 126.10 are needed to confirm that a top has been posted. 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 126.10. Second support is last Thursday’s gap crossing at 124.40.

October feeder cattle closed up $0.52 at $159.87.

October Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 159.12 would confirm that a short-term top has been posted. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. 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 159.12. Second support is the reaction low crossing at 158.70.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1373.3 +2.3 +0.17%
SPDR GOLD SHARES 132.60 +0.91 +0.69%
SILVER Dec 2013 23.300 -0.072 -0.31%
PALLADIUM Sep 2013 755.70 -7.35 -0.96%
DIREXION DAILY GOLD MINERS BEA 48.420 +2.470 +5.08%
POWERSHARES DB PRECIOUS METALS 45.48 +0.34 +0.75%

PRECIOUS METALS

October gold 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 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 1324.00 would confirm that a short-term top has been posted. First resistance is the overnight 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 1324.00. Second support is August’s low crossing at 1272.10.

September silver was slightly lower due to light profit taking overnight as it consolidates some of this month’s rally. 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 October-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.610 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 23.605. Second resistance is the 38% retracement level of the October-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.358. Second support is the 20-day moving average crossing at 20.610.

September copper was lower 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, the 50% retracement level of the February-June decline crossing at 340.37 is the next upside target. Closes below the 20-day moving average crossing at 321.82 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is the 50% retracement level of the February-June decline crossing at 340.37. First support is the 10-day moving average crossing at 329.21. Second support is the 20-day moving average crossing at 321.82.


 

Top Stocks
# symbol name last net % volume score triangles
1. DELL DELL 13.815 +0.110 +0.80% 22,760,045 +100    Entry Signal
2. P PANDORA MEDIA 20.2999 +0.4499 +2.21% 18,289,484 +90    Entry Signal
3. IAG IAMGOLD 6.300 -0.160 -2.54% 13,790,014 +100    Entry Signal
4. AAPL APPLE 502.27 +4.36 +0.87% 10,945,059 +100    Entry Signal
5. SLW SILVER WHEATON 26.77 -0.36 -1.34% 10,385,995 +90    Entry Signal
6. QCOM QUALCOMM 66.94 -0.01 -0.01% 10,329,280 +90    Entry Signal
7. GG GOLDCORP 31.11 -0.16 -0.51% 9,987,482 +90    Entry Signal
8. SAN SANTANDER FINANCE SA UNIPERSON 7.772 +0.162 +2.08% 9,354,155 +90    Entry Signal
9. EGO ELDORADO GOLD 9.10 -0.12 -1.32% 8,488,341 +90    Entry Signal
10. NGD NEW GOLD 7.725 +0.115 +1.48% 8,265,632 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. CL.Z14.E CRUDE OIL Dec 2014 93.74 -0.06 -0.06% 605 +100    Entry Signal
2. CL.M14.E CRUDE OIL Jun 2014 97.91 -0.06 -0.06% 457 +100    Entry Signal
3. LC.Z13 LIVE CATTLE Dec 2013 130.050 +0.175 +0.13% 13,482 +100    Entry Signal
4. LE.Z13.E LIVE CATTLE Dec 2013 130.050 +0.175 +0.13% 12,809 +100    Entry Signal
5. CL.H14.E CRUDE OIL Mar 2014 101.12 +0.49 +0.48% 12,564 +100    Entry Signal
6. GE.U13.E EURODOLLAR Sep 2013 99.7275 +0.0025 0.00% 12,408 +90    Entry Signal
7. LE.G14.E LIVE CATTLE Feb 2014 131.75 +0.60 +0.46% 5,581 +100    Entry Signal
8. LC.Q13 LIVE CATTLE Aug 2013 123.90 +0.20 +0.16% 4,233 +100    Entry Signal
9. ZM.F14.E SOYBEAN MEAL Jan 2014 385.8 +5.6 +1.45% 3,491 +100    Entry Signal
10. RB.G14.E RBOB GASOLINE Feb 2014 2.7611 +0.0012 +0.04% 2,520 +100    Entry Signal