Key Market Reports and Commentary for Friday 27/09/2013

Morning Markets Report
Prepared on Friday, September 27, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has eased 48 points to 15213. The US Dollar Index fell 0.193 points to 80.339. Gold has eased 1.12 dollars to 1323.74. Silver has retreated 0.0516 dollars to 21.5660. The Dow Industrials trended higher 55.04 points, at 15328.30, while the S&P 500 gained 5.90 points, last seen at 1698.67. The Nasdaq Composite edged higher by 24.13 points to 3785.23. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Deflation Will Take the Majority by Surprise
Thursday Sep 26th

Go Global for Profits
Thursday Sep 26th

Is Wal-Mart in trouble?
Thursday Sep 26th

Key Events for Friday

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

Weekly Jobless Claims (expected 330K; previous 309K)

Weekly Jobless Claims Net Change (previous +15K)

Cont Jobless Claims (prior week) (previous 2787000)

Cont Jobless Claims Net Chg (prior week) (previous -28K)

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

Corn, In Metric Tons (previous 215.1K)

Soybeans, In Metric Tons (previous 849.2K)

Wheat, In Metric Tons (previous 747.4K)

8:30 AM ET. 2nd Quarter Revised Corporate Profits

8:30 AM ET. 2nd Quarter 3rd estimate GDP

GDP (expected +2.8%; previous +2.5%)

Chain-Weighted Price Index (expected +0.8%; previous +0.8%)

Corporate Profits (previous +2.6%)

PCE Price Index (previous +0%)

Purchase Price Index (previous +0.3%)

Real Final Sales (previous +1.9%)

Core PCE Price Index (Ex Food/Energy) (previous +0.8%)

Personal Consumption (previous +1.8%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Aug Pending Home Sales Index

Current (previous 109.5)

MoM Pct Change (Current Period) (expected -1.5%; previous -1.3%)

YoY Pct Change (Current Period) (previous +6.7%)

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

DJ-BTMU Business Barometer (previous +0.3%)

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

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

Total Working Gas in Storage (previous 3299B)

Total Working Gas in Storage (Net Change) (previous +46B)

11:00 AM ET. Sept 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 8)

6-Month Composite Expectations Index (previous 9)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 80.339 -0.193 -0.25%
POWERSHARES DB US DOLLAR INDEX 21.725 +0.055 +0.25%
US Dollar/Canadian Dollar 1.03250 +0.00120 +0.12%
Euro/US Dollar 1.34953 +0.00123 +0.09%
JAPANESE YEN Dec 2013 0.010155 +0.000029 +0.29%
SWISS FRANC Dec 2013 1.1047 +0.0054 +0.49%

CURRENCIES

The December Euro currency closed down 39 points at 1.3486 today. Prices closed nearer the session low. Bulls still have the near- term technical advantage.

The December Japanese yen closed down 43 points at 1.0118 today. Prices closed nearer the session low today. The bears have the slight near-term technical advantage. A seven-week-old downtrend line is in place on the daily bar chart.

The December Swiss franc closed down 16 points at 1.0988 today. Prices closed near mid-range. The bulls have the solid near-term technical advantage.

The December Canadian dollar closed down 1 point at .9677 today. Prices closed nearer the session high today. Bulls have the slight near-term technical advantage.

The December British pound closed down 38 points at 1.6029 today. Prices closed near mid-range. Bulls still have the solid overall near-term technical advantage. Prices are in a steep 2.5-month-old uptrend on the daily bar chart.

The December U.S. dollar index closed up 0.212 at 80.655 today. Prices closed nearer the session high on short covering. The bears still have the near-term technical advantage.

 


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 102.57 -0.46 -0.45%
NEW YORK HARBOR ULSD Nov 2013 2.9908 -0.0085 -0.28%
NATURAL GAS Nov 2013 3.542 -0.025 -0.70%
RBOB GASOLINE Nov 2013 2.6803 -0.0084 -0.31%
POWERSHARES DYNAMIC ENERGY 50.68 +0.18 +0.36%
UNITED STATES GASOLINE 57.16 +0.57 +0.99%

ENERGIES

ENERGIES: November Nymex crude oil closed up $0.28 at $102.95 today. Prices closed nearer the session high today in quieter trading. Crude oil bulls still have the slight overall near-term technical advantage but are fading.

November heating oil closed up 233 points at $2.9947 today. Prices closed nearer the session high today on short covering. Bears still have the near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart.

November (RBOB) unleaded gasoline closed up 326 points at $2.6895 today. Prices closed near the session high on short covering. The gasoline bears still have the near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart.

November natural gas closed up 3.5 cents at $3.581 today. Prices closed near the session high on short covering after hitting a fresh five-week low early on today. The nat gas bears have the overall near-term technical advantage.

 


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2612 +15 +0.58%
COFFEE Dec 2013 115.70 +0.05 +0.04%
ORANGE JUICE-A Nov 2013 127.75 -2.00 -1.55%
IPATH DJ-UBS SUGAR TRUST 61.779 -0.051 -0.08%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.68%

FOOD & FIBER

SOFTS: October sugar closed down 11 points at 17.51 cents today. Prices closed nearer the session low after hitting another fresh 4.5-month high early on today. Profit taking was featured. The sugar bulls have the slight near- term technical advantage.

December coffee closed down 165 points at 115.60 cents today. Prices closed nearer the session low today. The coffee bears have the solid overall near-term technical advantage as prices hover near the recent contract low.

December cocoa closed up $35 at $2,608 a ton today. Prices closed near the session high and scored a bullish “outside day” up on the daily bar chart. The cocoa bulls have the overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart.

December cotton closed up 86 points at 85.51 cents today. Prices closed near the session high and saw more short covering. Cotton bears still have the overall near-term technical advantage.

November orange juice closed down 145 points at $1.2900 today. Prices closed nearer the session low. Price action this week still suggests the bears have become exhausted and that a market bottom is in place. The bears do still have the overall near-term technical advantage.

November lumber futures closed down $7.10 at $341.30 today. Prices closed near the session low on more profit taking. Bulls still have the overall near-term technical advantage, but are fading. The next downside technical breakout objective for the lumber bears is pushing and closing prices below solid technical support at the September low of $326.80.

 


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 456.25 -0.50 -0.11%
OATS Dec 2013 319.00 +0.50 +0.16%
WHEAT Dec 2013 677.50 -0.75 -0.11%
TEUCRIUM CORN 34.27 +0.20 +0.58%
IPATH DJ-UBS GRAINS TRUST 46.64 -0.04 -0.09%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2704 +0.0604 +0.96%
SOYBEANS Nov 2013 1321.50 +4.75 +0.36%
SOYBEAN (MINI) Nov 2013 1322.50 +5.75 +0.44%
SOYBEAN MEAL Dec 2013 416.3 +1.4 +0.34%
TEUCRIUM SOYBEAN 23.7800 -0.0701 -0.29%

GRAINS

December corn futures closed up 2 cents at $4.56 3/4 Thursday. Prices closed nearer the session high on more short covering in a bear market. The corn bears remain in firm near-term technical control. Traders are looking ahead to next Monday’s USDA quarterly grain stocks report, which is not expected to be a bullish report for corn.

November soybeans closed down 5 cents at $13.16 3/4 a bushel Thursday. Prices closed near mid-range. Bulls are on the defensive in the near term, amid seasonal price pressure from the U.S. harvest. Cash basis levels are also weak. Traders are looking ahead to next Monday’s USDA quarterly grain stocks report, which is not expected to be a bullish report for soybeans. Soybean bulls have the overall near-term technical advantage.

December soybean meal closed down $2.20 at $414.90 Thursday. Prices closed near mid-range. The meal bulls have the overall near-term technical advantage, but are still shaky.

December bean oil closed down 4 points at 42.05 cents Thursday. Prices closed nearer the session high and did hit a fresh contract low early on. The bears have the solid overall near-term technical advantage.

December Chicago SRW wheat closed up 7 3/4 cents at $6.78 1/4 Thursday. Prices closed near the session high and hit a fresh seven-week high. A bullish rounding-bottom reversal pattern has formed on the daily bar chart. While the wheat market bears still have the overall near-term technical advantage, bulls have gained good upside technical momentum and recent price action suggests a major market low is now in place.

December HRW wheat closed up 9 cents at $7.27 1/4 Thursday. Prices closed near the session high and hit a fresh 10-week high on more short covering. The HRW wheat market bears still have the overall near-term technical advantage. However, the bulls have gained good upside momentum to begin to suggest a market bottom is in place.

 


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15328.30 +55.04 +0.36%
NASDAQ COMPOSITE INDEX (COMBINED) 3785.23 +24.13 +0.64%
S&P 500 CASH 1698.67 +5.90 +0.35%
SPDR S&P 500 169.57 +0.53 +0.31%
QQQQ VOLATILITY INDEX 12.40 -0.27 -2.18%
iShares RUSSELL 2000 INDEX 106.94 +0.47 +0.44%

U.S. STOCK INDEXES

STOCK MARKET COMMENT: The U.S. stock indexes closed firmer today. U.S. economic data for released Thursday was a mixed bag. The weekly jobless claims report came in better than expected, while the third-quarter gross domestic product report came in a bit weaker than expected. The weekly jobless claims data was deemed fresher news than the GDP data and that helped to lift the stock indexes. In more “Fed speak” this week, Richmond Federal Reserve Bank president Jeffrey Lacker said Thursday he supported a faster tapering of the Fed’s monthly bond-buying program and said he is surprised the process has not already begun. Fed governor Jeremy Stein also said Thursday the FOMC’s decision not to taper last week was “a close call.” Notions are growing the Fed could indeed begin to “taper” yet this year. Meantime, the European Central Bank’s executive board member said Thursday the ECB needs to continue its expansive monetary policies. The U.S. budget and debt ceiling issues have moved to the front burner of the market place. The U.S. government will have to at least partially shut down early next week if Congress does not pass a budget by that time. Also, in mid-October the U.S. will hit its borrowing limit. This matter could be significantly bearish for most markets in the near term, as there is talk some of the U.S. government will shut down for a short time next week.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 133.46875 +0.34375 +0.26%
iShares FLOATING RATE NOTE 50.6500 -0.0200 -0.04%
5 YEAR T-NOTES Dec 2013 120.898438 +0.085938 +0.07%
ULTRA T-BONDS Dec 2013 142.46875 +0.46875 +0.33%
POWERSHARES SENIOR LOAN PORTF 24.70 -0.06 -0.24%

INTEREST RATES

U.S. T-Bonds closed down 16/32 at 133 3/32 today. Prices closed nearer the session low today on profit taking after hitting a fresh two-month high Wednesday. Bond market bears still have the overall near-term technical advantage. However, the bulls have gained upside momentum recently to suggest a market bottom is in place.

 


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Nov 2013 165.150 -0.400 -0.24%
LEAN HOGS Dec 2013 87.825 +0.100 +0.11%
LIVE CATTLE Dec 2013 131.700 +0.125 +0.09%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.8698 +0.1398 +0.50%

LIVESTOCK

December live cattle closed up $0.30 at $131.57 Thursday. Prices closed near the session high and closed at a fresh 6.5-month high close. Live cattle futures are were supported on ideas of higher cash cattle prices to be fetched this week. The bulls have the solid near-term technical advantage.

November feeder cattle closed up $1.10 at $165.15 Thursday. Prices closed near the session high and hit a fresh contract high. The feeder bulls still have the solid overall near-term technical advantage.

December lean hogs closed down $0.87 at $87.72 Thursday. Prices closed near mid-range and saw profit taking from recent gains that saw prices hit a contract high on Wednesday. Steady to weaker cash hog prices Thursday helped to pressure the futures. Traders are awaiting the quarterly USDA hogs & pigs Report on Friday afternoon.

 


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1334.4 +10.3 +0.78%
SPDR GOLD SHARES 127.7980 -0.9920 -0.78%
SILVER Dec 2013 21.845 +0.079 +0.36%
PALLADIUM Dec 2013 724.35 +0.90 +0.12%
DIREXION DAILY GOLD MINERS BEA 34.1081 +1.7281 +5.13%
POWERSHARES DB PRECIOUS METALS 43.600 -0.250 -0.57%

PRECIOUS METALS

METALS: December gold futures closed down $11.80 an ounce at $1,324.40. Prices closed nearer the session low today. A firmer U.S. dollar index today helped to pressure gold. A four-week-old downtrend is in place on the daily bar chart. The gold market bears have the overall near-term technical advantage.

December silver futures closed down $0.146 an ounce at $21.745 today. Prices closed nearer the session low. Silver bears have the overall near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart.

December N.Y. copper closed up 320 points at 330.40 cents today. Prices closed nearer the session high. Trading remains choppy and sideways. Copper bulls and bears are on a level near-term technical playing field.

 


 

Top Stocks
# symbol name last net % volume score triangles
1. YHOO YAHOO! 32.76 +1.42 +4.34% 38,176,308 +100    Entry Signal
2. SIRI SIRIUS XM RADIO 3.925 +0.096 +2.44% 26,069,149 +100    Entry Signal
3. AMD ADVANCED MICRO DEVICES 3.90 -0.01 -0.26% 16,735,389 +90    Entry Signal
4. ODP OFFICE DEPOT 4.72 0.00 0.00% 15,559,786 +90    Entry Signal
5. AMAT APPLIED MATERIALS 17.775 -0.065 -0.37% 15,509,737 +100    Entry Signal
6. GNW GENWORTH FINANCIAL 12.98 +0.25 +1.92% 11,081,013 +100    Entry Signal
7. DAL DELTA AIR LINES 23.99 +0.18 +0.75% 10,336,459 +100    Entry Signal
8. SID COMPANHIA SIDERURGICA 4.425 +0.085 +1.93% 9,477,638 +100    Entry Signal
9. XRX XEROX 10.390 +0.030 +0.29% 8,512,349 +100    Entry Signal
10. RESI ALTISOURCE RESIDENTIAL CORP 22.12 +0.72 +3.26% 7,605,815 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. 6B.Z13.E BRITISH POUND Dec 2013 1.6089 +0.0056 +0.35% 38,879 +100    Entry Signal
2. GE.Z14.E EURODOLLAR Dec 2014 99.475 +0.005 +0.01% 26,605 +100    Entry Signal
3. GE.U14.E EURODOLLAR Sep 2014 99.570 +0.005 +0.01% 24,447 +100    Entry Signal
4. GE.M14.E EURODOLLAR Jun 2014 99.635 0.000 0.00% 21,126 +100    Entry Signal
5. LC.Z13 LIVE CATTLE Dec 2013 131.575 +0.300 +0.23% 17,852 +100    Entry Signal
6. GE.H15.E EURODOLLAR Mar 2015 99.355 +0.010 +0.01% 18,321 +100    Entry Signal
7. LC.V13 LIVE CATTLE Oct 2013 127.70 +0.15 +0.12% 9,663 +100    Entry Signal
8. LC.G14 LIVE CATTLE Feb 2014 133.325 +0.350 +0.26% 7,428 +100    Entry Signal
9. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1835.1 +6.9 +0.38% 4,763 +100    Entry Signal
10. LC.J14 LIVE CATTLE Apr 2014 134.300 +0.350 +0.26% 3,334 +100    Entry Signal
Annunci

Key Market Reports and Commentary for Thursday 26/09/2013

Morning Markets Report
Prepared on Thursday, September 26, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 25 points to 15235. The US Dollar Index moved higher by 0.126 points to 80.471. Gold has gained 3.85 dollars to 1334.62. Silver is up 0.1720 dollars to 21.8600. The Dow Industrials moved lower 61.33 points, at 15273.26, while the S&P 500 fell 4.65 points, last seen at 1692.77. The Nasdaq Composite declined 6.72 points to 3761.53. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Real Estate, Are you Buying?
Wednesday Sep 25th

Is it time to start looking at gold?
Wednesday Sep 25th

How to Make Money with Clean Tech Energy
Wednesday Sep 25th

Key Events for Thursday

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

Weekly Jobless Claims (expected 330K; previous 309K)

Weekly Jobless Claims Net Change (previous +15K)

Cont Jobless Claims (prior week) (previous 2787000)

Cont Jobless Claims Net Chg (prior week) (previous -28K)

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

Corn, In Metric Tons (previous 215.1K)

Soybeans, In Metric Tons (previous 849.2K)

Wheat, In Metric Tons (previous 747.4K)

8:30 AM ET. 2nd Quarter Revised Corporate Profits

8:30 AM ET. 2nd Quarter 3rd estimate GDP

GDP (expected +2.8%; previous +2.5%)

Chain-Weighted Price Index (expected +0.8%; previous +0.8%)

Corporate Profits (previous +2.6%)

PCE Price Index (previous +0%)

Purchase Price Index (previous +0.3%)

Real Final Sales (previous +1.9%)

Core PCE Price Index (Ex Food/Energy) (previous +0.8%)

Personal Consumption (previous +1.8%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Aug Pending Home Sales Index

Current (previous 109.5)

MoM Pct Change (Current Period) (expected -1.5%; previous -1.3%)

YoY Pct Change (Current Period) (previous +6.7%)

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

DJ-BTMU Business Barometer (previous +0.3%)

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

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

Total Working Gas in Storage (previous 3299B)

Total Working Gas in Storage (Net Change) (previous +46B)

11:00 AM ET. Sept 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 8)

6-Month Composite Expectations Index (previous 9)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.471 +0.126 +0.16%
POWERSHARES DB US DOLLAR INDEX 21.6699 -0.0701 -0.32%
US Dollar/Canadian Dollar 1.03088 -0.00106 -0.10%
Euro/US Dollar 1.34990 -0.00224 -0.17%
JAPANESE YEN Dec 2013 0.010132 -0.000029 -0.29%
SWISS FRANC Dec 2013 1.0991 -0.0013 -0.12%

CURRENCIES

December Dollar was higher overnight as it consolidated some of Wednesday’s loss. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews this month’s decline, January’s low crossing at 79.66 is the next downside target. Closes above the 20-day moving average crossing at 81.53 are needed to confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 80.80. Second resistance is the 20-day moving average crossing at 81.53. First support is last Thursday’s low crossing at 80.15. Second support is January’s low crossing at 79.66.

The December Euro was lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off July’s low, February’s high crossing at 137.17 is the next upside target. Closes below the 20-day moving average crossing at 133.44 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 134.58. Second support is the 20-day moving average crossing at 133.44.

The December British Pound was lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI 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 1.5815 would confirm that a short-term top has been posted. If December renews this summer’s rally, weekly resistance crossing at 1.6264 is the next upside target. First resistance is last Wednesday’s high crossing at 1.6153. Second resistance is weekly resistance crossing at 1.6264. First support is the 10-day moving average crossing at 1.5993. Second support is the 20-day moving average crossing at 1.5815.

The December Swiss Franc was lower overnight while extending the trading range of the past five days. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December renews this month’s rally, February’s high crossing at .11062 is the next upside target. Closes below the 20-day moving average crossing at .10817 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at .11024. Second resistance is February’s high crossing at .11062. First support is the 10-day moving average crossing at .10925. Second support is the 20-day moving average crossing at .10817.

The December Canadian Dollar was slightly higher due to short covering overnight as it consolidates 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. Closes below the 20-day moving average crossing at 96.28 would 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 June’s high crossing at 98.22. Second resistance is May’s high crossing at 99.24. First support is the overnight low crossing at 96.66. Second support is the 20-day moving average crossing at 96.28.

The December Japanese Yen was lower overnight. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December renews the rally off this month’s low, the reaction high crossing at .10330 is the next upside target. Multiple closes below last Friday’s low crossing at .10037 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at .10330. Second resistance is August’s high crossing at .10442. First support is last Friday’s low crossing at .10037. Second support is this month’s low crossing at .9943.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 103.15 +0.49 +0.48%
NEW YORK HARBOR ULSD Nov 2013 2.9962 +0.0249 +0.84%
NATURAL GAS Nov 2013 3.561 +0.015 +0.42%
RBOB GASOLINE Nov 2013 2.6788 +0.0219 +0.83%
POWERSHARES DYNAMIC ENERGY 50.5178 +0.3978 +0.79%
UNITED STATES GASOLINE 56.71 +0.24 +0.42%

ENERGIES

November Nymex crude oil was 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 November extends the decline off August’s high, the 38% retracement level of the April-August rally crossing at 101.71 is the next downside target. Closes above the 20-day moving average crossing at 106.25 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 106.25. Second resistance is this month’s high crossing at 110.70. First support is Wednesday’s low crossing at 102.20. Second support is the 38% retracement level of the April-August rally crossing at 101.71.

November heating oil was higher due to short covering overnight as it rebounded off the 62% retracement level of the April-August rally crossing at 294.23. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If November extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 288.19 is the next downside target. Closes above the 20-day moving average crossing at 306.96 would confirm that a short-term top has been posted. First resistance is the 10-day moving average crossing at 301.05. Second resistance is the 20-day moving average crossing at 306.96. First support is the 62% retracement level of the April-August rally crossing at 294.23. Second support is 75% retracement level of the April-August rally crossing at 288.19.

November unleaded gas was higher overnight as it extended the short covering rebound off Tuesday’s low. 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 274.19 are needed to confirm that a short-term low has been posted. If November renews the decline off August’s high, the 75% retracement level of the April-August rally crossing at 256.14 is the next downside target. First resistance is the 10-day moving average crossing at 267.76. Second resistance is the 20-day moving average crossing at 274.19. First support is Tuesday’s low crossing at 260.06. Second support is the 75% retracement level of the April-August rally crossing at 256.14.

November Henry natural gas was slightly 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 November extends the aforementioned decline, the 62% retracement level of the August-September rally crossing at 3.517 is the next downside target. Closes above the 10-day moving average crossing at 3.706 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.706. Second resistance is this month’s high crossing at 3.892. First support is the overnight low crossing at 3.540. Second support is the 62% retracement level of the August-September rally crossing at 3.517.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2570 -3 -0.12%
COFFEE Dec 2013 116.85 -0.40 -0.34%
ORANGE JUICE-A Nov 2013 130.45 +2.85 +2.18%
IPATH DJ-UBS SUGAR TRUST 61.829 +1.019 +1.65%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.68%

FOOD & FIBER

December coffee closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned 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 renews this summer’s decline, monthly support crossing at 10.21 is the next downside target.

December cocoa closed lower on Wednesday as it extends the decline off last week’s high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25.62 would confirm that a short-term top has been posted. If December renews the rally off June’s low, the 2012 high crossing at 27.25 is the next upside target.

October sugar closed higher on Wednesday as it extends the rally off July’s low. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If October renews the 25% retracement level of the 2011-2013 decline crossing at 18.09 is the next upside target. Closes below the 20-day moving average crossing at 16.90 would confirm that a short-term top has been posted.

October cotton closed higher on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. 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 84.54 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 451.75 -3.00 -0.66%
OATS Dec 2013 313.75 +5.50 +1.75%
WHEAT Dec 2013 669.00 -1.50 -0.22%
TEUCRIUM CORN 34.27 +0.20 +0.58%
IPATH DJ-UBS GRAINS TRUST 46.7001 +0.5101 +1.09%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2704 +0.0604 +0.96%
SOYBEANS Nov 2013 1313.25 -8.50 -0.64%
SOYBEAN (MINI) Nov 2013 1321.75 -8.75 -0.66%
SOYBEAN MEAL Dec 2013 414.2 -2.9 -0.69%
TEUCRIUM SOYBEAN 23.8501 +0.1201 +0.50%

GRAINS

corn was lower overnight as it continues to search for a harvest low. Since the brunt of harvest is still ahead of us at this point in time, the market is still vulnerable to further downside risk. 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 4.62 3/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.62 3/4. Second resistance is this month’s high crossing at 4.93 3/4. First support is Tuesday’s low crossing at 4.48. Second support is August’s low crossing at 4.45 3/4.

December wheat was fractionally lower overnight as it consolidates some of Wednesday’s rally. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off this month’s low, August’s high crossing at 6.79 3/4 is the next upside target. Closes below the 20-day moving average crossing at 6.50 1/4 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 6.75. Second resistance is August’s high crossing at 6.79 3/4. First support is the 20-day moving average crossing at 6.50 1/4. Second support is the reaction low crossing at 6.36 3/4.

December Kansas City Wheat closed up 12-cents at 7.17.

December Kansas City wheat closed higher on Wednesday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that a low might be in or is near. If December extends this month’s rally, August’s high crossing at 7.25 is the next upside target. Closes below the 20-day moving average crossing at 6.97 3/4 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 7.18 1/4. Second resistance is August’s high crossing at 7.25. First support is the 20-day moving average crossing at 6.97 3/4. Second support is this month’s low crossing at 6.88 1/2.

December Minneapolis wheat was fractionally higher overnight as it extends Wednesday’s rally. The mid-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally, the reaction high crossing at 7.40 is the next upside target. Closes below the 10-day moving average crossing at 7.05 1/2 would temper the near-term friendly outlook. First resistance is Wednesday’s high crossing at 7.24 1/2. Second resistance is the reaction high crossing at 7.40. First support is the 10-day moving average crossing at 7.05 1/2. Second support is Monday’s low crossing at 6.97 1/4.

SOYBEAN COMPLEX

soybeans were lower overnight after a two-day short covering bounce and remain poised to extend 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 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 13.49 3/4 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13.33. Second resistance is the 20-day moving average crossing at 13.49 3/4. First support is Tuesday’s low crossing at 13.05 1/4. Second support is the 50% retracement level of the August-September rally crossing at 12.85.

December soybean meal was lower overnight after a two-day bounce. The mid-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 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 425.40 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 425.40. Second resistance is this month’s high crossing at 451.20. First support is Tuesday’s low crossing at 408.10. Second support is the 38% retracement level of the April-September rally crossing at 404.90.

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 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 below August’s low would renew this year’s decline while opening the door for a possible test of monthly support crossing at 41.00 later this fall. Closes above the 20-day moving average crossing at 42.98 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 42.98. Second resistance is the August’s high crossing at 45.32. First support is the overnight low crossing at 41.88. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15273.26 -61.33 -0.40%
NASDAQ COMPOSITE INDEX (COMBINED) 3761.53 -6.72 -0.18%
S&P 500 CASH 1692.77 -4.65 -0.27%
SPDR S&P 500 169.04 -0.49 -0.29%
QQQQ VOLATILITY INDEX 12.70 +0.09 +0.71%
iShares RUSSELL 2000 INDEX 106.475 -0.195 -0.18%

U.S. STOCK INDEXES

December NASDAQ 100 was higher overnight as it consolidates some of the decline off last Friday’s high. However, 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 3164.33 would confirm that a short-term top has been posted. If December renews this year’s rally, weekly resistance crossing at 3329.82 is the next upside target. First resistance is last Friday’s high crossing at 3241.50. Second resistance is weekly resistance crossing at 3329.82. First support is the 10-day moving average crossing at 3202.00. Second support is the 20-day moving average crossing at 3164.33.

The December S&P 500 was slightly higher due to light short covering overnight as it consolidates some of the decline off last Thursday’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 1674.65 are needed to confirm that a short-term top has been posted. If December renews this month’s rally 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 at this time. First support is Wednesday’s low crossing at 1685.00. Second support is the 20-day moving average crossing at 1674.65.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 133.34375 -0.25000 -0.19%
iShares FLOATING RATE NOTE 50.66 -0.03 -0.06%
5 YEAR T-NOTES Dec 2013 120.835938 -0.046875 -0.04%
ULTRA T-BONDS Dec 2013 142.43750 -0.50000 -0.35%
POWERSHARES SENIOR LOAN PORTF 24.760 -0.030 -0.12%

INTEREST RATES

T-bonds were lower overnight as it consolidates recent gains but remains above the 25% retracement level of the May-September decline crossing at 133-09. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the reaction high crossing at 134-14 is the next upside target. Closes below the 20-day moving average crossing at 130-25 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 reaction high crossing at 134-14. First support is the 20-day moving average crossing at 130-25. Second support is this month’s low crossing at 128-12.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Nov 2013 164.05 -0.70 -0.43%
LEAN HOGS Dec 2013 88.275 -0.325 -0.37%
LIVE CATTLE Dec 2013 131.275 0.000 0.00%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.8698 +0.1398 +0.50%

LIVESTOCK

hogs closed up $1.20 at $93.70.

October hog gapped up and closed higher on Wednesday as it extended the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 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 90.18 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 93.75. Second resistance is weekly resistance crossing at 95.30. First support is today’s gap crossing at 93.12. Second support is the 10-day moving average crossing at 91.33.

October cattle closed up $0.22 at 127.55.

October cattle closed higher on Wednesday as it extends the rally off last week’s low. The mid-range close sets the stage for a steady to higher opening when Thursday’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 128.35 is the next upside target. Closes below the 10-day moving average crossing at 125.94 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 127.90. Second resistance is the reaction high crossing at 128.35. First support is the 10-day moving average crossing at 125.94. Second support is gap support crossing at 125.40.

October feeder cattle closed down $0.85 at $162.92.

October Feeder cattle closed lower on Wednesday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Thursday’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 May’s low, January’s high crossing at 164.75 is the next upside target. Closes below the 20-day moving average crossing at 159.28 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 163.85. 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 159.28.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1337.6 +1.4 +0.11%
SPDR GOLD SHARES 128.77 +1.11 +0.86%
SILVER Dec 2013 22.020 +0.134 +0.62%
PALLADIUM Dec 2013 726.0 +0.3 +0.04%
DIREXION DAILY GOLD MINERS BEA 32.26 -1.68 -5.19%
POWERSHARES DB PRECIOUS METALS 43.8900 +0.3500 +0.80%

PRECIOUS METALS

October gold was 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 October renews 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 1353.70 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is the 20-day moving average crossing at 1353.70. Second resistance is August’s high crossing at 1432.90. First support is last Wednesday’s low crossing at 1281.80. Second support is August’s low crossing at 1272.10.

December silver was higher overnight as it consolidates some of the decline off last Thursday’s high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, the 62% retracement level of the June-August rally crossing at 20.875 is the next downside target. Multiple closes above the 20-day moving average crossing at 22.719 would confirm that a short-term low has been posted while opening the door for additional short-term gains. First resistance is the 20-day moving average crossing at 22.719. 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 20.875.

December copper was higher 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. If December extends the decline off last week’s high, this month’s low crossing at 319.05 is the next downside target. If December renews the rally off this month’s low, August’s high crossing at 339.50 is the next upside target. First resistance is last Friday’s high crossing at 335.95. Second resistance is August’s high crossing at 339.50. First support is Tuesday’s low crossing at 323.55. Second support is this month’s low crossing at 319.05.


 

Top Stocks
# symbol name last net % volume score triangles
1. ZNGA ZYNGA 3.79 +0.18 +4.75% 53,560,988 +90    Entry Signal
2. AMAT APPLIED MATERIALS 17.850 +0.405 +2.27% 33,753,146 +90    Entry Signal
3. YHOO YAHOO! 31.315 +0.045 +0.14% 18,790,722 +90    Entry Signal
4. XRX XEROX 10.425 +0.115 +1.10% 11,869,231 +100    Entry Signal
5. DAL DELTA AIR LINES 23.80 +0.04 +0.17% 11,261,617 +100    Entry Signal
6. ODP OFFICE DEPOT 4.71 +0.06 +1.27% 11,164,157 +90    Entry Signal
7. AA ALCOA 8.325 +0.025 +0.30% 10,555,972 +90    Entry Signal
8. PACB PACIFIC BIOSCIENCES 5.971 +2.511 +41.99% 9,442,672 +100    Entry Signal
9. GNW GENWORTH FINANCIAL 12.725 +0.475 +3.73% 9,398,399 +100    Entry Signal
10. WIN WINDSTREAM HOLDINGS 8.57 -0.04 -0.47% 9,011,464 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ED.U14 EURODOLLAR Sep 2014 99.565 +0.005 +0.01% 150,399 +100    Entry Signal
2. GE.Z14.E EURODOLLAR Dec 2014 99.465 -0.005 -0.01% 27,934 +100    Entry Signal
3. GE.M14.E EURODOLLAR Jun 2014 99.630 0.000 0.00% 7,050 +100    Entry Signal
4. SB.V13.E SUGAR #11 WORLD Oct 2013 17.60 -0.02 -0.11% 3,594 +100    Entry Signal
5. ZQ.X14.E 30 DAY FED FUND Nov 2014 99.770 +0.010 +0.01% 2,465 +100    Entry Signal
6. ZQ.F14.E 30 DAY FED FUND Jan 2014 99.895 0.000 0.00% 2,464 +100    Entry Signal
7. ZQ.Q14.E 30 DAY FED FUND Aug 2014 99.830 +0.005 +0.01% 1,978 +100    Entry Signal
8. GF.X13.E FEEDER CATTLE Nov 2013 164.05 -0.70 -0.43% 1,861 +100    Entry Signal
9. ZQ.V14.E 30 DAY FED FUND Oct 2014 99.795 +0.005 +0.01% 1,764 +100    Entry Signal
10. ZQ.Z14.E 30 DAY FED FUND Dec 2014 99.750 +0.010 +0.01% 1,050 +100    Entry Signal

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.


 

Top Stocks
# symbol name last net % volume score triangles
1. AMAT APPLIED MATERIALS 17.400 +1.409 +8.08% 76,367,770 +100    Entry Signal
2. ZNGA ZYNGA 3.625 +0.100 +2.77% 32,711,553 +90    Entry Signal
3. SIRI SIRIUS XM RADIO 3.845 -0.014 -0.37% 21,531,443 +90    Entry Signal
4. YHOO YAHOO! 31.44 +1.18 +3.77% 20,206,123 +90    Entry Signal
5. ODP OFFICE DEPOT 4.6141 +0.1841 +3.96% 17,465,185 +90    Entry Signal
6. GM GENERAL MOTORS 37.66 +0.53 +1.42% 14,070,526 +90    Entry Signal
7. MCP MOLYCORP 7.3468 +0.1568 +2.15% 13,951,498 +90    Entry Signal
8. AA ALCOA 8.33 +0.05 +0.60% 11,560,670 +90    Entry Signal
9. DAL DELTA AIR LINES 23.84 +0.52 +2.19% 9,244,252 +90    Entry Signal
10. SD SANDRIDGE ENERGY 5.85 +0.15 +2.56% 8,698,029 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. BP.Z13 BRITISH POUND Dec 2013 1.5997 -0.0041 -0.26% 82,201 +100    Entry Signal
2. GE.Z14.E EURODOLLAR Dec 2014 99.450 -0.010 -0.01% 24,752 +100    Entry Signal
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 Tuesday 24/09/2013

Morning Markets Report
Prepared on Tuesday, September 24, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has advanced 5 points to 15331. The US Dollar Index advanced 0.080 points to 80.533. Gold is trending lower 12.08 dollars to 1313.70. Silver is trending lower 0.3364 dollars to 21.4530. The Dow Industrials retreated 49.71 points, at 15401.38, while the S&P 500 moved down 8.07 points, last seen at 1701.84. The Nasdaq Composite slipped 8.39 points to 3766.34. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
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Monday Sep 23rd

Gold Chart of The Week
Monday Sep 23rd

3 Big Surprises I Experienced At My Local Apple Store This Weekend
Monday Sep 23rd

Key Events for Tuesday

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

Chain Store Sales Index – WoW (previous -1.6%)

Chain Store Sales Index – YoY (previous +3.2%)

8:30 AM ET. 2nd Quarter U.S. International Investment Position

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.3%)

12MonChgPct (previous +4%)

52WkChgPct (previous +3.4%)

9:00 AM ET. July S&P / Case-Shiller Home Price Index

10-city Index, M/M (previous +2.2%)

10-city Index, Y/Y (previous +11.9%)

20-city Index, M/M (previous +2.2%)

20-city Index, Y/Y (expected +12.4%; previous +12.1%)

National Q/Q

National Y/Y

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

House Price Index

House Price Index (MoM)

House Price Index (YoY)

10:00 AM ET. Sept Consumer Confidence Index

Consumer Confidence Index (expected 79.9; previous 81.5)

Expectation Index (previous 88.7)

Present Situation Index (previous 70.7)

10:00 AM ET. Sept Richmond Fed Business Activity Survey

Manufacturing Index (previous 14)

Retail Revenues Index (previous -15)

Services Revenue Index (previous 14)

Shipments Index (previous 17)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -0.89M)

Gasoline Stocks (Net Change) (previous -0.64M)

Distillate Stocks (Net Change) (previous -0.17M)

Refinery Runs (previous 93.4%)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 80.533 +0.080 +0.10%
POWERSHARES DB US DOLLAR INDEX 21.710 +0.019 +0.09%
US Dollar/Canadian Dollar 1.02983 +0.00122 +0.12%
Euro/US Dollar 1.34803 -0.00117 -0.09%
JAPANESE YEN Dec 2013 0.010126 +0.000003 +0.03%
SWISS FRANC Dec 2013 1.0975 -0.0011 -0.10%

CURRENCIES

December Dollar closed higher due to short covering on Monday as it consolidated some of this month’s decline. 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 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 81.71 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.17. Second resistance is the 20-day moving average crossing at 81.71. 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 due to profit taking on Monday as it consolidated some of this month’s rally. 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 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 133.25 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 133.96. Second support is the 20-day moving average crossing at 133.25.

The December British Pound closed higher on Monday and 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 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 1.5740 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 1.5916. Second resistance is the 20-day moving average crossing at 1.5740.

The December Swiss Franc closed slightly lower on Monday as it consolidated some of this month’s rally. 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 overbought but remain 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 .10800 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .11015. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10851. Second support is the 20-day moving average crossing at .10800.

The December Canadian Dollar closed higher on Monday ending a two-day correction off last Thursday’s high. 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 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 96.01 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 96.88. Second support is the 20-day moving average crossing at 96.01.

The December Japanese Yen closed higher on Monday as it consolidates some of the decline off last Thursday’s high. 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 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 .10078 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 103.43 -0.16 -0.15%
NEW YORK HARBOR ULSD Nov 2013 2.9450 -0.0116 -0.39%
NATURAL GAS Nov 2013 3.693 +0.016 +0.44%
RBOB GASOLINE Nov 2013 2.6118 -0.0032 -0.12%
POWERSHARES DYNAMIC ENERGY 49.83 -0.40 -0.80%
UNITED STATES GASOLINE 56.138 -0.902 -1.61%

ENERGIES

October crude oil closed lower on Monday extending this month’s decline. October decline as the United Nations Security Council worked toward a resolution based on the Geneva accord between the U.S. and Russia. The Syria premium has basically been taken out of the market. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins. Stochastics and the RSI are neutral to 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 102.43 is the next downside target. Multiple closes above the 20-day moving average crossing at 105.56 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. 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 closed sharply lower on Monday as it extends the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Tuesday’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 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 309.63 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 304.34. Second resistance is the 20-day moving average crossing at 306.63. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed lower on Monday as it extended the decline off August’s high. 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 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 279.27 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 271.04. Second resistance is the 20-day moving average crossing at 279.27. First support is today’s low crossing at 261.60. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed lower on Monday and below the 20-day moving average crossing at 3.631 confirming that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets 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 3.517 is the next downside target. 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 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the reaction low crossing at 3.517. Second support is the reaction low crossing at 3.418.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2600 -10 -0.38%
COFFEE Dec 2013 117.80 +0.75 +0.64%
ORANGE JUICE-A Nov 2013 126.30 +0.75 +0.59%
IPATH DJ-UBS SUGAR TRUST 60.0256 +0.1756 +0.29%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.69%

FOOD & FIBER

December coffee closed higher due to short covering on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish 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 on Monday. The mid-range close sets the stage for a steady opening on Tuesday. 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 25.50 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 Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging but are 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 16.81 would confirm that a short-term top has been posted.

October cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are 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 84.79 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 453.50 +0.25 +0.06%
OATS Dec 2013 311.00 +1.50 +0.49%
WHEAT Dec 2013 654.25 +0.75 +0.11%
TEUCRIUM CORN 34.308 +0.038 +0.11%
IPATH DJ-UBS GRAINS TRUST 46.14 +0.13 +0.28%
ELEMENTS MLCX GRAINS INDEX TRUST 6.19 -0.10 -1.61%
SOYBEANS Nov 2013 1321.50 +13.75 +1.05%
SOYBEAN (MINI) Nov 2013 1322.00 +14.25 +1.09%
SOYBEAN MEAL Dec 2013 415.1 +5.9 +1.44%
TEUCRIUM SOYBEAN 24.1124 -0.2176 -0.92%

GRAINS

Corn closed up 2 1/4-cents at 4.53 1/4.

December corn closed higher due to short covering on Monday as it consolidated some of the decline off August’s high. Today’s rebound was supported by another week of strong export data. However, upside potential was limited as traders begin to position ahead of next Monday’s quarterly stocks report. 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 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 4.68 1/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.68 1/4. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.48 1/4. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 7 1/4-cents at 6.53 1/2.

December wheat closed higher due to short covering on Monday and above the 20-day moving average. 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 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 5-cents at 7.97 3/4.

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 are bullish signaling that a low might be in or is near. Closes above the reaction high crossing at 7.03 would open 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 the reaction high crossing at 7.03. 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 down 1-cents at 6.98 3/4.

December Minneapolis wheat closed lower on Monday as it extends this summer’s decline. 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 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 7.14 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.14 3/4. Second resistance is the reaction high crossing at 7.48. First support is today’s low crossing at 6.97 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed down 7 1/2-cents at 13.07 3/4.

November soybeans closed lower on Monday and below the 38% retracement level of the August-September rally crossing at 13.15 as it extended this month’s losses. Harvest is underway, which is easing tight supplies. Early yield reports have been decent but no yield trend has yet been confirmed. However, chances that this year’s soybean crop might be a little bigger than expected will likely keep downward pressure on the market near-term. Today’s 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 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 13.59 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 13.59. Second resistance is August’s high crossing at 14.09 1/2. First support is today’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 down $2.40 at 409.20.

December soybean meal closed lower on Monday as it extended this month’s decline. 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 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 428.00 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 428.00. 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 10 pts. at 42.24.

December soybeans closed lower on Monday. A short covering rally tempered early session losses and 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 43.38 are needed to confirm that a short-term low has been posted. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. First resistance is the 20-day moving average crossing at 43.38. Second resistance is the reaction high crossing at 44.46. First support is today’s low crossing at 41.96. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15401.38 -49.71 -0.32%
NASDAQ COMPOSITE INDEX (COMBINED) 3766.34 -8.39 -0.22%
S&P 500 CASH 1701.84 -8.07 -0.47%
SPDR S&P 500 169.94 -0.78 -0.46%
QQQQ VOLATILITY INDEX 12.83 +0.62 +4.83%
iShares RUSSELL 2000 INDEX 106.67 +0.08 +0.08%

U.S. STOCK INDEXES

December NASDAQ 100 closed lower due to profit taking on Monday as it consolidated some of this year’s rally. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3144.72 are needed to confirm that a short-term top has been posted. 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 lower for the third day in a row on Monday. The December Standard & Poor’s 500 Index posted its largest setback in a month as financial shares slumped while investors watched speeches from Federal Reserve officials for clues on monetary policies. 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 a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1666.23 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 the 10-day moving average crossing at 1694.10. Second support is the 20-day moving average crossing at 1666.23.

The Dow closed lower on Monday and below the 10-day moving average crossing at 15,438 signaling that a short-term top might be in or is near. Investors have shifted their focus on the Fed’s policies as a risk is rising from a possible government shutdown in the near future. President Obama and Republican congressional leaders are hardening positions on the federal budget and borrowing limit and recent political setbacks suffered by both are raising the odds of a government shutdown. A debt default or near miss could trigger a significant setback in the equity markets, which was alluded to by forty percent of global investors surveyed in a Sept. 10 Bloomberg poll. They indicated that they would pull back on U.S. markets in the event of a government shutdown, which many economists say would be less damaging than a debt default. Today’s mid-range close sets the stage for a steady to lower opening on Tuesday. 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 15,163 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 15,368. Second support is the 20-day moving average crossing at 15,163.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 132.28125 +0.37500 +0.28%
iShares FLOATING RATE NOTE 50.66 0.00 0.00%
5 YEAR T-NOTES Dec 2013 120.578125 +0.101563 +0.08%
ULTRA T-BONDS Dec 2013 141.28125 +0.59375 +0.42%
POWERSHARES SENIOR LOAN PORTF 24.81 -0.01 -0.04%

INTEREST RATES

T-bonds closed up 15/32 at 132-05.

December T-bonds closed higher on Monday and are poised to renew 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 10-day moving average crossing at 130-15 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 this month’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Nov 2013 162.800 +0.425 +0.26%
LEAN HOGS Dec 2013 86.850 +0.425 +0.49%
LIVE CATTLE Dec 2013 130.750 +0.250 +0.19%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.48 +0.13 +0.47%

LIVESTOCK

hogs closed up $0.12 at $90.17.

October hog closed higher due to short covering on Monday. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. 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 89.50 are needed to confirm that a short-term top has been posted. If October renews the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. First resistance is last Monday’s high crossing at 92.20. Second resistance is weekly resistance crossing at 95.30. First support is last Friday’s low crossing at 89.70. Second support is the 20-day moving average crossing at 89.50.

October cattle closed up $0.65 at 126.60.

October cattle gapped up and closed higher on Monday following last Friday’s friendly cattle-on-feed report. 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 bullish signaling that sideways to higher prices are possible near-term. If October extends today’s rally, the reaction high crossing at 127.75 is the next upside target. Closes below the 10-day moving average crossing at 125.46 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 126.90. Second resistance is the reaction high crossing at 127.75. First support is the 20-day moving average crossing at 125.88. Second support is the 10-day moving average crossing at 125.46.

October feeder cattle closed up $1.87 at $162.10.

October Feeder cattle closed sharply higher on Monday following last Friday’s friendly cattle-on-feed report. Friday’s report further deepens the potential hole in December-March fed cattle marketings. These holes in marketings fuel predictions of higher prices. 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 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 158.59 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 162.22. Second resistance is January’s high crossing at 164.75. First support is today’s gap crossing at 160.65. Second support is the 20-day moving average crossing at 158.59.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1313.9 -13.1 -0.99%
SPDR GOLD SHARES 127.505 -0.455 -0.36%
SILVER Dec 2013 21.500 -0.357 -1.65%
PALLADIUM Dec 2013 715.85 -2.10 -0.29%
DIREXION DAILY GOLD MINERS BEA 34.000 +2.140 +6.36%
POWERSHARES DB PRECIOUS METALS 43.7023 -0.1777 -0.41%

PRECIOUS METALS

October gold closed lower on Monday as the U.S. economy continues to improve. The Federal Reserve’s surprise decision to hold stimulus for now will help prices only in the short term. However, gold could drop below $1,250 an ounce before the end of the year as economic data strengthens and investors expect the Fed to start reducing its asset purchases. Today’s 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. Closes above the 20-day moving average crossing at 1365.80 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 1365.80. 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 Monday as it extended last Friday’s decline. A short covering rally tempered early session losses and the high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 23.095 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 23.095. 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 due to profit taking on Monday as it consolidated some of last week’s rally. 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 renews last week’s rally, August’s high crossing at 339.50 is the next upside target. Closes below the 10-day moving average crossing at 326.23 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 326.23. Second support is this month’s low crossing at 319.05.


 

Top Stocks
# symbol name last net % volume score triangles
1. SIRI SIRIUS XM RADIO 3.8501 -0.0849 -2.20% 35,510,075 +90    Entry Signal
2. ZNGA ZYNGA 3.5201 +0.0351 +1.00% 23,117,678 +100    Entry Signal
3. HIMX HIMAX TECHNOLOGIES 10.49 -0.27 -2.58% 21,106,714 +100    Entry Signal
4. RFMD RF MICRO DEVICES 5.79 +0.30 +5.18% 13,778,161 +100    Entry Signal
5. YHOO YAHOO! 30.275 -0.650 -2.15% 12,814,825 +90    Entry Signal
6. AA ALCOA 8.29 0.00 0.00% 12,334,285 +90    Entry Signal
7. VALE VALE 16.435 +0.255 +1.55% 11,861,093 +90    Entry Signal
8. ODP OFFICE DEPOT 4.43 +0.16 +3.61% 11,156,764 +100    Entry Signal
9. AMAT APPLIED MATERIALS 16.00 +0.07 +0.44% 9,677,958 +90    Entry Signal
10. DAL DELTA AIR LINES 23.305 +0.005 +0.02% 9,329,638 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. BP.Z13 BRITISH POUND Dec 2013 1.6038 +0.0028 +0.17% 72,309 +100    Entry Signal
2. FC.V13 FEEDER CATTLE Oct 2013 162.100 +1.875 +1.16% 3,049 +100    Entry Signal
3. FC.X13 FEEDER CATTLE Nov 2013 162.375 +1.625 +1.00% 2,008 +100    Entry Signal
4. ZQ.F14.E 30 DAY FED FUND Jan 2014 99.890 -0.005 -0.01% 532 +100    Entry Signal
5. ZQ.N14.E 30 DAY FED FUND Jul 2014 99.84 0.00 0.00% 17 +100    Entry Signal
6. FC.F14 FEEDER CATTLE Jan 2014 161.725 +1.325 +0.82% 918 +100    Entry Signal
7. ZQ.V14.E 30 DAY FED FUND Oct 2014 99.785 0.000 0.00% 93 +100    Entry Signal
8. ZQ.U14.E 30 DAY FED FUND Sep 2014 99.805 0.000 0.00% 164 +100    Entry Signal
9. LB.X13 LUMBER (RANDOM LENGTH) Nov 2013 355.5 +1.3 +0.37% 456 +100    Entry Signal
10. FC.H14 FEEDER CATTLE Mar 2014 160.95 +0.70 +0.43% 413 +100    Entry Signal

Key Market Reports and Commentary for Monday 23/09/2013

Morning Markets Report
Prepared on Monday, September 23, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is trending lower 9 points to 15394. The US Dollar Index edged higher by 0.007 points to 80.401. Gold is higher 3.75 dollars to 1323.25. Silver has gained 0.2351 dollars to 21.6849. The Dow Industrials declined 185.46 points, at 15451.09, while the S&P 500 fell 12.43 points, last seen at 1709.91. The Nasdaq Composite dropped 14.16 points to 3775.22. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Is The Market A Little Ahead of Itself?
Saturday Sep 21st

Weekly Futures Recap w/Mike Seery
Friday Sep 20th

Apple Unleashes The New iPhones Today
Friday Sep 20th

Key Events for Monday

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

National Activity Index (previous -0.15)

3 Month Moving Average (previous -0.15)

9:00 AM ET. Sept US Flash Manufacturing PMI


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 80.401 +0.007 +0.01%
POWERSHARES DB US DOLLAR INDEX 21.690 +0.015 +0.07%
US Dollar/Canadian Dollar 1.03003 +0.00098 +0.10%
Euro/US Dollar 1.35120 -0.00123 -0.09%
JAPANESE YEN Dec 2013 0.010115 +0.000045 +0.45%
SWISS FRANC Dec 2013 1.0970 -0.0023 -0.21%

CURRENCIES

December Dollar closed higher due to short covering on Friday as it consolidated some of this week’s decline. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends 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 81.77 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.77. Second resistance is this month’s high crossing at 83.15. First support is Thursday’s low crossing at 80.15. Second support is February’s low crossing at 79.66.

The December Euro closed lower due to profit taking on Friday as it consolidated some of this month’s rally. The mid-range close sets the stage for a steady to higher 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 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 133.19 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 135.73. Second resistance is February’s high crossing at 137.17. First support is the 20-day moving average crossing at 133.19. Second support is this month’s low crossing at 131.10.

The December British Pound closed lower on Friday as it consolidates some of this summer’s rally. The mid-range close sets the stage for a steady 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 December extends the aforementioned rally, the December 2012 high crossing at 1.6264 is the next upside target. Closes below the 20-day moving average crossing at 1.5716 would confirm that a short-term top has been posted. First resistance is 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 1.5881. Second resistance is the 20-day moving average crossing at 1.5716.

The December Swiss Franc closed lower on Friday as it consolidated some of this month’s rally. The mid-range close sets the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI remain 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 .10793 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .11009. Second resistance is January’s high crossing at .11062. First support is the 20-day moving average crossing at .10793. Second support is this month’s low crossing at .10584.

The December Canadian Dollar closed lower on Friday following yesterday’s downside reversal as it consolidated some of the rally off August’s low. 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 December renews the rally off August’s low, June’s high crossing at 98.22 is the next upside target. Closes below the 20-day moving average crossing at 95.90 would confirm that a short-term top has been posted. First resistance is 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 96.79. Second support is the 20-day moving average crossing at 95.90.

The December Japanese Yen closed unchanged on Friday as it consolidates some of Thursday’s decline. 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 bullish signaling that sideways to higher prices are possible near-term. If September renews Wednesday’s rally, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10070 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at .10223. 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 104.85 +0.10 +0.10%
NEW YORK HARBOR ULSD Nov 2013 3.0103 +0.0050 +0.17%
NATURAL GAS Nov 2013 3.739 -0.024 -0.64%
RBOB GASOLINE Nov 2013 2.6712 +0.0038 +0.14%
POWERSHARES DYNAMIC ENERGY 50.23 -0.51 -1.02%
UNITED STATES GASOLINE 57.1013 -0.2187 -0.38%

ENERGIES

October crude oil closed lower on Friday extending this week’s decline. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins. Stochastics and the RSI are neutral to 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 102.43 is the next downside target. Multiple closes above the 20-day moving average crossing at 107.74 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. 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 closed slightly higher on Friday as it consolidates above the 50% retracement level of the April-August rally crossing at 299.66. The low-range close sets the stage for a steady to lower opening when Monday’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 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 310.36 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 310.36. Second resistance is the reaction high crossing at 317.56. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed lower on Friday and 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 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 280.53 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 272.88. Second resistance is the 20-day moving average crossing at 280.53. First support is Tuesday’s low crossing at 264.43. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed lower on Friday. The mid-range close sets the stage for a steady to lower opening on Monday. 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 3.627 would confirm that a short-term top has been posted while opening the door for additional weakness 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. First resistance is the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the 20-day moving average crossing at 3.627. Second support is the reaction low crossing at 3.483.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2613 +5 +0.19%
COFFEE Dec 2013 115.30 +0.65 +0.57%
ORANGE JUICE-A Nov 2013 125.55 +0.25 +0.20%
IPATH DJ-UBS SUGAR TRUST 60.35 +1.00 +1.67%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.69%

FOOD & FIBER

December coffee closed lower on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are bearish 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 on Friday. The mid-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 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 25.42 would confirm that a short-term top has been posted.

October sugar closed unchanged on Friday. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are diverging but have turned 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 16.77 would confirm that a short-term top has been posted.

October cotton closed sharply lower on Friday. The low-range close sets the stage for a steady to lower opening on Monday. Stochastics and the RSI are neutral to 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 84.86 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 449.00 -2.00 -0.44%
OATS Dec 2013 308.75 -3.25 -1.05%
WHEAT Dec 2013 648.00 +1.75 +0.27%
TEUCRIUM CORN 34.27 -0.64 -1.87%
IPATH DJ-UBS GRAINS TRUST 46.70 -0.20 -0.43%
ELEMENTS MLCX GRAINS INDEX TRUST 6.19 -0.10 -1.62%
SOYBEANS Nov 2013 1315.75 +0.50 +0.04%
SOYBEAN (MINI) Nov 2013 1316.125 +0.875 +0.07%
SOYBEAN MEAL Dec 2013 413.0 +1.4 +0.34%
TEUCRIUM SOYBEAN 24.1124 -0.2176 -0.92%

GRAINS

Corn closed down 8 1/2-cents at 4.51.

December corn closed lower on Friday extending the decline off August’s high. 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 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 4.69 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.69. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.50 1/2. Second support is August’s low crossing at 4.45 3/4.

December wheat closed down 10 3/4-cents at 6.46 1/4.

December wheat closed lower on Friday consolidating some of this week’s rally. 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 bullish signaling that sideways to higher prices are possible near-term. If December extends Thursday’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 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 down 9 1/4-cents at 7.92 3/4.

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 are bullish signaling that a low might be in or is near. Closes above last Thursday’s high crossing at 7.03 would open 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 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 closed down 8 3/4-cents at 6.99 3/4.

December Minneapolis wheat closed lower on Friday and 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 oversold but remain neutral to bearish signaling that additional weakness is possible. 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 7.16 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.16. Second resistance is the reaction high crossing at 7.48. First support is Wednesday’s low crossing at 6.98 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed down 24 1/4-cents at 13.15 1/4.

November soybeans closed sharply lower on Friday and spiked support marked by the 38% retracement level of the August-September rally crossing at 13.15 as it extended this week’s losses. 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 becoming oversold but remain bearish signaling that sideways to lower prices are possible near-term. If November extends this week’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 13.60 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 13.60. Second resistance is August’s high crossing at 14.09 1/2. First support is the 38% retracement level of the August-September rally crossing at 13.15. Second support is the 50% retracement level of the August-September rally crossing at 12.85.

December soybean meal closed down $8.80 at 411.60.

December soybean meal closed lower on Friday as it extended this month’s decline. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Today’s close below the August 26th gap crossing at 420.30 confirms that a short-term top has been posted. If December extends this week’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 428.60 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 428.60. Second resistance is last Friday’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 62 pts. at 42.34.

December soybeans closed lower on Friday and 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 turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 43.42 are needed to confirm that a short-term low has been posted. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. First resistance is the 20-day moving average crossing at 43.42. Second resistance is the reaction high crossing at 44.46. First support is Wednesday’s low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15451.09 -185.46 -1.20%
NASDAQ COMPOSITE INDEX (COMBINED) 3775.22 -14.16 -0.38%
S&P 500 CASH 1709.91 -12.43 -0.73%
SPDR S&P 500 170.70 -1.22 -0.71%
QQQQ VOLATILITY INDEX 12.26 -0.04 -0.33%
iShares RUSSELL 2000 INDEX 106.575 -0.405 -0.38%

U.S. STOCK INDEXES

December NASDAQ 100 closed lower due to profit taking on Friday as it consolidated some of this year’s high. 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, diverging but are bullish signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3140.25 are needed to confirm that a short-term top has been posted. First resistance is today’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 3186.92. Second support is the 20-day moving average crossing at 3140.25.

The December S&P 500 closed lower due to profit taking on Friday as it consolidated some of this month’s rally. 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 December extends the rally off August’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1664.40 would confirm that a short-term top has been posted. First resistance is Thursday’s high crossing at 1726.50. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10-day moving average crossing at 1691.20. Second support is the 20-day moving average crossing at 1664.40.

The Dow closed lower due to profit taking on Friday as it consolidated some of this month’s rally. The low-range close sets 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 the Dow extends the rally off August’s low, upside targets will now be hard to project. Closes below the 20-day moving average crossing at 15,147 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 15,709. Second resistance is unknown. First support is the 10-day moving average crossing at 15,411. Second support is the 20-day moving average crossing at 15,147.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 131.59375 -0.09375 -0.07%
iShares FLOATING RATE NOTE 50.68 -0.01 -0.02%
5 YEAR T-NOTES Dec 2013 120.335938 -0.070313 -0.06%
ULTRA T-BONDS Dec 2013 140.15625 -0.12500 -0.09%
POWERSHARES SENIOR LOAN PORTF 24.810 +0.030 +0.12%

INTEREST RATES

T-bonds closed up 13/32 at 131-20.

December T-bonds closed higher on Friday. 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 10-day moving average crossing at 130-07 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 this month’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Nov 2013 160.750 +0.725 +0.45%
LEAN HOGS Dec 2013 86.075 -1.225 -1.42%
LIVE CATTLE Dec 2013 129.750 +0.025 +0.02%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.32 -0.16 -0.59%

LIVESTOCK

hogs closed down $1.10 at $90.05.

October hog gapped down and 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 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 89.25 are needed to confirm that a short-term top has been posted. If October extends the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. First resistance is Monday’s high crossing at 92.20. Second resistance is weekly resistance crossing at 95.30. First support is today’s low crossing at 89.70. Second support is the 20-day moving average crossing at 89.25.

October cattle closed up $0.25 at 125.95.

October cattle closed higher on Friday and above the 20-day moving average crossing at 125.88 confirming that a low has been posted. The mid-range close sets the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI are 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 125.33 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 126.15. Second resistance is the reaction high crossing at 127.75. First support is the 10-day moving average crossing at 125.33. Second support is Tuesday’s low crossing at 124.30.

October feeder cattle closed up $0.85 at $160.22.

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 diverging but are turning neutral to bullish signaling that sideways to lower prices are possible near-term. 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 today’s high crossing at 160.65. 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 1323.1 -9.4 -0.71%
SPDR GOLD SHARES 128.0501 -3.6999 -2.89%
SILVER Dec 2013 21.755 -0.172 -0.79%
PALLADIUM Dec 2013 719.30 -2.65 -0.37%
DIREXION DAILY GOLD MINERS BEA 31.46 +4.63 +14.53%
POWERSHARES DB PRECIOUS METALS 43.7891 -1.4409 -3.28%

PRECIOUS METALS

October gold closed lower on Friday and the low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1369.00 are needed to confirm that a short-term low has been posted. If October renews this month’s decline, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1369.00. Second resistance is August’s high crossing at 1432.90. First support is Wednesday’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed lower on Friday and the low-range close set the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are oversold and are turning bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 23.192 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 23.195. Second resistance is August’s high crossing at 25.160. First support is Wednesday’s low crossing at 21.225. Second support is the reaction low crossing at 19.145.

December copper closed lower due to profit taking on Friday as it consolidated some of this week’s rally. 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 bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally, August’s high crossing at 339.50 is the next upside target. Closes below the 10-day moving average crossing at 325.87 would confirm that a short-term top has been posted. First resistance is today’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 325.87. Second support is the reaction low crossing at 319.05.


 

Top Stocks
# symbol name last net % volume score triangles
1. BAC BANK of AMERICA CORP 14.450 -0.160 -1.11% 123,660,091 +90    Entry Signal
2. F FORD MOTOR 17.385 -0.275 -1.58% 43,965,881 +90    Entry Signal
3. SIRI SIRIUS XM RADIO 3.935 -0.030 -0.76% 40,865,272 +90    Entry Signal
4. NOK NOKIA 6.585 -0.105 -1.60% 38,149,377 +90    Entry Signal
5. AMD ADVANCED MICRO DEVICES 3.84 -0.11 -2.87% 34,309,735 +90    Entry Signal
6. AA ALCOA 8.30 -0.14 -1.69% 31,554,299 +90    Entry Signal
7. CSCO CISCO SYSTEMS 24.510 -0.105 -0.43% 30,398,937 +90    Entry Signal
8. ZNGA ZYNGA 3.485 +0.014 +0.40% 26,795,232 +100    Entry Signal
9. C CITIGROUP 51.20 -0.75 -1.46% 25,482,435 +90    Entry Signal
10. MU MICRON TECH 17.225 +0.064 +0.37% 24,495,347 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. BP.Z13 BRITISH POUND Dec 2013 1.6010 -0.0014 -0.09% 89,228 +100    Entry Signal
2. 6E.Z13.E EURO FX Dec 2013 1.3517 -0.0007 -0.05% 48,961 +100    Entry Signal
3. 6B.Z13.E BRITISH POUND Dec 2013 1.6048 +0.0038 +0.24% 25,113 +100    Entry Signal
4. GE.H14.E EURODOLLAR Mar 2014 99.685 +0.005 +0.01% 8,435 +100    Entry Signal
5. FC.V13 FEEDER CATTLE Oct 2013 160.225 +0.850 +0.53% 2,660 +100    Entry Signal
6. GF.V13.E FEEDER CATTLE Oct 2013 160.225 +0.850 +0.53% 2,638 +100    Entry Signal
7. ZQ.U14.E 30 DAY FED FUND Sep 2014 99.800 0.000 0.00% 2,099 +100    Entry Signal
8. FC.X13 FEEDER CATTLE Nov 2013 160.750 +0.725 +0.45% 2,069 +100    Entry Signal
9. ZQ.K14.E 30 DAY FED FUND May 2014 99.860 -0.005 -0.01% 2,067 +100    Entry Signal
10. GF.X13.E FEEDER CATTLE Nov 2013 160.750 +0.725 +0.45% 2,002 +100    Entry Signal

Key Market Reports and Commentary for Friday 20/09/2013

Morning Markets Report
Prepared on Friday, September 20, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has gained 4 points to 15577. The US Dollar Index gained 0.002 points to 80.345. Gold has slipped 5.59 dollars to 1357.58. Silver is falling 0.27 dollars to 22.70. The Dow Industrials moved lower 40.39 points, at 15636.55, while the S&P 500 edged lower 3.18 points, last seen at 1722.34. The Nasdaq Composite moved higher by 6.19 points to 3789.83. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Bernanke Blinks And Addiction Goes On
Thursday Sep 19th

Strategic Elements Of Binary Options Trading
Thursday Sep 19th

Sweet Music From Pandora Media
Wednesday Sep 18th

Key Events for Friday

8:30 AM ET. 2nd Quarter Travel & Tourism Satellite Account

10:00 AM ET. Aug Mass Layoffs

10:00 AM ET. Aug Regional & State Employment & Unemployment


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 80.345 +0.002 0.00%
POWERSHARES DB US DOLLAR INDEX 21.67 +0.02 +0.09%
US Dollar/Canadian Dollar 1.02771 +0.00071 +0.07%
Euro/US Dollar 1.35344 +0.00024 +0.02%
JAPANESE YEN Dec 2013 0.010069 -0.000004 -0.04%
SWISS FRANC Dec 2013 1.1000 +0.0011 +0.10%

CURRENCIES

December Dollar closed higher due to short covering on Thursday as it consolidated some of this week’s decline. The high-range close sets the stage for a steady to higher opening when Friday’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 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 81.82 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.82. Second resistance is this month’s high crossing at 83.15. First support is today’s low crossing at 80.15. Second support is February’s low crossing at 79.66.

The December Euro closed higher on Thursday as it extends this month’s rally. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are becoming overbought but remain 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 133.11 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 135.73. Second resistance is February’s high crossing at 137.17. First support is the 20-day moving average crossing at 133.11. Second support is this month’s low crossing at 131.10.

The December British Pound posted an inside day with a lower close on Thursday as it consolidates some of this summer’s rally. The low-range close sets the stage for a steady to lower opening when Friday’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, the December 2012 high crossing at 1.6264 is the next upside target. Closes below the 20-day moving average crossing at 1.5694 would confirm that a short-term top has been posted. First resistance is 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 1.5843. Second resistance is the 20-day moving average crossing at 1.5694.

The December Swiss Franc closed higher on Thursday as it extends this month’s rally. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI remain 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 .10785 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .11009. Second resistance is January’s high crossing at .11062. First support is the 20-day moving average crossing at .10785. Second support is this month’s low crossing at .10584.

The December Canadian Dollar posted a downside reversal on Thursday as it consolidated some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when Friday’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 rally off August’s low, June’s high crossing at 98.22 is the next upside target. Closes below the 20-day moving average crossing at 95.79 would confirm that a short-term top has been posted. First resistance is today’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 96.69. Second support is the 20-day moving average crossing at 95.79.

The December Japanese Yen closed lower on Thursday as it consolidate some of Wednesday’s rally. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends Wednesday’s rally, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10071 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at .10223. 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 105.44 -0.42 -0.40%
NEW YORK HARBOR ULSD Nov 2013 3.0198 +0.0138 +0.46%
NATURAL GAS Nov 2013 3.761 -0.034 -0.90%
RBOB GASOLINE Nov 2013 2.6902 +0.0106 +0.40%
POWERSHARES DYNAMIC ENERGY 51.03 +0.11 +0.22%
UNITED STATES GASOLINE 57.258 -0.942 -1.64%

ENERGIES

October crude oil closed lower on Thursday consolidating some of Wednesday’s rally. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins. Stochastics and the RSI are neutral to 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 102.43 is the next downside target. Multiple closes above the 10-day moving average are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. 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 closed lower on Thursday but remains above the 50% retracement level of the April-August rally crossing at 299.66. The low-range close sets the stage for a steady to lower opening when Friday’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 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 310.69 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 310.69. Second resistance is the reaction high crossing at 317.56. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed lower on Thursday as it consolidated some of Wednesday’s rally. The low-range close sets the stage for a steady to lower opening when Friday’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 281.28 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 274.53. Second resistance is the 20-day moving average crossing at 281.28. First support is Tuesday’s low crossing at 264.43. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed unchanged on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 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 3.621 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the 20-day moving average crossing at 3.621. Second support is the reaction low crossing at 3.483.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2614 -16 -0.61%
COFFEE Dec 2013 115.00 -0.80 -0.69%
ORANGE JUICE-A Nov 2013 125.35 +0.10 +0.08%
IPATH DJ-UBS SUGAR TRUST 60.35 +1.00 +1.66%
IPATH DJ-UBS SOFTS TRUST 46.36 +0.32 +0.69%

FOOD & FIBER

December coffee closed higher due to short covering on Thursday as it consolidated some of this summer’s decline. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI are bearish 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 higher on Thursday. The mid-range close sets the stage for a steady to higher opening on Friday. 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 25.35 would confirm that a short-term top has been posted.

October sugar closed higher due to short covering on Thursday. The high-range close set the stage for a steady to higher opening on Friday. 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 16.72 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 on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off this month’s low, the 38% retracement level of the August-September decline crossing at 86.70 is the next upside target. Closes below the 20-day moving average crossing at 84.29 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 457.75 -1.75 -0.38%
OATS Dec 2013 310 -2 -0.64%
WHEAT Dec 2013 652.75 -4.25 -0.65%
TEUCRIUM CORN 34.796 +0.146 +0.42%
IPATH DJ-UBS GRAINS TRUST 46.70 -0.20 -0.43%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2232 -0.0168 -0.27%
SOYBEANS Nov 2013 1324.5 -15.0 -1.12%
SOYBEAN (MINI) Nov 2013 1324.75 -14.75 -1.10%
SOYBEAN MEAL Dec 2013 416.1 -4.3 -1.02%
TEUCRIUM SOYBEAN 24.1124 -0.2176 -0.90%

GRAINS

Corn closed up 3 1/4-cents at 4.59 1/2.

December corn closed higher due to short covering on Thursday as it consolidated some of the decline off August’s high. The mid-range close sets the stage for a steady opening when Friday’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 4.69 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.69 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is Wednesday’s low crossing at 4.52. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 10 1/2-cents at 6.57.

December wheat closed higher on Thursday breaking out to the topside of the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If December extends today’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 today’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 7 1/2-cents at 7.00.

December Kansas City wheat closed higher on Thursday. The high-range close sets the stage for a steady to higher opening on Friday. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above last Thursday’s high crossing at 7.03 would open 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 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 closed up 8 1/4-cents at 7.08 1/2.

December Minneapolis wheat closed higher due to short covering on Thursday due to short covering. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. 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 7.17 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.17 1/2. Second resistance is the reaction high crossing at 7.48. First support is Wednesday’s low crossing at 6.98 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed down 8 1/4-cents at 13.39 1/2.

November soybeans closed lower on Thursday as it extended this week’s losses. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. 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 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 today’s low crossing at 13.31 1/4.

December soybean meal closed down $5.40 at 420.40.

December soybean meal closed lower on Thursday as it extends the decline off last Friday’s high. The low-range close sets the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI remain 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 last Friday’s high crossing at 451.20. Second resistance is weekly resistance crossing at 460.60. First support is the August 26th gap crossing at 420.30. Second support is the reaction low crossing at 415.60.

December soybean oil closed up 25 pts. at 42.96.

December soybeans closed higher on Thursday 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 Friday’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. Closes above the 20-day moving average crossing at 43.44 would confirm that a short-term low has been posted. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. First resistance is the 20-day moving average crossing at 43.44. Second resistance is the reaction high crossing at 44.46. First support is Wednesday’s low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15636.55 -40.39 -0.26%
NASDAQ COMPOSITE INDEX (COMBINED) 3789.83 +6.19 +0.16%
S&P 500 CASH 1722.34 -3.18 -0.18%
SPDR S&P 500 172.790 -0.261 -0.15%
QQQQ VOLATILITY INDEX 12.23 -0.35 -2.85%
iShares RUSSELL 2000 INDEX 106.95 -0.14 -0.13%

U.S. STOCK INDEXES

December NASDAQ 100 closed higher on Thursday as it extends this year’s high. The mid-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are overbought, diverging but are turning bullish again signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3133.65 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 3237.75. Second resistance is monthly high crossing at 3329.82. First support is the 10-day moving average crossing at 3176.60. Second support is the 20-day moving average crossing at 3133.65.

The December S&P 500 closed lower due to profit taking on Thursday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Friday’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 rally off August’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1661.38 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1726.50. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10-day moving average crossing at 1685.04. Second support is the 20-day moving average crossing at 1661.38.

The Dow posted an inside day with a lower close on Thursday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off August’s low, upside targets will now be hard to project. Closes below the 20-day moving average crossing at 15,119 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 15,709. Second resistance is unknown. First support is the 10-day moving average crossing at 15,352. Second support is the 20-day moving average crossing at 15,119.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 131.34375 +0.12500 +0.10%
iShares FLOATING RATE NOTE 50.69 +0.05 +0.10%
5 YEAR T-NOTES Dec 2013 120.421875 +0.015625 +0.01%
ULTRA T-BONDS Dec 2013 139.56250 +0.31250 +0.22%
POWERSHARES SENIOR LOAN PORTF 24.78 -0.02 -0.08%

INTEREST RATES

T-bonds closed down 22/32 at 131-08.

December T-bonds posted an inside day with a lower close on Thursday as it consolidated some of Wednesday’s rally. 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 10-day moving average crossing at 129-31 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 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 159.125 -0.250 -0.16%
LEAN HOGS Dec 2013 86.85 -0.45 -0.51%
LIVE CATTLE Dec 2013 129.700 -0.025 -0.02%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.47 -0.07 -0.25%

LIVESTOCK

hogs closed down $0.57 at $91.15.

October hog closed lower on Thursday. The mid-range close sets the stage for a steady opening when Friday’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 88.97 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 reaction low crossing at 90.00. Second support is the 20-day moving average crossing at 88.97.

October cattle closed up $0.65 at 125.92.

October cattle closed higher on Thursday 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 Friday’s night session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near-term. Closes above the 20-day moving average crossing at 125.95 would confirm that a low has been posted. If October renews 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 125.95. Second resistance is the reaction high crossing at 127.25. First support is Tuesday’s low crossing at 124.30. Second support is August’s low crossing at 124.12.

October feeder cattle closed up $1.07 at $159.37.

October Feeder cattle closed higher on Thursday. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October renews this month’s decline, August’s low crossing at 155.85 is the next downside target. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside 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 1358.4 -10.9 -0.80%
SPDR GOLD SHARES 131.80 -0.21 -0.16%
SILVER Dec 2013 22.790 -0.502 -2.17%
PALLADIUM Dec 2013 725.75 -12.45 -1.69%
DIREXION DAILY GOLD MINERS BEA 26.854 +2.354 +8.77%
POWERSHARES DB PRECIOUS METALS 45.26 -0.04 -0.09%

PRECIOUS METALS

October gold closed higher on Thursday and the high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1371.10 are needed to confirm that a short-term low has been posted. If October renews this month’s decline, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1371.10. Second resistance is August’s high crossing at 1432.90. First support is Wednesday’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed higher on Thursday as it consolidated some of this month’s decline. The high-range close set the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 23.252 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 23.252. Second resistance is August’s high crossing at 25.160. First support is Wednesday’s low crossing at 21.225. Second support is the reaction low crossing at 19.145.

December copper closed higher on Thursday as it extends yesterday’s rally above the 20-day moving average crossing at 327.43. The high-range close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is today’s high crossing at 335.65. Second resistance is August’s high crossing at 339.50. First support is the reaction 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. BAC BANK of AMERICA CORP 14.615 -0.100 -0.68% 75,510,669 +90    Entry Signal
2. NOK NOKIA 6.68 -0.03 -0.45% 55,141,534 +90    Entry Signal
3. SIRI SIRIUS XM RADIO 3.965 +0.100 +2.52% 47,769,201 +100    Entry Signal
4. ZNGA ZYNGA 3.48 +0.21 +6.05% 44,586,280 +100    Entry Signal
5. GE GENERAL ELECTRIC 24.430 -0.240 -0.98% 44,386,626 +90    Entry Signal
6. MU MICRON TECH 17.1600 -0.1050 -0.61% 41,916,776 +90    Entry Signal
7. DRYS DRYSHIPS 3.605 +0.315 +8.73% 37,414,817 +100    Entry Signal
8. CSCO CISCO SYSTEMS 24.6400 -0.1550 -0.63% 34,389,669 +100    Entry Signal
9. AA ALCOA 8.440 -0.115 -1.36% 29,996,891 +90    Entry Signal
10. F FORD MOTOR 17.660 +0.035 +0.20% 29,598,625 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. BP.Z13 BRITISH POUND Dec 2013 1.6024 -0.0074 -0.46% 138,043 +100    Entry Signal
2. 6E.Z13.E EURO FX Dec 2013 1.3543 +0.0013 +0.10% 47,208 +100    Entry Signal
3. 6B.Z13.E BRITISH POUND Dec 2013 1.6024 0.0000 0.00% 29,325 +100    Entry Signal
4. 6N.Z13.E NEW ZEALAND $ Dec 2013 0.8349 +0.0030 +0.36% 3,414 +100    Entry Signal
5. MFS.U13.E MSCI EAFE INDEX Sep 2013 1846.7 -10.7 -0.58% 3,158 +100    Entry Signal
6. M6E.Z13.E E-MICRO EUR/USD Dec 2013 1.3544 +0.0014 +0.10% 1,377 +100    Entry Signal
7. LB.X13 LUMBER (RANDOM LENGTH) Nov 2013 354.3 +6.2 +1.76% 955 +100    Entry Signal
8. ZQ.K14.E 30 DAY FED FUND May 2014 99.860 -0.005 -0.01% 92 +100    Entry Signal
9. LBS.X13.E LUMBER (RANDOM LENGTH) Nov 2013 354.3 +6.2 +1.74% 919 +100    Entry Signal
10. E7.Z13.E EURO FX (E-MINI) Dec 2013 1.3541 +0.0011 +0.08% 810 +100    Entry Signal

Key Market Reports and Commentary for Thursday 19/19/2013

Morning Markets Report
Prepared on Thursday, September 19, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 28 points to 15622. The US Dollar Index moved lower 0.128 points to 80.142. Gold is higher 3.66 dollars to 1363.63. Silver is declining 0.1000 dollars to 22.9200. The Dow Industrials climbed 147.21 points, at 15676.94, while the S&P 500 edged higher by 20.76 points, last seen at 1725.52. The Nasdaq Composite rose 37.08 points to 3782.78. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Sweet Music From Pandora Media
Wednesday Sep 18th

Has the economy strengthened enough to withstand the pullback?
Wednesday Sep 18th

Gold: “Taper This”
Wednesday Sep 18th

Key Events for Thursday

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

Corn, In Metric Tons (previous 511K)

Soybeans, In Metric Tons (previous 1097K)

Wheat, In Metric Tons (previous 726.2K)

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

Weekly Jobless Claims (expected 330K; previous 292K)

Weekly Jobless Claims Net Change (previous -31K)

Cont Jobless Claims (prior week) (previous 2871000)

Cont Jobless Claims Net Chg (prior week) (previous -73K)

8:30 AM ET. 2nd Quarter International Transactions

Current Account (expected -97B; previous -106.15B)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Aug Existing Home Sales

Total Sales (expected 5.25M; previous 5.39M)

Percent Change (expected -2.6%; previous +6.5%)

Month’s Supply (previous 5.1)

Median Price (previous 213500)

Median Price – Yrly % Chg (previous +13.7%)

10:00 AM ET. Aug Leading Indicators

Leading Index (expected +0.7%; previous +0.6%)

Coincident Index (previous +0.2%)

Lagging Index (previous -0.2%)

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

DJ-BTMU Business Barometer (previous +0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.7%)

10:00 AM ET. Sept Philadelphia Fed Business Outlook Survey

Business Activity (expected 9; previous 9.3)

Prices Paid (previous 17.3)

Employment (previous 3.5)

New Orders (previous 5.3)

Prices Received (previous 9.9)

Delivery Times (previous -9)

Inventories (previous -11.3)

Shipments (previous -0.9)

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

Total Working Gas in Storage (previous 3253B)

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

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E

Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.142 -0.128 -0.16%
POWERSHARES DB US DOLLAR INDEX 21.6576 -0.2424 -1.12%
US Dollar/Canadian Dollar 1.01859 -0.00357 -0.35%
Euro/US Dollar 1.35530 +0.00221 +0.16%
JAPANESE YEN Dec 2013 0.010117 -0.000096 -0.94%
SWISS FRANC Dec 2013 1.0998 +0.0042 +0.38%

CURRENCIES

December Dollar closed sharply lower on Wednesday and below key support marked by June’s low crossing at 80.95. The low-range close sets the stage for a steady to lower opening when Thursday’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 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 81.89 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.89. Second resistance is this month’s high crossing at 83.15. First support is today’s low crossing at 80.31. Second support is February’s low crossing at 79.66.

The December Euro closed higher on Wednesday and above August’s high thereby renewing the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 aforementioned rally, February’s high crossing at 137.17 is the next upside target. Closes below the 10-day moving average crossing at 132.98 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 135.16. Second resistance is February’s high crossing at 137.17. First support is the 10-day moving average crossing at 132.98. Second support is this month’s low crossing at 131.10.

The December British Pound closed sharply higher on Wednesday as it extends this summer’s rally. The high-range close sets the stage for a steady to higher opening when Thursday’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, the December 2012 high crossing at 1.6264 is the next upside target. Closes below the 20-day moving average crossing at 1.5676 would confirm that a short-term top has been posted. First resistance is today’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 1.5797. Second resistance is the 20-day moving average crossing at 1.5677.

The December Swiss Franc closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’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, January’s high crossing at .11062 is the next upside target. Closes below the 10-day moving average crossing at .10753 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10986. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10753. Second support is this month’s low crossing at .10584.

The December Canadian Dollar closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 rally off August’s low, June’s high crossing at 98.22 is the next upside target. Closes below the 20-day moving average crossing at 95.69 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 97.81. Second resistance is June’s high crossing at 98.22. First support is the 10-day moving average crossing at 96.46. Second support is the 20-day moving average crossing at 95.69.

The December Japanese Yen closed higher on Wednesday and above the 20-day moving average crossing at .10114 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10060 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10223. 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 107.87 +0.59 +0.55%
NEW YORK HARBOR ULSD Oct 2013 3.0575 +0.0170 +0.56%
NATURAL GAS Nov 2013 3.808 +0.021 +0.55%
RBOB GASOLINE Nov 2013 2.7392 +0.0124 +0.46%
POWERSHARES DYNAMIC ENERGY 50.940 +0.570 +1.12%
UNITED STATES GASOLINE 57.9000 +1.4000 +2.41%

ENERGIES

October crude oil closed higher on Wednesday and above the 10-day moving average crossing at 108.05 tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins. Stochastics and the RSI are neutral to 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 102.43 is the next downside target. Multiple closes above the 10-day moving average are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. 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 closed higher due to short covering on Wednesday as it rebounds off the 50% retracement level of the April-August rally crossing at 299.66. The high-range close sets the stage for a steady to higher opening when Thursday’s trading begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are 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 311.06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 311.06. Second resistance is the reaction high crossing at 317.56. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed higher due to short covering on Wednesday 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 Thursday’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 281.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 275.94. Second resistance is the 20-day moving average crossing at 281.90. First support is Tuesday’s low crossing at 264.43. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed lower due to profit taking on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but 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 the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. 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 2620 -3 -0.11%
COFFEE Dec 2013 116.3 +1.4 +1.22%
ORANGE JUICE-A Nov 2013 126.70 -0.05 -0.04%
IPATH DJ-UBS SUGAR TRUST 59.440 +0.680 +1.15%
IPATH DJ-UBS SOFTS TRUST 46.2000 -0.4599 -1.00%

FOOD & FIBER

December coffee closed lower on Tuesday as it extends this summer’s decline. The mid-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish 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 higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. 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 25.26 would confirm that a short-term top has been posted.

October sugar closed higher due to short covering on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. 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 16.68 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 higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. 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 20-day moving average crossing at 84.22 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 461.75 +5.50 +1.20%
OATS Dec 2013 303.75 -3.00 -0.99%
WHEAT Dec 2013 658.00 +11.50 +1.78%
TEUCRIUM CORN 34.6500 +0.1800 +0.52%
IPATH DJ-UBS GRAINS TRUST 46.650 +0.270 +0.58%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2232 -0.0168 -0.27%
SOYBEANS Nov 2013 1360.00 +12.25 +0.91%
SOYBEAN (MINI) Nov 2013 1360.750 +13.000 +0.97%
SOYBEAN MEAL Dec 2013 430.8 +5.0 +1.17%
TEUCRIUM SOYBEAN 24.2200 +0.0300 +0.12%

GRAINS

Corn closed up 2 1/4-cents at 4.56 1/4.

December corn closed higher due to short covering on Wednesday 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 Thursday’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 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 today’s low crossing at 4.52. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 3 1/2-cents at 6.46 1/2.

December wheat closed higher on Wednesday while extending the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when Thursday’s night 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 would open the door for a possible test of the reaction high crossing at 6.76 1/2 later this month. First resistance is last Thursday’s high crossing at 6.55. 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 1 1/4-cents at 6.91 1/2.

December Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain 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 closed up 3/4-cents at 7.00 1/4.

December Minneapolis wheat closed fractionally higher on Wednesday due to short covering. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible. 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 today’s low crossing at 6.98 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed up 5 1/4-cents at 13.47 3/4.

November soybeans closed higher due to short covering on Wednesday as it consolidated some of this week’s losses. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. 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 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 today’s low crossing at 13.32. Second support is the August 26th gap crossing at 13.31 1/2.

December soybean meal closed down $0.80 at 425.80.

December soybean meal closed lower on Wednesday as it extends the decline off last Friday’s high. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are 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 last Friday’s high crossing at 451.20. Second resistance is weekly resistance crossing at 460.60. First support is the August 26th gap crossing at 420.30. Second support is the reaction low crossing at 415.60.

December soybean oil closed up 47 pts. at 42.71.

December soybeans closed higher on Wednesday 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 Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, August’s low crossing at 41.85 is the next downside target. Closes above the 20-day moving average crossing at 43.45 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 43.45. Second resistance is the reaction high crossing at 44.46. First support is today’s low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15676.94 +147.21 +0.94%
NASDAQ COMPOSITE INDEX (COMBINED) 3782.78 +37.08 +0.98%
S&P 500 CASH 1725.52 +20.76 +1.20%
SPDR S&P 500 173.06 +1.99 +1.15%
QQQQ VOLATILITY INDEX 12.60 -0.50 -3.97%
iShares RUSSELL 2000 INDEX 107.095 +1.015 +0.95%

U.S. STOCK INDEXES

December NASDAQ 100 closed higher on Wednesday as it extends this year’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought, diverging but are turning neutral signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3125.16 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 3228.50. Second resistance is monthly high crossing at 3329.82. First support is the 10-day moving average crossing at 3166.15. Second support is the 20-day moving average crossing at 3125.16.

The December S&P 500 closed sharply higher on Wednesday and posted a new all-time high. The high-range close sets the stage for a steady to higher opening when Thursday’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 rally off August’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1657.30 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1722.80. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10-day moving average crossing at 1678.56. Second support is the 20-day moving average crossing at 1657.30.

The Dow posted a new all-time high on Wednesday after the Fed announced that it would not make any changes to quantitative easing at this point in time. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends the rally off August’s low, upside targets will now be hard to project. Closes below the 20-day moving average crossing at 15,084 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 15,709. Second resistance is unknown. First support is the 10-day moving average crossing at 15,284. Second support is the 20-day moving average crossing at 15,084.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 131.87500 -0.06250 -0.05%
iShares FLOATING RATE NOTE 50.64 0.00 0.00%
5 YEAR T-NOTES Dec 2013 120.710938 +0.109375 +0.09%
ULTRA T-BONDS Dec 2013 140.15625 -0.12500 -0.09%
POWERSHARES SENIOR LOAN PORTF 24.8000 +0.0100 +0.04%

INTEREST RATES

T-bonds closed up 1-25/32 at 132-03.

December T-bonds closed higher on Wednesday 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. 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 10-day moving average crossing at 129-23 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 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 158.900 +0.600 +0.38%
LEAN HOGS Dec 2013 87.950 0.000 0.00%
LIVE CATTLE Dec 2013 129.625 +0.675 +0.52%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.4851 +0.1850 +0.67%

LIVESTOCK

hogs closed up $0.75 at $91.72.

October hog closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’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 88.70 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 90.80. Second support is the 20-day moving average crossing at 88.70.

October cattle closed up $0.10 at 125.27.

October cattle closed higher on Wednesday extending the trading range of the past eight days. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bullish hinting that a low might be in or is near-term. Closes above the 20-day moving average crossing at 126.05 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 126.05. Second resistance is the reaction high crossing at 127.25. First support is Tuesday’s low crossing at 124.30. Second support is August’s low crossing at 124.12.

October feeder cattle closed up $0.42 at $158.30.

October Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If October renews this month’s decline, August’s low crossing at 155.85 is the next downside target. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside 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 1367.6 +60.0 +4.40%
SPDR GOLD SHARES 131.96 +5.46 +4.14%
SILVER Dec 2013 23.005 +1.441 +6.28%
PALLADIUM Dec 2013 719.20 +16.10 +2.24%
DIREXION DAILY GOLD MINERS BEA 24.32 -9.44 -38.53%
POWERSHARES DB PRECIOUS METALS 45.1500 +1.9252 +4.25%

PRECIOUS METALS

October gold closed higher on Wednesday following the Feds announcement to continue with quantitative easing for the time being. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1374.10 are needed to confirm that a short-term low has been posted. If October renews this month’s decline, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1374.10. Second resistance is August’s high crossing at 1432.90. First support is today’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed sharply higher on Wednesday and the high-range close set the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 23.322 are needed to confirm that a low has been posted. If December extends 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 23.322. Second resistance is August’s high crossing at 25.160. First support is today’s low crossing at 21.225. Second support is the reaction low crossing at 19.145.

December copper closed higher on Wednesday and above the 20-day moving average crossing at 327.27 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is today’s high crossing at 332.05. Second resistance is August’s high crossing at 339.50. First support is the reaction low crossing at 319.05. Second support is the reaction low crossing at 314.00.


 

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