Chart Advisor for September 12, 2014

Tickers in this Article: SPY, DIA, QQQ, IWM

Major U.S. indices moved lower over the past week, as of late-day trading on Friday afternoon, despite signs of improvement among consumers. Retail sales rose broadly in August and consumer sentiment reached a 14-month high in September, which could help ease concerns and set the stage for robust third-quarter growth. While these improvements bode well for the economy, investors remain concerned that a European slowdown could eventually stall the U.S. recovery. (For related reading, see: Economic Indicators: An Overview.)

International markets were largely mixed over the past week. Japan’s Nikkei 225 rose 1.75%; Germany’s DAX 30 fell 0.98%; and Britain’s FTSE 100 fell 0.69%. In Europe, investors remain concerned about a slowdown even as the ECB embarked on its quantitative easing-like program. In Asia, investors are eyeing potential reforms in China’s market in order to avoid a crisis or Japanese-style prolonged slowdown in the future, which could also negatively impact global growth. (For related reading, see: This Asian Nation’s Stocks Are Up Over 20% YTD.)

SPDR S&P 500 (ARCA:SPY)

The SPDR S&P 500 (SPY) ETF fell 1.24% lower, as of late-day trading on Friday afternoon. After rising to its prior R2 resistance, the index moved lower towards its pivot point and 50-day moving average at 197.37. Traders should watch for abreakdown from these levels toward its lower trend line and S1 support at 193.90 or a rebound higher to R1 resistance at 204.17. Looking at technical indicators, the RSI appears neutral while the MACD experienced a bearish crossover. (For more, see: Bullish and Bearish MACD Crossovers.)
SEE: Profiting In Bear And Bull Markets

SPDR Dow Jones Industrial Average (ARCA:DIA)
The SPDR Dow Jones Industrial Average (DIA) ETF fell 1.02% lower, as of late-day trading on Friday afternoon. After moving off of its highs earlier this year, the index has been trending toward its 50-day moving average at 168.70. Traders should watch for a breakdown from these levels toward its S1 support at 165.36 or a move higher to its upper trend line and R1 resistance at 173.87. Looking at technical indicators, the RSI appears neutral while the MACD had a bearish crossover. (For more, see: Bearish MACD Crossovers with a Positive Twist.)
PowerShares QQQ (Nasdaq:QQQ)
chart
The PowerShares QQQ (QQQ) ETF fell 0.69% lower, as of late-day trading on Friday afternoon. After surpassing its prior highs earlier this year, the index began to stall near the middle of its price channel. Traders should watch for a move up toward R1 resistance at 101.83 or a move down to its lower trend line and pivot point at 97.86 before any move higher. Looking at technical indicators, the RSI appears neutral while the MACD appears ready for a bearish crossover.
iShares Russell 2000 (NYSE:IWM)
The iShares Russell 2000 (IWM) ETF fell 1.13% lower, as of late-day trading on Friday afternoon. After moving toward its R1 resistance at 119.05, the index moved lower toward its 50-day moving average at 114.66. Traders should watch for a rebound to R1 resistance or a move down to its 200-day moving average at around 113.87. Looking at technical indicators, the RSI appears relatively neutral at 49.88, while the MACD appears as if it could experience a bearish crossover. (For more, see: A Primer on the MACD.)
The Bottom Line
The major U.S. indices moved lower over the past week, as of late-day trading on Friday afternoon. Next week, traders will be watching a number of key economic events, including industrial production on Sept. 15, producer price index data on Sept. 16, consumer price index and FOMC data on Sept. 17, and employment and housing data on Sept. 18. In particular, investors will be keeping a close eye on the FOMC meeting minutes late next week. (For more, see: The Stock Cycle: What Goes Up Must Come Down.)

Charts courtesy of StockCharts.com.
Disclosure – At the time of writing, the author did not own shares of any company mentioned in this article.

Key Market Reports and Commentary for Monday 28/07/2014

Morning Markets Report
Prepared on Monday, July 28, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future has slipped 20 points to 16871. The US Dollar Index eased 0.033 points to 81.013. Gold is up 1.040 dollars to 1304.050. Silver is up 0.0245 dollars to 20.6175. The Dow Industrials fell 123.23 points, at 16960.57, while the S&P 500 eased 9.64 points, last seen at 1978.34. The Nasdaq Composite eased 25.06 points to 4447.05. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Sun Tzu and the Art of War for Traders
Sunday Jul 27th

3 Profitable Forex Strategies For 2014
Saturday Jul 26th

Weekly Futures Recap With Mike Seery
Friday Jul 25th

Key Events for Monday

9:45 AM ET. July US Flash Services PMI

10:00 AM ET. June Pending Home Sales Index

Current (previous 103.9)

MoM Pct Change (Current Period) (previous +6.1%)

YoY Pct Change (Current Period) (previous -5.2%)

10:30 AM ET. July Texas Manufacturing Outlook Survey

Business Activity Index (previous 11.4)

Manufacturing Production Index (previous

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

Chain Store Sales Index – WoW (previous -0.4%)

Chain Store Sales Index – YoY (previous +2.8%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.3%)

12MonChgPct (previous +3.9%)

52WkChgPct (previous +3.7%)

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

10-city Index, M/M (previous +1%)

10-city Index, Y/Y (previous +10.8%)

20-city Index, M/M (previous +1.1%)

20-city Index, Y/Y (previous +10.8%)

National Q/Q

National Y/Y

10:00 AM ET. 2nd Quarter U.S. Housing Vacancies

10:00 AM ET. July Consumer Confidence Index

Consumer Confidence Index (previous 85.2)

Expectation Index (previous 85.2)

Present Situation Index (previous 85.1)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -0.56M)

Gasoline Stocks (Net Change) (previous +3.6M)

Distillate Stocks (Net Change) (previous +2.5M)

Refinery Runs (previous 93.3%)

N/A U.S. Federal Open Market Committee meeting


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 81.013 -0.033 -0.04%
POWERSHARES DB US DOLLAR INDEX 21.61 +0.03 +0.14%
US Dollar/Canadian Dollar 1.080960 -0.000320 -0.03%
Euro/US Dollar 1.343745 +0.000650 +0.05%
JAPANESE YEN Sep 2014 0.009824 -0.000002 -0.02%
SWISS FRANC Sep 2014 1.1063 +0.0006 +0.05%

CURRENCIES

The September Dollar was lower overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the 75% retracement level of the 2013-2014-decline crossing at 81.26 is the next upside target. Closes below the 20-day moving average crossing at 80.46 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the 2013-2014-decline crossing at 81.26. Second resistance is 87% retracement level of the 2013-2014-decline crossing at 81.61. First support is the 10-day moving average crossing at 80.78. Second support is the 20-day moving average crossing at 80.46.

The September Euro was slightly higher overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near-term. If September extends this month’s decline, weekly support crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 135.60 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 134.95. Second resistance is the 20-day moving average crossing at 135.60. First support is last Friday’s low crossing at 134.22. Second support is weekly support crossing at 134.10.

The September British Pound was slightly higher overnight as it consolidates some of last week’s losses. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week’s high, the reaction low crossing at 1.6941 is the next downside target. Closes above the 20-day moving average crossing at 1.7090 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1.7090. Second resistance is July’s high crossing at 1.7184. First support is last Friday’s low crossing at 1.6954. Second support is the reaction low crossing at 1.6941.

The September Swiss Franc was slightly higher overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, the 38% retracement level of the 2013-2014-rally crossing at 1.1043 is the next downside target. Closes above the 20-day moving average crossing at 1.1165 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1.1110. Second resistance is the 20-day moving average crossing at 1.1165. First support is the overnight low crossing at 1.1051. Second support is the 38% retracement level of the 2013-2014-rally crossing at 1.1043.

The September Canadian Dollar was slightly higher overnight as it consolidates some of last Friday’s decline. Stochastics and the RSI are oversold but are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the 38% retracement level of this year’s rally crossing at 91.77 is the next downside target. Closes above the 20-day moving average crossing at 93.22 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 93.22. Second resistance is July’s high crossing at 93.99. First support is last Friday’s low crossing at 92.29. Second support is the 38% retracement level of this year’s rally crossing at 91.77.

The September Japanese Yen was lower overnight as it extends last week’s decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, July’s low crossing at .9768 is the next downside target. Closes above the 10-day moving average crossing at .9847 would confirm that a short-term low has been posted. From a broad perspective, June needs to close above .9931 or below .9595 to confirm a breakout of a five-month old trading range. First resistance is May’s high crossing at .9925. Second resistance is June’s high crossing at .9956. First support is the reaction low crossing at .9734. Second support is May’s low crossing at .9700.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2014 101.66 -0.43 -0.42%
NY HARBOR ULSD HEATING OIL Sep 2014 2.9053 -0.0182 -0.62%
NATURAL GAS Sep 2014 3.792 +0.005 +0.13%
RBOB GASOLINE Sep 2014 2.8285 -0.0117 -0.41%
POWERSHARES DWA ENERGY MOMENT 64.11 -0.67 -1.05%
UNITED STATES GASOLINE 59.293 +0.383 +0.65%

ENERGIES

September Nymex crude oil was lower overnight and trading below the 10-day moving average. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 10-day moving average crossing at 101.83 would temper the near-term friendly outlook. Multiple closes above the reaction high crossing at 103.45 would confirm that a low has been posted while opening the door for a possible test of June’s high crossing at 106.64 is the next upside target. First resistance is the reaction high crossing at 103.45. Second resistance is June’s high crossing at 106.64. First support is the 10-day moving average crossing at 101.83. Second support is July’s low crossing at 98.68.

September heating oil was lower overnight as it consolidated some of last Friday’s rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the 38% retracement level of the June-July-decline crossing at 293.29 is the next downside target. Closes below the 10-day moving average crossing at 287.97 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the June-July-decline crossing at 293.29. Second resistance is the 50% retracement level of the June-July-decline crossing at 296.21. First support is the 10-day moving average crossing at 287.97. Second support is July’s low crossing at 284.05.

September unleaded gas was slightly lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June’s high, the 75% retracement level of this year’s rally crossing at 276.41 is the next downside target. Closes above the 20-day moving average crossing at 289.57 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 284.51. Second resistance is the 20-day moving average crossing at 289.57. First support is the 62% retracement level of this year’s rally crossing at 281.90. Second support is the 75% retracement level of this year’s rally crossing at 276.41.

September Henry natural gas was slightly lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If September extends the decline off June’s high, last November’s low crossing at 3.582 is the next downside target. Closes above the 20-day moving average crossing at 4.078 would confirm that a short-term low has been posted. First resistance is last Monday’s gap crossing at 3.938. Second resistance is the 20-day moving average crossing at 4.078. First support is the overnight low crossing at 3.725. Second support is last November’s low crossing at 3.582.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3196 +2 +0.06%
COFFEE Sep 2014 180.15 +1.00 +0.56%
ORANGE JUICE-A Sep 2014 148.25 -1.45 -0.98%
IPATH DJ-UBS SUGAR TRUST 52.241 +0.793 +1.53%
IPATH DJ-UBS SOFTS TRUST 47.29 +0.78 +1.64%

FOOD & FIBER

September coffee closed higher on Friday as it extends this week’s rally. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week’s rally, June’s high crossing at 18.49 is the next upside target. Closes below the 20-day moving average crossing at 17.02 would temper the near-term friendly outlook.

September cocoa closed slightly 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 that sideways to higher prices are possible near-term. If September extends this spring’s rally, monthly resistance crossing at 33.30 is the next upside target. Close below the 20-day moving average crossing at 31.15 would confirm that a top has been posted.

October sugar closed slightly higher on Friday. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 17.39 would confirm that a low has been posted. If October renews this month’s decline, the 75% retracement level of the January-June rally crossing at 16.50 is the next downside target.

December cotton closed lower on Friday as it extends the decline off May’s high. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this year’s decline, weekly support crossing at 57.00 is the next downside target. Closes above the 20-day moving average crossing at 69.35 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2014 373.75 +2.00 +0.54%
OATS Dec 2014 332.50 +6.50 +1.95%
WHEAT Sep 2014 533.00 -5.00 -0.93%
TEUCRIUM CORN 26.200 +0.090 +0.34%
IPATH DJ-UBS GRAINS TRUST 39.076 +0.276 +0.71%
ELEMENTS MLCX GRAINS INDEX TRUST 5.1201 +0.0297 +0.58%
SOYBEANS Nov 2014 1092.50 +9.00 +0.83%
SOYBEAN (MINI) Nov 2014 1093.250 +9.750 +0.90%
SOYBEAN MEAL Dec 2014 353.0 +2.8 +0.80%
TEUCRIUM SOYBEAN 23.0200 +0.3500 +1.52%

GRAINS

December corn was higher due to short covering overnight as it consolidates some of this summer’s decline. Stochastics and the RSI are turning neutral to bullish signaling that a short covering bounce ahead of the August crop report is possible near-term. Closes above the 20-day moving average crossing at 3.90 3/4 are needed to confirm that a short-term low has been posted. If December extends the decline off May’s high, monthly support crossing at 3.48 is the next downside target. First resistance is the 10-day moving average crossing at 3.76. Second resistance is the 20-day moving average crossing at 3.90 3/4. First support is last Thursday’s low crossing at 3.64 1/4. Second support is monthly support crossing at 3.48.

December wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 5.69 1/4 are needed to confirm that a low has been posted. If July extends the decline off May’s high, weekly support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.69 1/4. Second resistance is the reaction high crossing at 6.05. First support is last Wednesday’s low crossing at 5.44 1/4. Second support is weekly support crossing at 5.00.

December Kansas City Wheat closed up 11-cents at 6.45 1/4.

December Kansas City wheat closed higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 6.64 1/4 would confirm that a low has been posted. If December extends the decline off May’s high, January’s low crossing at 6.22 is the next downside target. First resistance is today’s high crossing at 6.45 1/4. Second resistance is the 20-day moving average crossing at 6.64 1/4. First support is Tuesday’s low crossing at 6.32. Second support is January’s low crossing at 6.22.

December Minneapolis wheat was steady overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 6.51 are needed to confirm that a low has been posted. If December extends this summer’s decline, psychologial support crossing at 6.00 is the next downside target. First resistance is the 10-day moving average crossing at 6.35 3/4. Second resistance is the 20-day moving average crossing at 6.51. First support is last Friday’s low crossing at 6.24 1/4. Second support is psychologial support crossing at 6.00.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

November soybeans was higher due to short covering overnight. The low-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 10.93 1/2 are needed to confirm that a low has been posted. If November extends this month’s decline, monthly support crossing at 10.54 is the next downside target. First resistance is the 20-day moving average crossing at 10.93 1/2. Second resistance is the reaction high crossing at 11.18 3/4. First support is last Wednesday’s low crossing at 10.55. Second support is monthly support crossing at 10.54.

December soybean meal was higher overnight. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 353.10 would confirm that a low has been posted. If December renews this summer’s decline, January’s low crossing at 337.10 is the next downside target. First resistance is the 20-day moving average crossing at 353.10. Second resistance is the reaction high crossing at 366.60. First support is the reaction low crossing at 340.00. Second support is January’s low crossing at 337.10.

December soybean oil was higher due to short covering overnight. 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 are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 37.31 would confirm that a low has been posted. If December extends the decline off June’s high, weekly support crossing at 35.87 is the next downside target. First resistance is the 10-day moving average crossing at 36.48. Second resistance is the 20-day moving average crossing at 37.31. First support is last Friday’s low crossing at 35.88. Second support is weekly support crossing at 35.87.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16960.57 -123.23 -0.73%
NASDAQ COMPOSITE INDEX (COMBINED) 4447.05 -25.06 -0.56%
S&P 500 CASH 1978.34 -9.64 -0.49%
SPDR S&P 500 197.665 -0.985 -0.50%
QQQQ VOLATILITY INDEX 10.48 +0.33 +3.16%
iShares RUSSELL 2000 INDEX 113.525 -1.115 -0.98%

U.S. STOCK INDEXES

The September NASDAQ 100 was steady to slightly lower overnight as it consolidates some of this summer’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 3912.49 would confirm that a short-term top has been posted. If September extends the rally off April’s low, monthly resistance crossing at 4258.97 is the next upside target. First resistance is last Thursday’s high crossing at 3991.25. Second resistance is monthly resistance crossing at 4258.97. First support is the 20-day moving average crossing at 3912.49. Second support is the reaction low crossing at 3854.00.

The September S&P 500 was lower overnight. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at 1942.90 would confirm that a short-term top has been posted. If September extends this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 1985.60. Second resistance is unknown. First support is the reaction low crossing at 1942.90. Second support is the reaction low crossing at 1936.00.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 138.46875 -0.18750 -0.14%
iShares FLOATING RATE NOTE 50.7801 -0.0099 -0.02%
5 YEAR T-NOTES Sep 2014 119.117188 -0.046875 -0.04%
ULTRA T-BONDS Sep 2014 152.31250 -0.18750 -0.12%
POWERSHARES SENIOR LOAN PORTF 24.78 +0.01 +0.04%

INTEREST RATES

September T-bonds were lower overnight while extending the trading range of the past six days. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 137-08 would confirm that a top has been posted. If September extends this month’s rally, weekly resistance crossing at 140-16 is the next upside target. First resistance is last Monday’s high crossing at 138-27. Second resistance is weekly resistance crossing at 140-16. First support is the 10-day moving average crossing at 138-03. Second support is the 20-day moving average crossing at 137-08.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 218.250 +0.925 +0.42%
LEAN HOGS Oct 2014 107.275 -0.725 -0.68%
LIVE CATTLE Oct 2014 159.800 +1.275 +0.80%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.50 +0.04 +0.12%

LIVESTOCK

August hogs closed up $0.42 at $123.62.

August hogs closed higher on Friday. Today’s mid-range close sets the stage for a steady 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 August extends the decline off June’s high, the 25% retracement level of the 2013-2014-rally crossing at 121.45 is the next downside target. Closes above the 20-day moving average crossing at 128.72 would confirm that a short-term low has been posted. First resistance is Thursday’s gap crossing at 124.57. Second resistance is the 20-day moving average crossing at 128.72. First support is Thursday’s low crossing at 122.10. Second support is the 25% retracement level of the 2013-2014-rally crossing at 121.45.

August cattle closed up $2.55 at 159.10.

August cattle closed higher on Friday as it extends the rally off this month’s low. The USDA cattle-on-feed report showed that 10.1 million head were on feed (98%) of year ago levels. Placements were 1.46 million head. (94%) of year ago levels. Marketed were 1.85 million head or (98%) of year ago levels. The mid-range close sets the stage for a steady opening when Monday’s 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 August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 152.17 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 159.10. Second resistance is unknown. First support is the 20-day moving average crossing at 152.17. Second support is the reaction low crossing at 146.80.

August feeder cattle closed up $0.92 at $218.25.

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, this month’s high crossing at 219.25 is the next upside target. If August renews the decline off July’s high, the reaction low crossing at 204.85 is the next downside target. First resistance is Wednesday’s high crossing at 218.37. Second resistance is July’s high crossing at 219.25. First support is the reaction low crossing at 207.90. Second support is the reaction low crossing at 204.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2014 1307.0 +1.7 +0.13%
SPDR GOLD SHARES 125.77 +1.42 +1.13%
SILVER Sep 2014 20.685 +0.049 +0.24%
PALLADIUM Sep 2014 885.70 +5.90 +0.67%
DIREXION DAILY GOLD MINERS BEA 15.3599 -1.3801 -8.99%
POWERSHARES DB PRECIOUS METALS 42.10 +0.33 +0.78%

PRECIOUS METALS

August gold was higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 1314.40 would confirm that a short-term low has been posted. If August extends the decline off July’s high, the reaction low crossing at 1258.00 is the next downside target. First resistance is the 20-day moving average crossing at 1314.40. Second resistance is July’s high crossing at 1346.80. First support is last Thursday’s low crossing at 1287.50. Second support is the reaction low crossing at 1258.00.

September silver was higher due to short covering overnight as it consolidates some of last Thursday’s decline. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the reaction low crossing at 19.490 is the next downside target. Closes above the 20-day moving average crossing at 21.002 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 21.002. Second resistance is the reaction high crossing at 21.315. Third resistance is the reaction high crossing at 21.790. First support is last Thursday’s low crossing at 20.350. Second support is the reaction low crossing at 19.490.

September copper was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends last week’s rally, July’s high crossing at 329.45 is the next upside target. If September renews the decline off July’s high, the 38% retracement level of the March-July-rally crossing at 313.55 is the next downside target. First resistance is last Friday’s high crossing at 327.90. Second resistance is July’s high crossing at 329.45. First support is the 38% retracement level of the March-July-rally crossing at 313.55. Second support is the 50% retracement level of the March-July-rally crossing at 308.61.


 

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6. UAL UNITED CONTINENTAL 46.76 +1.84 +3.93% 11,506,027 +90    Entry Signal
7. GLUU GLU MOBILE 7.158 +0.158 +2.20% 11,433,237 +90    Entry Signal
8. VZ VERIZON COMMUNICATIONS 51.2850 +0.2350 +0.46% 9,707,304 +90    Entry Signal
9. C CITIGROUP 50.02 -0.07 -0.14% 9,021,422 +90    Entry Signal
10. TLM TALISMAN ENERGY 10.90 -0.05 -0.46% 8,331,132 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. TY.U14 10 YEAR T-NOTES Sep 2014 125.312500 +0.265625 +0.21% 942,499 +100    Entry Signal
2. ED.Z14 EURODOLLAR Dec 2014 99.730 -0.005 -0.01% 88,698 +100    Entry Signal
3. HG.U14 COPPER Sep 2014 3.2405 -0.0260 -0.80% 41,604 +100    Entry Signal
4. HG.U14.E COPPER Sep 2014 3.2440 +0.0035 +0.11% 14,637 +100    Entry Signal
5. DX.U14.E U.S $ INDEX Sep 2014 81.105 -0.020 -0.02% 5,011 +90    Entry Signal
6. 6M.U14.E MEXICAN PESO Sep 2014 0.07689 -0.00003 -0.04% 2,404 +90    Entry Signal
7. PA.U14.E PALLADIUM Sep 2014 885.70 +5.90 +0.67% 1,895 +100    Entry Signal
8. GE.Z14.E EURODOLLAR Dec 2014 99.725 -0.005 -0.01% 1,404 +90    Entry Signal
9. HG.Z14.E COPPER Dec 2014 3.2530 +0.0040 +0.12% 1,272 +100    Entry Signal
10. ZQ.G15.E 30 DAY FED FUND Feb 2015 99.855 -0.005 -0.01% 720 +90    Entry Signal

Key Market Reports and Commentary for Friday 25/07/2014

Morning Markets Report
Prepared on Friday, July 25, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is trending lower 15 points to 16983. The US Dollar Index edged higher by 0.080 points to 80.948. Gold has gained 2.98 dollars to 1295.38. Silver is higher 0.060 dollars to 20.495. The Dow Industrials dropped 2.83 points, at 17083.80, while the S&P 500 gained 0.97 points, last seen at 1987.98. The Nasdaq Composite moved lower 0.23 points to 4473.47. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Three Reasons Why Gold and Gold Stocks Will Rise
Thursday Jul 24th

Have Natural Gas Prices Hit Bottom?
Thursday Jul 24th

I Know Where You Can Find Winning Stocks To Trade
Wednesday Jul 23rd

Key Events for Friday

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

Total Orders (expected +0.5%; previous -1%)

Orders, Ex-Defense (previous +0.6%)

Orders, Ex-Transportation (previous -0.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.948 +0.080 +0.10%
POWERSHARES DB US DOLLAR INDEX 21.575 +0.025 +0.12%
US Dollar/Canadian Dollar 1.075850 +0.001515 +0.14%
Euro/US Dollar 1.34497 -0.00153 -0.11%
JAPANESE YEN Sep 2014 0.009815 -0.000008 -0.08%
SWISS FRANC Sep 2014 1.1069 -0.0013 -0.12%

CURRENCIES

The September Dollar 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, June’s high crossing at 81.17 is the next upside target. Closes below the 20-day moving average crossing at 80.35 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 80.98. Second resistance is June’s high crossing at 81.17. First support is the 10-day moving average crossing at 80.60. Second support is the 20-day moving average crossing at 80.35. Third support is the reaction low crossing at 80.02.

The September Euro closed slightly higher on Thursday as it consolidates some of the decline off this month’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 September extends this month’s decline, the 50% retracement level of the 2013-2014-rally crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 135.84 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 135.30. Second resistance is the 20-day moving average crossing at 135.84. First support is today’s low crossing at 134.39. Second support is the 50% retracement level of the 2013-2014-rally crossing at 134.10.

The September British Pound closed sharply lower on Thursday and spiked below the 2013-2014-uptrend line crossing near 1.6959. 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 September extends the decline off last week’s high, the reaction low crossing at 1.6941 is the next downside target. Closes above the 20-day moving average crossing at 1.7098 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 1.7098. Second resistance is last Tuesday’s high crossing at 1.7184. Third resistance is monthly resistance crossing at 1.7308. First support is today’s low crossing at 1.6959. Second support is the reaction low crossing at 1.6941.

The September Swiss Franc closed unchanged on Thursday and is challenging support marked by June’s low. The mid-range close sets the stage for a steady 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 September extends the decline off July’s high, the 38% retracement level of the 2013-2014-rally crossing at 1.1043 is the next downside target. Closes above the 20-day moving average crossing at 1.1184 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.1141. Second resistance is the 20-day moving average crossing at 1.1184. First support is today’s low crossing at 1.1068. Second support is the 38% retracement level of the 2013-2014-rally crossing at 1.1043.

The September Canadian Dollar closed lower on Thursday. 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 turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes this month’s decline, the 38% retracement level of the March-July-rally crossing at 91.77 is the next downside target. Closes above the 20-day moving average crossing at 93.34 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 93.34. Second resistance is July’s high crossing at 93.99. First support is the 25% retracement level of the March-July-rally crossing at 92.55. Second support is the 38% retracement level of the March-July-rally crossing at 91.77.

The September Japanese Yen closed sharply lower on Thursday and below the reaction low crossing at .9827 confirming that a short-term top has been posted. Today’s 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. If September extends today’s decline, July’s low crossing at .9768 is the next downside target. If September renews the rally off June’s low, May’s high crossing at .9925 is the next upside target. First resistance is last Thursday’s high crossing at .9899. Second resistance is May’s high crossing at .9925. First support is today’s low crossing at .9821. Second support is July’s low crossing at .9768.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2014 101.95 -0.12 -0.12%
NY HARBOR ULSD HEATING OIL Sep 2014 2.8888 +0.0096 +0.33%
NATURAL GAS Sep 2014 3.832 -0.018 -0.47%
RBOB GASOLINE Sep 2014 2.8185 +0.0055 +0.19%
POWERSHARES DWA ENERGY MOMENT 64.780 +0.040 +0.06%
UNITED STATES GASOLINE 58.92 -0.48 -0.81%

ENERGIES

September crude oil closed lower on Thursday and the low-range close sets the stage for a steady to lower opening when Friday’s night session begins. If September extends the rally off July’s low, June’s high crossing at 106.64 is the next upside target. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes below the 10-day moving average crossing at 101.54 are needed to confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 103.45. Second resistance is June’s high crossing at 106.64. First support is the 10-day moving average crossing at 101.54. Second support is last Tuesday’s low crossing at 98.68.

August heating oil closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night trading begins. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 287.18 would confirm that a low has been posted. If August resumes this month’s decline, the June 2013 low crossing at 278.50 is the next downside target. First resistance is today’s high crossing at 288.52. Second resistance is the 20-day moving average crossing at 289.57. First support is last Tuesday’s low crossing at 282.58. Second support is the June 2013 low crossing at 278.50.

August unleaded gas closed lower on Thursday. 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 August extends the decline off June’s high, the 75% retracement level of this year’s rally crossing at 280.40 is the next downside target. Closes above the 20-day moving average crosing at 294.49 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crosing at 288.29. Second resistance is the 20-day moving average crossing at 294.49. First support is today’s low crossing at 282.74. Second support is the 75% retracement level of this year’s rally crossing at 280.40.

August Henry natural gas closed higher due to short covering on Thursday as it consolidates some of this summer’s decline. The high-range close sets the stage for a steady to higher opening when Friday’s session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, last November’s low crossing at 3.593 is the next downside target. Closes above the 20-day moving average crossing at 4.141 are needed to confirm that a short-term low has been posted. First resistance is Monday’s gap crossing at 3.934. Second resistance is the 10-day moving average crossing at 3.964. Third resistance is the 20-day moving average crossing at 4.141. First support is today’s low crossing at 3.744. Second support is last November’s low crossing at 3.593.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3198 0 0.00%
COFFEE Sep 2014 179.15 +0.85 +0.48%
ORANGE JUICE-A Sep 2014 149.80 -3.00 -2.01%
IPATH DJ-UBS SUGAR TRUST 51.49 +0.27 +0.52%
IPATH DJ-UBS SOFTS TRUST 47.29 +0.78 +1.65%

FOOD & FIBER

September coffee closed higher on Thursday as it extends this week’s rally. The high-range close set the stage for a steady to higher opening on Friday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week’s rally, June’s high crossing at 18.49 is the next upside target. Closes below the 10-day moving average crossing at 16.82 would temper the near-term friendly outlook. If September renews this spring’s decline, the 62% retracement level of this winter’s rally crossing at 15.31 is the next downside target.

September cocoa closed higher on Thursday as it extends this year’s rally. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this spring’s rally, monthly resistance crossing at 33.30 is the next upside target. Close below the 20-day moving average crossing at 31.08 would confirm that a top has been posted.

October sugar closed slightly higher on Thursday. The mid-range close set the stage for a steady opening on Friday. Stochastics and the RSI have turned neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 17.47 would confirm that a low has been posted. If October renews this month’s decline, the 75% retracement level of the January-June rally crossing at 16.50 is the next downside target.

December cotton closed sharply lower on Thursday as it extends the decline off May’s high. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this year’s decline, weekly support crossing at 57.00 is the next downside target. Closes above the 20-day moving average crossing at 69.82 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2014 366.75 -2.75 -0.74%
OATS Dec 2014 328.25 +2.25 +0.69%
WHEAT Sep 2014 529.25 +0.50 +0.09%
TEUCRIUM CORN 26.110 -0.045 -0.17%
IPATH DJ-UBS GRAINS TRUST 38.795 -0.015 -0.04%
ELEMENTS MLCX GRAINS INDEX TRUST 5.120 0.000 0.00%
SOYBEANS Nov 2014 1076.75 -8.00 -0.74%
SOYBEAN (MINI) Nov 2014 1077.25 -7.50 -0.69%
SOYBEAN MEAL Dec 2014 348.6 -1.4 -0.40%
TEUCRIUM SOYBEAN 22.3800 +0.1835 +0.81%

GRAINS

December Corn closed down 1 1/4-cents at 3.69 1/2.

December corn 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, monthly support crossing at 3.48 is the next downside target. Closes above the 20-day moving average crossing at 3.98 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.98. Second resistance is the July 7th gap crossing at 4.14 1/2. First support is today’s low crossing at 3.64 1/4. Second support is monthly support crossing at 3.48.

December wheat closed down 4 1/4-cents at 5.50 1/4.

December wheat closed lower on Thursday. 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 additional weakness is possible near-term. If December extends the decline off May’s high, psychologial support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.74 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.74 1/4. Second resistance is last Thursday’s high crossing at 5.84 1/2. First support is Wednesday’s low crossing at 5.44 1/4. Second support is psychologial support crossing at 5.00.

December Kansas City Wheat closed down 2 1/4-cents at 6.34 1/4.

December Kansas City wheat closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. 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 May’s high, January’s low crossing at 6.22 is the next downside target. Closes above the 20-day moving average crossing at 6.68 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.45. Second resistance is the 20-day moving average crossing at 6.68. First support is Tuesday’s low crossing at 6.32. Second support is January’s low crossing at 6.22.

December Minneapolis wheat closed down 2 1/2-cents at 6.27 1/4.

December Minneapolis wheat close lower on Thursday. 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 December extends the decline off May’s high, January’s low crossing at 6.25 is the next downside target. Closes above the 20-day moving average crossing at 6.57 1/2 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.37 3/4. Second resistance is the 20-day moving average crossing at 6.57 1/2. First support is today’s low crossing at 6.26. Second support is January’s low crossing at 6.25.

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November soybeans closed up 8 1/4-cents at 10.84 3/4.

November soybeans closed higher on Thursday and above the 10-day moving average crossing at 10.81 3/4 signaling that a low might be in or is near. 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 are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 11.15 1/2 would confirm that a low has been posted. If November renews the decline off May’s high, weekly support crossing at 10.54 is the next downside target. First resistance is the 20-day moving average crossing at 11.15 1/2. Second resistance is last Thursday’s high crossing at 11.18 3/4. First support is Wednesday’s low crossing at 10.55. Second support is weekly support crossing at 10.54.

December soybean meal closed up $2.70 at 350.00.

December soybean meal closed higher on Thursday. 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 diverging and are turning neutral to bullish hinting that a double bottom might have been posted. Closes above the 20-day moving average crossing at 357.80 are needed to confirm that a low has been posted. If December extends the decline off May’s high, January’s low crossing at 337.10 is the next downside target. First resistance is the 20-day moving average crossing at 357.80. Second resistance is last Thursday’s high crossing at 366.60. First support is the reaction low cossing at 340.00. Second support is January’s low crossing at 337.10.

December soybean oil closed unchanged at 36.35.

December soybean oil closed steady on Thursday as it consolidates some of this month’s decline. 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 additional weakness is possible. If December extends this month’s decline, weekly support crossing at 35.87 is the next downside target. Closes above the 20-day moving average crossing at 37.74 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 36.63. Second resistance is the 20-day moving average crossing at 37.74. First support is Wednesday’s low crossing at 35.90. Second support is weekly support crossing at 35.87.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 17083.80 -2.83 -0.02%
NASDAQ COMPOSITE INDEX (COMBINED) 4473.47 -0.23 -0.01%
S&P 500 CASH 1987.98 +0.97 +0.05%
SPDR S&P 500 198.75 +0.11 +0.06%
QQQQ VOLATILITY INDEX 10.48 +0.33 +3.16%
iShares RUSSELL 2000 INDEX 114.700 -0.165 -0.14%

U.S. STOCK INDEXES

The September NASDAQ 100 closed higher on Thursday as it extends this year’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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off April’s low, monthly resistance crossing at 4258.97 is the next upside target. Multiple closes below the 20-day moving average crossing at 3899.68 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 3991.25. Second resistance is monthly resistance crossing at 4258.97. First support is the 20-day moving average crossing at 3899.68. Second support is the reaction low crossing at 3854.00.

The September S&P 500 closed higher on Thursday as it extends this year’s rally to new highs. 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 diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below last Friday’s low crossing at 1942.90 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1985.60. Second resistance is unknown. First support is the reaction low crossing at 1945.50. Second support is last Friday’s low crossing at 1942.90.

The Dow closed lower on Thursday. The low-range close sets the stage for a steady to lower opening on Friday. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If the Dow extends this year’s rally into uncharted territory, upside targets will be hard to project. Multiple closes below the reaction low crossing at 16,805.38 are needed to confirm that a short-term top has been posted. First resistance last Thursday’s high crossing at 17,151.56. Second resistance is unknown. First support is the reaction low crossing at 16,805.38. Second support is the reaction low crossing at 16,746.09.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 138.00000 +0.12500 +0.09%
iShares FLOATING RATE NOTE 50.7844 -0.0106 -0.02%
5 YEAR T-NOTES Sep 2014 119.015625 -0.031250 -0.03%
ULTRA T-BONDS Sep 2014 151.34375 +0.25000 +0.17%
POWERSHARES SENIOR LOAN PORTF 24.78 -0.03 -0.12%

INTEREST RATES

September T-bonds closed down 20-pts. at 137-30.

September T-bonds closed lower on Thursday. The low-range close sets the stage for a steady to lower opening when Friday’s night trading begins. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 137-04 are needed to confirm that a short-term top has been posted. If September extends the rally off July’s low, weekly resistance crossing at 140-16 is the next upside target. First resistance is Wednesday’s high crossing at 138-27. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 137-04. Second support is July’s low crossing at 134-11.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 216.800 -0.525 -0.24%
LEAN HOGS Oct 2014 107.325 -0.575 -0.53%
LIVE CATTLE Oct 2014 158.275 +0.225 +0.14%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.42 -0.22 -0.68%

LIVESTOCK

August hogs closed down $1.37 at $123.20.

August hogs gapped down and closed lower on Thursday as it extends this month’s decline. Today’s mid-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 August extends the decline off June’s high, the 25% retracement level of the 2013-2014-rally crossing at 121.45 is the next downside target. Closes above the 20-day moving average crossing at 128.98 would confirm that a short-term low has been posted. First resistance is today’s gap crossing at 124.57. Second resistance is the 20-day moving average crossing at 128.98. First support is today’s low crossing at 122.10. Second support is the 25% retracement level of the 2013-2014-rally crossing at 121.45.

August cattle closed up $0.50 at 156.55.

August cattle closed higher on Thursday as it extends the rally off this month’s low. The mid-range close sets the stage for a steady opening when Friday’s 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 August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 151.69 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 157.70. Second resistance is unknown. First support is the 10-day moving average crossing at 151.69. Second support is the reaction low crossing at 146.80.

August feeder cattle closed up $0.07 at $217.32.

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, this month’s high crossing at 219.25 is the next upside target. If August renews the decline off July’s high, the reaction low crossing at 204.85 is the next downside target. First resistance is Wednesday’s high crossing at 218.37. Second resistance is July’s high crossing at 219.25. First support is the reaction low crossing at 207.90. Second support is the reaction low crossing at 204.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2014 1295.2 +4.4 +0.34%
SPDR GOLD SHARES 124.38 -1.24 -1.00%
SILVER Sep 2014 20.495 +0.080 +0.39%
PALLADIUM Sep 2014 876.40 +5.45 +0.63%
DIREXION DAILY GOLD MINERS BEA 16.79 +0.83 +4.96%
POWERSHARES DB PRECIOUS METALS 41.7680 -0.5820 -1.39%

PRECIOUS METALS

August gold closed lower on Thursday renewing this month’s decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July’s high, the reaction low crossing at 1258.00 is the next downside target. Multiple closes above the 20-day moving average crossing at 1315.90 are needed to confirm that a short-term low has been posted. First resistance is July’s high crossing at 1336.80. Second resistance is the 75% retracement level of the March-June-decline crossing at 1354.40. First support is today’s low crossing at 1287.50. Second support is the reaction low crossing at 1258.00.

September silver closed sharply lower on Thursday renewing the decline off this month’s high. The low-range close set the stage for a steady to lower opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish again signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the reaction low crossing at 19.490 is the next downside target. Multiple closes above last Friday’s high crossing at 21.315 are needed to confirm that a low has been posted. First resistance is July’s high crossing at 21.630. Second resistance is February’s high crossing at 22.160. First support is today’s low crossing at 20.350. Second support is the reaction low crossing at 19.490.

September copper closed higher on Thursday and above the 20-day moving average crossing at 322.94 confirming that a low has been posted. 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 signaling that sideways to higher prices are possible near-term. If September extends today’s rally, July’s high crossing at 329.45 is the next upside target. If September resumes the decline off July’s high, the reaction low crossing at 312.30 is the next downside target. First resistance is today’s high crossing at 326.90. Second resistance is July’s high crossing at 329.45. First support is last Friday’s low crossing at 316.75. Second support is the reaction low crossing at 312.30.


 

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1. FB FACEBOOK 74.98 +3.69 +4.92% 121,874,515 +90    Entry Signal
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3. GILD GILEAD SCIENCES 90.501 +0.161 +0.18% 22,300,146 +90    Entry Signal
4. IP INTL PAPER 50.68 +2.69 +5.31% 18,807,362 +100    Entry Signal
5. RFMD RF MICRO DEVICES 10.55 +0.13 +1.23% 17,893,973 +100    Entry Signal
6. EMC EMC 28.8725 +0.1225 +0.42% 17,711,660 +100    Entry Signal
7. VZ VERIZON COMMUNICATIONS 51.06 +0.15 +0.29% 15,776,984 +90    Entry Signal
8. TLM TALISMAN ENERGY 10.965 -0.205 -1.87% 14,146,968 +90    Entry Signal
9. UAL UNITED CONTINENTAL 44.998 -1.002 -2.23% 13,947,267 +90    Entry Signal
10. UA UNDER ARMOUR 69.55 +8.92 +12.83% 12,374,712 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ED.Z14 EURODOLLAR Dec 2014 99.735 +0.005 +0.01% 123,842 +100    Entry Signal
2. HG.U14.E COPPER Sep 2014 3.2700 +0.0035 +0.11% 15,162 +100    Entry Signal
3. GE.Z14.E EURODOLLAR Dec 2014 99.730 -0.005 -0.01% 24,248 +100    Entry Signal
4. DX.U14.E U.S $ INDEX Sep 2014 81.040 +0.078 +0.10% 7,197 +90    Entry Signal
5. 6M.U14.E MEXICAN PESO Sep 2014 0.07686 -0.00002 -0.03% 2,666 +100    Entry Signal
6. GE.U14.E EURODOLLAR Sep 2014 99.760 -0.005 -0.01% 5,440 +100    Entry Signal
7. ZQ.F15.E 30 DAY FED FUND Jan 2015 99.875 0.000 0.00% 1,815 +100    Entry Signal
8. HG.Z14.E COPPER Dec 2014 3.2800 +0.0055 +0.17% 590 +100    Entry Signal
9. ZQ.Z14.E 30 DAY FED FUND Dec 2014 99.885 0.000 0.00% 493 +100    Entry Signal
10. HG.V14.E COPPER Oct 2014 3.2705 +0.0585 +1.79% 342 +100    Entry Signal

Key Market Reports and Commentary for Thursday 24/07/2014

Morning Markets Report
Prepared on Thursday, July 24, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 30 points to 17055. The US Dollar Index dropped 0.033 points to 80.778. Gold is trending higher 0.58 dollars to 1299.65. Silver is trending higher 0.0785 dollars to 20.8850. The Dow Industrials trended lower by 26.91 points, at 17086.63, while the S&P 500 gained 3.48 points, last seen at 1987.01. The Nasdaq Composite edged higher by 17.27 points to 4473.29. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
I Know Where You Can Find Winning Stocks To Trade
Wednesday Jul 23rd

If Other Countries Sneeze, Will The U.S. Catch A Cold?
Wednesday Jul 23rd

With The World Spinning Out Of Control, Have The Markets Got It Right?
Tuesday Jul 22nd

Key Events for Thursday

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

Corn, In Metric Tons (previous 1068.7K)

Soybeans, In Metric Tons (previous 598.7K)

Wheat, In Metric Tons (previous 320.7K)

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

Weekly Jobless Claims (expected 310K; previous 302K)

Weekly Jobless Claims Net Change (previous -3K)

Cont Jobless Claims (prior week) (previous 2507000)

Cont Jobless Claims Net Chg (prior week) (previous -79K)

9:30 AM ET. IMF regular press briefing

9:45 AM ET. July US Flash Manufacturing PMI

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. June New Residential Sales

Overall Sales (expected 478K; previous 504K)

Percent Change (expected -5.2%; previous +18.6%)

Months’ Supply (previous 4.5)

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

DJ-BTMU Business Barometer (previous +0.9%)

DJ-BTMU Business Barometer (52 Wk) (previous +1.3%)

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

Total Working Gas in Storage (previous 2129B)

Total Working Gas in Storage (Net Change) (previous +107B)

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

Manufacturing Activity Index (previous 2)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 12)

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Money Stock Measures

N/A Utah Pioneer

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

Total Orders (expected +0.5%; previous -1%)

Orders, Ex-Defense (previous +0.6%)

Orders, Ex-Transportation (previous -0.1%)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.778 -0.033 -0.04%
POWERSHARES DB US DOLLAR INDEX 21.565 +0.025 +0.12%
US Dollar/Canadian Dollar 1.072050 -0.001780 -0.17%
Euro/US Dollar 1.347105 +0.001110 +0.08%
JAPANESE YEN Sep 2014 0.009843 -0.000008 -0.08%
SWISS FRANC Sep 2014 1.1092 +0.0009 +0.08%

CURRENCIES

The September Dollar was slightly lower overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, June’s high crossing at 81.17 is the next upside target. Closes below the 20-day moving average crossing at 80.34 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 80.98. Second resistance is June’s high crossing at 81.17. First support is the 10-day moving average crossing at 80.59. Second support is the 20-day moving average crossing at 80.34.

The September Euro is working on a possible key reversal up and was slightly higher overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI are oversold but are neutral to bearish signaling that additional weakness is possible near-term. If September extends this month’s decline, weekly support crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 135.84 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 135.84. Second resistance is the reaction high crossing at 136.54. First support is the overnight low crossing at 134.39. Second support is weekly support crossing at 134.10.

The September British Pound was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week’s high, the reaction low crossing at 1.6941 is the next downside target. Closes above the 20-day moving average crossing at 1.7100 would confirm that a short-term low has been posted. First resistance is last Tuesday’s high crossing at 1.7184. Second resistance is monthly resistance crossing at 1.7308. First support is the overnight low crossing at 1.6998. Second support is the reaction low crossing at 1.6941.

The September Swiss Franc was slightly higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, the 38% retracement level of the 2013-2014-rally crossing at 1.1043 is the next downside target. Closes above the 20-day moving average crossing at 1.1185 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 1.1142. Second resistance is the 20-day moving average crossing at 1.1185. First support is the overnight low crossing at 1.1068. Second support is the 38% retracement level of the 2013-2014-rally crossing at 1.1043.

The September Canadian Dollar was higher overnight. 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 93.35 would confirm that a short-term low has been posted. If September renews the decline off July’s high, the 38% retracement level of this year’s rally crossing at 91.77 is the next downside target. First resistance is the 20-day moving average crossing at 93.35. Second resistance is July’s high crossing at 93.99. First support is the the 25% retracement level of this year’s rally crossing at 92.54. Second support is the 38% retracement level of this year’s rally crossing at 91.77.

The September Japanese Yen was lower overnight as it extends this week’s decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at .9827 would confirm that a short-term top has been posted. If September renews this month’s rally, May’s high crossing at .9925 is the next upside target. From a broad perspective, June needs to close above .9931 or below .9595 to confirm a breakout of a five-month old trading range. First resistance is May’s high crossing at .9925. Second resistance is June’s high crossing at .9956. First support is the reaction low crossing at .9734. Second support is May’s low crossing at .9700.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2014 102.90 -0.22 -0.21%
NY HARBOR ULSD HEATING OIL Sep 2014 2.8900 +0.0043 +0.15%
NATURAL GAS Sep 2014 3.793 +0.017 +0.45%
RBOB GASOLINE Sep 2014 2.8412 +0.0024 +0.08%
POWERSHARES DWA ENERGY MOMENT 64.750 +0.370 +0.57%
UNITED STATES GASOLINE 59.40 -0.20 -0.34%

ENERGIES

September Nymex crude oil was slightly lower overnight as it consolidates some of Wednesday’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 102.66 would confirm that a low has been posted while opening the door for a possible test of June’s high crossing at 106.64 is the next upside target. Closes below the 10-day moving average crossing at 101.63 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 102.66. Second resistance is June’s high crossing at 106.64. First support is the 10-day moving average crossing at 101.63. Second support is July’s low crossing at 98.68.

August heating oil was higher overnight. 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 289.61 are needed to confirm that a short-term low has been posted. If August renews the decline off June’s high, the June 2013 low crossing at 278.50 is the next downside target. First resistance is the 20-day moving average crossing at 289.61. Second resistance is the reaction high crossing at 296.67. First support is last Tuesday’s low crossing at 282.58. Second support is the June 2013 low crossing at 278.50.

August unleaded gas was slightly lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August resumes the decline off June’s high, the 75% retracement level of this year’s rally crossing at 280.40 is the next downside target. Closes above the 20-day moving average crossing at 294.59 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 288.49. Second resistance is the 20-day moving average crossing at 294.59. First support is the 62% retracement level of this year’s rally crossing at 285.97. Second support is the 75% retracement level of this year’s rally crossing at 280.40.

August Henry natural gas was steady to slightly higher overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends the decline off June’s high, last November’s low crossing at 3.593 is the next downside target. Closes above the 20-day moving average crossing at 4.137 would confirm that a short-term low has been posted. First resistance is Monday’s gap crossing at 3.934. Second resistance is the 20-day moving average crossing at 4.137. First support is the overnight low crossing at 3.744. Second support is last November’s low crossing at 3.593.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3210 +25 +0.78%
COFFEE Sep 2014 176.9 +0.3 +0.17%
ORANGE JUICE-A Sep 2014 152.5 -0.2 -0.13%
IPATH DJ-UBS SUGAR TRUST 51.932 -0.368 -0.72%
IPATH DJ-UBS SOFTS TRUST 45.610 -0.036 -0.08%

FOOD & FIBER

September coffee closed higher on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, June’s high crossing at 18.49 is the next upside target. If September renews this spring’s decline, the 62% retracement level of this winter’s rally crossing at 15.31 is the next downside target.

September cocoa closed sharply higher on Wednesday as it renewed this year’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this spring’s rally, monthly resistance crossing at 33.30 is the next upside target. Close below the reaction low crossing at 30.40 are needed to confirm that a top has been posted.

October sugar 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 neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 17.54 would confirm that a low has been posted. If October renews this month’s decline, the 75% retracement level of the January-June rally crossing at 16.50 is the next downside target.

December cotton closed slightly higher on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this year’s decline, weekly support crossing at 66.10 is the next downside target. Closes above the 20-day moving average crossing at 70.28 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2014 372.25 +1.50 +0.41%
OATS Dec 2014 321.50 -2.75 -0.85%
WHEAT Sep 2014 535.50 +4.75 +0.90%
TEUCRIUM CORN 26.147 +0.157 +0.60%
IPATH DJ-UBS GRAINS TRUST 38.795 +0.355 +0.91%
ELEMENTS MLCX GRAINS INDEX TRUST 5.120 +0.059 +1.15%
SOYBEANS Nov 2014 1088.00 +11.50 +1.07%
SOYBEAN (MINI) Nov 2014 1088.500 +12.000 +1.11%
SOYBEAN MEAL Dec 2014 351.0 +3.7 +1.07%
TEUCRIUM SOYBEAN 22.3800 +0.1835 +0.81%

GRAINS

December corn was higher due to short covering overnight as it consolidates some of this summer’s decline. 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 May’s high, monthly support crossing at 3.48 is the next downside target. Closes above the 20-day moving average crossing at 3.98 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.79. Second resistance is the 20-day moving average crossing at 3.98. First support is Wednesday’s low crossing at 3.65 3/4. Second support is monthly support crossing at 3.48.

December wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 5.74 3/4 are needed to confirm that a low has been posted. If July extends the decline off May’s high, weekly support crossing at 5.00 is the next downside target. First resistance is the 20-day moving average crossing at 5.74 3/4. Second resistance is the reaction high crossing at 6.05. First support is Wednesday’s low crossing at 5.44 1/4. Second support is weekly support crossing at 5.00.

December Kansas City Wheat closed up 3 3/4-cents at 6.36 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May’s high, January’s low crossing at 6.22 is the next downside target. Closes above the 20-day moving average crossing at 6.72 1/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.47 1/4. Second resistance is the 20-day moving average crossing at 6.72 1/4. First support is Tuesday’s low crossing at 6.32. Second support is January’s low crossing at 6.22.

December Minneapolis wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. 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 spring’s decline, January’s low crossing at 6.25 is the next downside target. Closes above the 20-day moving average crossing at 6.58 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.38 1/2. Second resistance is the 20-day moving average crossing at 6.58. First support is Wednesday’s low crossing at 6.26. Second support is January’s low crossing at 6.25.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

November soybeans was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold, diverging and are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 11.15 1/2 would confirm that a low has been posted. If November extends this month’s decline, monthly support crossing at 10.54 is the next downside target. First resistance is the 10-day moving average crossing at 10.82. Second resistance is the 20-day moving average crossing at 11.15 1/2. First support is Wednesday’s low crossing at 10.55. Second support is monthly support crossing at 10.54.

December soybean meal was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 357.90 would confirm that a low has been posted. If December renews this summer’s decline, January’s low crossing at 337.10 is the next downside target. First resistance is the 20-day moving average crossing at 357.90. Second resistance is last Thursday’s high crossing at 366.60. First support is the reaction low crossing at 340.00. Second support is January’s low crossing at 337.10.

December soybean oil was higher due to short covering overnight following Wednesday’s upside reversal. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 37.75 would confirm that a low has been posted. If December extends the decline off June’s high, weekly support crossing at 35.87 is the next downside target. First resistance is the 10-day moving average crossing at 36.65. Second resistance is the 20-day moving average crossing at 37.75. First support is Wednesday’s low crossing at 35.90. Second support is weekly support crossing at 35.87.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 17086.63 -26.91 -0.16%
NASDAQ COMPOSITE INDEX (COMBINED) 4473.29 +17.27 +0.39%
S&P 500 CASH 1987.01 +3.48 +0.18%
SPDR S&P 500 198.63 +0.43 +0.22%
QQQQ VOLATILITY INDEX 10.48 +0.33 +3.16%
iShares RUSSELL 2000 INDEX 114.87 +0.14 +0.12%

U.S. STOCK INDEXES

The September NASDAQ 100 was higher overnight as it extends this summer’s rally. Stochastics and the RSI are overbought, diverging but are neutral to bullish signaling that additional gains are possible near-term. If September extends the rally off April’s low, monthly resistance crossing at 4258.97 is the next upside target. Closes below last Friday’s low crossing at 3854.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3988.50. Second resistance is monthly resistance crossing at 4258.97. First support is last Friday’s low crossing at 3854.00. Second support is the reaction low crossing at 3831.50.

The September S&P 500 was higher overnight while extending this year’s rally. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below last Friday’s low crossing at 1942.90 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1984.50. Second resistance is unknown. First support is last Friday’s low crossing at 1942.90. Second support is the reaction low crossing at 1936.00.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 138.21875 -0.34375 -0.25%
iShares FLOATING RATE NOTE 50.795 -0.005 -0.01%
5 YEAR T-NOTES Sep 2014 119.203125 -0.085938 -0.07%
ULTRA T-BONDS Sep 2014 151.62500 -0.53125 -0.35%
POWERSHARES SENIOR LOAN PORTF 24.81 +0.02 +0.08%

INTEREST RATES

September T-bonds were lower overnight. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. If September extends this month’s rally, weekly resistance crossing at 140-16 is the next upside target. Closes below the 20-day moving average crossing at 137-04 would confirm that a top has been posted. First resistance is Monday’s high crossing at 138-27. Second resistance is weekly resistance crossing at 140-16. First support is the 10-day moving average crossing at 137-27. Second support is the 20-day moving average crossing at 137-04.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 218.475 +1.225 +0.56%
LEAN HOGS Oct 2014 108.650 -1.800 -1.63%
LIVE CATTLE Oct 2014 159.350 +1.350 +0.85%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.6399 -0.3901 -1.20%

LIVESTOCK

August hogs closed down $3.00 at $124.57.

August hogs closed limit down on Wednesday. Today’s limit down 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, the reaction low crossing at 123.80 is the next downside target. Closes above the 20-day moving average crossing at 129.25 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 129.25. Second resistance is June’s high crossing at 132.82. First support is today’s low crossing at 124.57. Second support is the reaction low crossing at 123.80.

August cattle closed up $0.10 at 156.05.

August cattle closed higher on Wednesday as it extends the rally off this month’s low. The mid-range close sets the stage for a steady opening when Thursday’s session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. Closes below the 10-day moving average crossing at 150.85 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 157.30. Second resistance is unknown. First support is the 10-day moving average crossing at 150.85. Second support is the reaction low crossing at 146.80.

August feeder cattle closed up $1.22 at $217.25.

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends today’s rally, this month’s high crossing at 219.25 is the next upside target. If August renews the decline off July’s high, the reaction low crossing at 204.85 is the next downside target. First resistance is today’s high crossing at 218.37. Second resistance is July’s high crossing at 219.25. First support is the reaction low crossing at 207.90. Second support is the reaction low crossing at 204.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2014 1302.0 -4.5 -0.34%
SPDR GOLD SHARES 125.63 -0.11 -0.09%
SILVER Sep 2014 20.920 -0.075 -0.36%
PALLADIUM Sep 2014 874.25 -0.05 -0.01%
DIREXION DAILY GOLD MINERS BEA 15.9701 +0.1801 +1.13%
POWERSHARES DB PRECIOUS METALS 42.3700 -0.2100 -0.50%

PRECIOUS METALS

August gold was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the decline off July’s high, the reaction low crossing at 1258.00 is the next downside target. Multiple closes above the 20-day moving average crossing at 1316.30 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1316.30. Second resistance is July’s high crossing at 1346.80. First support is last Tuesday’s low crossing at 1292.60. Second support is the reaction low crossing at 1258.00.

September silver was slightly lower overnight as it extends the trading range of the past five weeks. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September resumes the decline off July’s high, the reaction low crossing at 19.490 is the next downside target. Closes above the reaction high crossing at 21.315 would confirm that a low has been posted. First resistance is the reaction high crossing at 21.315. Second resistance is the reaction high crossing at 21.790. First support is last Wednesday’s low crossing at 20.630. Second support is the reaction low crossing at 19.490.

September copper was higher overnight and trading above the 20-day moving average. Stochastics and the RSI have turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 322.90 are needed to confirm that a short-term low has been posted. If September renews the decline off July’s high, the 38% retracement level of the March-July-rally crossing at 313.55 is the next downside target. First resistance is the 20-day moving average crossing at 322.90. Second resistance is July’s high crossing at 329.45. First support is the 38% retracement level of the March-July-rally crossing at 313.55. Second support is the 50% retracement level of the March-July-rally crossing at 308.61.


 

Top Stocks
# symbol name last net % volume score triangles
1. FB FACEBOOK 71.273 +2.003 +2.81% 57,879,953 +100    Entry Signal
2. EMC EMC 28.79 +0.27 +0.94% 41,904,052 +100    Entry Signal
3. TLM TALISMAN ENERGY 11.165 +1.315 +11.77% 37,197,901 +100    Entry Signal
4. PBR PETROLEO BRASILEIRO SA 17.15 -0.47 -2.74% 25,592,889 +100    Entry Signal
5. GLUU GLU MOBILE 7.225 -0.115 -1.59% 19,614,255 +100    Entry Signal
6. C CITIGROUP 50.18 +0.58 +1.16% 19,552,501 +90    Entry Signal
7. GILD GILEAD SCIENCES 90.29 +0.96 +1.06% 15,303,715 +100    Entry Signal
8. DOW DOW CHEMICAL 53.86 +1.56 +2.89% 14,127,636 +90    Entry Signal
9. INO INOVIO PHARMACEUTICALS 13.1117 +1.9717 +15.05% 12,772,171 +100    Entry Signal
10. GM GENERAL MOTORS 37.48 -0.28 -0.75% 12,591,251 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ZN.U14.E 10 YEAR T-NOTES Sep 2014 125.250000 -0.171875 -0.14% 195,240 +100    Entry Signal
2. ED.M17 EURODOLLAR Jun 2017 97.545 +0.015 +0.02% 50,355 +100    Entry Signal
3. ED.U17 EURODOLLAR Sep 2017 97.390 +0.010 +0.01% 42,462 +100    Entry Signal
4. HG.U14.E COPPER Sep 2014 3.256 +0.049 +1.53% 26,372 +100    Entry Signal
5. SI.U14 SILVER Sep 2014 20.995 -0.013 -0.06% 24,128 +90    Entry Signal
6. GE.H17.E EURODOLLAR Mar 2017 97.705 -0.025 -0.03% 11,104 +100    Entry Signal
7. DX.U14.E U.S $ INDEX Sep 2014 80.865 -0.050 -0.06% 5,399 +90    Entry Signal
8. CC.U14.E COCOA Sep 2014 3210 +25 +0.78% 4,773 +100    Entry Signal
9. CC.Z14.E COCOA Dec 2014 3155 +24 +0.76% 2,305 +100    Entry Signal
10. HG.Z14.E COPPER Dec 2014 3.2670 +0.0505 +1.57% 1,700 +100    Entry Signal

Key Market Reports and Commentary for Monday 21/07/2014

Morning Markets Report
Prepared on Monday, July 21, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is declining 37 points to 16995. The US Dollar Index edged higher by 0.104 points to 80.566. Gold is higher 4.00 dollars to 1314.82. Silver is higher 0.096 dollars to 20.986. The Dow Industrials climbed 123.37 points, at 17100.18, while the S&P 500 trended higher 20.10 points, last seen at 1978.22. The Nasdaq Composite trended higher 67.21 points to 4430.66. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
INO Sponsors 5 Nepalese Students – INO Cares
Saturday Jul 19th

Currencies, Gold And The Big Picture
Friday Jul 18th

To Trade Successfully, You Must Trade With The Trend
Thursday Jul 17th

Key Events for Monday

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

National Activity Index (previous 0.21)

3 Month Moving Average (previous 0.18)


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.566 +0.104 +0.13%
POWERSHARES DB US DOLLAR INDEX 21.4701 -0.0099 -0.05%
US Dollar/Canadian Dollar 1.074465 +0.000765 +0.07%
Euro/US Dollar 1.352590 -0.000610 -0.05%
JAPANESE YEN Sep 2014 0.009870 0.000000 0.00%
SWISS FRANC Sep 2014 1.1135 -0.0006 -0.05%

CURRENCIES

The September Dollar was higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, June’s high crossing at 81.17 is the next upside target. Closes below the 20-day moving average crossing at 80.26 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 80.75. Second resistance is June’s high crossing at 81.17. First support is the reaction low crossing at 79.77. Second support is the reaction low crossing at 79.54.

The September Euro was lower overnight as it extends the decline off July’s high. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a double bottom with June’s low might have been posted with last Friday’s low. If September extends this month’s decline, weekly support crossing at 134.10 is the next downside target. Closes above the 20-day moving average crossing at 136.07 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 136.07. Second resistance is July’s high crossing at 137.05. First support is last Friday’s low crossing at 134.93. Second support is weekly support crossing at 134.10.

The September British Pound was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 1.7050 would confirm that a short-term top has been posted. If September resumes this year’s rally, monthly resistance crossing at 1.7308 is the next upside target. First resistance is last Tuesday’s high crossing at 1.7184. Second resistance is monthly resistance crossing at 1.7308. First support is last Tuesday’s low crossing at 1.7050. Second support is the reaction low crossing at 1.6941.

The September Swiss Franc was lower overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, June’s low crossing at 1.1080 is the next downside target. Closes above the 20-day moving average crossing at 1.1201 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 1.1245. Second resistance is July’s high crossing at 1.1298. First support is the reaction low crossing at 1.1104. Second support is June’s low crossing at 1.1080.

The September Canadian Dollar was lower overnight. Stochastics and the RSI are neutral hinting that a short-term low might be in or is near. If September extends this month’s decline, the 38% retracement level of this year’s rally crossing at 91.77 is the next downside target. Closes above the 20-day moving average crossing at 93.35 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 93.35. Second resistance is July’s high crossing at 93.99. First support is the the 25% retracement level of this year’s rally crossing at 92.54. Second support is the 38% retracement level of this year’s rally crossing at 91.77.

The September Japanese Yen was steady overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews this month’s rally, May’s high crossing at .9925 is the next upside target. From a broad perspective, June needs to close above .9931 or below .9595 to confirm a breakout of a five-month old trading range. First resistance is May’s high crossing at .9925. Second resistance is June’s high crossing at .9956. First support is the reaction low crossing at .9734. Second support is May’s low crossing at .9700.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2014 101.77 -0.18 -0.18%
NY HARBOR ULSD HEATING OIL Sep 2014 2.8590 +0.0016 +0.06%
NATURAL GAS Sep 2014 3.870 -0.085 -2.15%
RBOB GASOLINE Sep 2014 2.8424 +0.0075 +0.26%
POWERSHARES DWA ENERGY MOMENT 63.6406 +0.7906 +1.24%
UNITED STATES GASOLINE 59.58 -0.12 -0.20%

ENERGIES

August Nymex crude oil was slightly lower overnight as it consolidates below the 20-day moving average. 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 103.57 would confirm that a short-term low has been posted. If August renews the decline off June’s high, the 38% retracement level of the 2012-2014-rally crossing at 97.72 is the next downside target. First resistance is the 20-day moving average crossing at 103.57. Second resistance is the reaction high crossing at 106.09. First support is last Tuesday’s low crossing at 99.01. Second support is the 38% retracement level of the 2012-2014-rally crossing at 97.72.

August heating oil was higher overnight. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 292.04 are needed to confirm that a short-term low has been posted. If August extends the decline off June’s high, the June 2013 low crossing at 278.50 is the next downside target. First resistance is the 10-day moving average crossing at 286.40. Second resistance is the 20-day moving average crossing at 292.04. First support is last Tuesday’s low crossing at 282.58. Second support is the June 2013 low crossing at 278.50.

August unleaded gas was higher due to short covering overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, the 75% retracement level of this year’s rally crossing at 280.40 is the next downside target. Closes above the 20-day moving average crossing at 297.61 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 290.95. Second resistance is the 20-day moving average crossing at 297.61. First support is the 62% retracement level of this year’s rally crossing at 285.97. Second support is the 75% retracement level of this year’s rally crossing at 280.40.

August Henry natural gas gapped down and was lower overnight as it extends the decline off June’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If August extends the decline off June’s high, the 87% retracement level of the November-June-rally crossing at 3.762 is the next downside target. Closes above the 20-day moving average crossing at 4.251 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.077. Second resistance is the 20-day moving average crossing at 4.251. First support is the overnight low crossing at 3.853. Second support is the 87% retracement level of the November-June rally crossing at 3.762.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3085 +3 +0.10%
COFFEE Sep 2014 169.80 -2.60 -1.51%
ORANGE JUICE-A Sep 2014 152.60 +1.00 +0.65%
IPATH DJ-UBS SUGAR TRUST 51.19 -0.27 -0.53%
IPATH DJ-UBS SOFTS TRUST 45.610 -0.036 -0.08%

FOOD & FIBER

September coffee closed higher on Friday and above the 20-day moving average crossing at 17.11 confirming that a short-term low has been posted. The high-range close set the stage for a steady to higher opening on Monday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, June’s high crossing at 18.49 is the next upside target. If September renews this spring’s decline, the 62% retracement level of this winter’s rally crossing at 15.31 is the next downside target.

September cocoa closed higher on Friday. The mid-range close sets the stage for a steady opening on Monday. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Close below the reaction low crossing at 30.40 are needed to confirm that a top has been posted. If September renews this spring’s rally, monthly resistance crossing at 33.30 is the next upside target.

October sugar closed lower on Friday as it extends this month’s decline. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the 75% retracement level of the January-June rally crossing at 16.50 is the next downside target. Closes above the 20-day moving average crossing at 17.78 would confirm that a low has been posted.

December cotton closed slightly higher on Friday. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this year’s decline, weekly support crossing at 66.10 is the next downside target. Closes above the 20-day moving average crossing at 71.66 would confirm that a short-term low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2014 373.50 -5.00 -1.32%
OATS Dec 2014 324.50 -0.75 -0.23%
WHEAT Sep 2014 527.50 -4.75 -0.89%
TEUCRIUM CORN 26.7200 -0.4600 -1.72%
IPATH DJ-UBS GRAINS TRUST 39.27 -0.94 -2.39%
ELEMENTS MLCX GRAINS INDEX TRUST 5.22 -0.06 -1.14%
SOYBEANS Nov 2014 1072.50 -12.75 -1.17%
SOYBEAN (MINI) Nov 2014 1072.00 -13.25 -1.22%
SOYBEAN MEAL Dec 2014 346.9 -4.9 -1.39%
TEUCRIUM SOYBEAN 22.7900 -0.0900 -0.40%

GRAINS

December corn gapped down and was lower overnight as it extends this summer’s decline. 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 May’s high, monthly support crossing at 3.48 is the next downside target. Closes above the 20-day moving average crossing at 4.08 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.87 1/2. Second resistance is the 20-day moving average crossing at 4.08 3/4. First support is the overnight low crossing at 3.72. Second support is monthly support crossing at 3.48.

December wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging but have turned neutral to bearish signaling that additional weakness is possible near-term. If July renews the decline off May’s high, weekly support crossing at 5.00 is the next downside target. Closes above the 20-day moving average crossing at 5.82 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 5.82 1/2. Second resistance is the reaction high crossing at 6.05. First support is last Monday’s low crossing at 5.46 1/2. Second support is weekly support crossing at 5.00.

December Kansas City Wheat closed down 14 1/4-cents at 6.45 3/4.

December Kansas City wheat closed lower on Friday renewing the decline off May’s high. The low-range close sets the stage for a steady to lower opening on Monday. 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 May’s high, January’s low crossing at 6.22 is the next downside target. Closes above the 20-day moving average crossing at 6.84 1/2 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.58 1/4. Second resistance is the 20-day moving average crossing at 6.84 1/2. First support is today’s low crossing at 6.45 3/4. Second support is January’s low crossing at 6.22.

December Minneapolis wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. 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 spring’s decline, January’s low crossing at 6.25 is the next downside target. Closes above the 20-day moving average crossing at 6.68 1/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 6.47 1/4. Second resistance is the 20-day moving average crossing at 6.68 1/4. First support is last Thursday’s low crossing at 6.35 1/4. Second support is January’s low crossing at 6.25.

SOYBEAN COMPLEX http://quotes.ino.com/ex changes/?c=grains

November soybeans gapped down and was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are oversold and are turning neutral to bearish again signalin that additional weakness is possible near-term. If November renews this month’s decline, monthly support crossing at 10.54 is the next downside target. Closes above the 20-day moving average crossing at 11.38 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 10.91 1/4. Second resistance is the 20-day moving average crossing at 11.38 3/4. First support is the reaction low crossing at 10.65. Second support is monthly support crossing at 10.54.

December soybean meal was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 364.50 would confirm that a low has been posted. If December renews this summer’s decline, January’s low crossing at 337.10 is the next downside target. First resistance is the 20-day moving average crossing at 364.50. Second resistance is last Thursday’s high crossing at 366.60. First support is the reaction low crossing at 340.00. Second support is January’s low crossing at 337.10.

December soybean oil was higher due to short covering overnight as it consolidates some of this month’s decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If December extends the decline off June’s high, weekly support crossing at 35.87 is the next downside target. Closes above the 20-day moving average crossing at 38.45 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 37.07. Second resistance is the 20-day moving average crossing at 38.45. First support is last Friday’s low crossing at 36.21. Second support is weekly support crossing at 35.87.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 17100.18 +123.37 +0.72%
NASDAQ COMPOSITE INDEX (COMBINED) 4430.66 +67.21 +1.52%
S&P 500 CASH 1978.22 +20.10 +1.02%
SPDR S&P 500 197.70 +1.99 +1.01%
QQQQ VOLATILITY INDEX 10.48 +0.33 +3.16%
iShares RUSSELL 2000 INDEX 114.26 +1.78 +1.56%

U.S. STOCK INDEXES

The September NASDAQ 100 was lower overnight. Stochastics and the RSI are overbought, diverging and are turning neutral hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3874.63 would confirm that a short-term top has been posted. If September extends the rally off April’s low, monthly resistance crossing at 4258.97 is the next upside target. First resistance is last Wednesday’s high crossing at 3941.00. Second resistance is monthly resistance crossing at 4258.97. First support is the 20-day moving average crossing at 3874.63. Second support is the reaction low crossing at 3831.50.

The September S&P 500 was lower overnight. Stochastics and the RSI have turned neutral to bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 1945.50 would confirm that a short-term top has been posted. If September renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is this month’s high crossing at 1978.20. Second resistance is unknown. First support is the reaction low crossing at 1945.50. Second support is the reaction low crossing at 1936.00.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 138.12500 +0.06250 +0.05%
iShares FLOATING RATE NOTE 50.7815 -0.0085 -0.02%
5 YEAR T-NOTES Sep 2014 119.117188 -0.070313 -0.06%
ULTRA T-BONDS Sep 2014 151.40625 +0.15625 +0.10%
POWERSHARES SENIOR LOAN PORTF 24.73 +0.02 +0.08%

INTEREST RATES

September T-bonds were steady to slightly higher overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, weekly resistance crossing at 140-16 is the next upside target. Closes below the 20-day moving average crossing at 136-24 would confirm that a top has been posted. First resistance is last Friday’s high crossing at 138-23. Second resistance is weekly resistance crossing at 140-16. First support is the 20-day moving average crossing at 136-24. Second support is July’s low crossing at 134-11.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 211.650 +0.050 +0.02%
LEAN HOGS Oct 2014 113.550 +0.200 +0.18%
LIVE CATTLE Oct 2014 154.325 +0.625 +0.41%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.53 +0.18 +0.55%

LIVESTOCK

August hogs closed down $1.77 at $127.07.

August hogs closed lower on Friday. Today’s 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 126.15 would confirm that a short-term top has been posted. If August renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is June’s high crossing at 132.82. Second resistance is unknown. First support is the reaction low crossing at 126.15. Second support is the reaction low crossing at 123.80.

August cattle closed up $2.97 at 150.65.

August cattle gapped up and closed higher on Friday and above the 20-day moving average crossing at 150.46 tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening when Monday’s session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If August renews this year’s rally into uncharted territory, upside targets will be hard to project. Closes below last Friday’s low crossing at 146.80 would renew this month’s decline and would open the door for a possible test of the 38% retracement level of the 2013-2014-rally crossing at 144.36. First resistance is today’s high crossing at 152.00. Second resistance is July’s high crossing at 156.50. First support is last Friday’s low crossing at 146.80. Second support is the 38% retracement level of the 2013-2014-rally crossing at 144.36.

August feeder cattle closed up $0.05 at $211.65.

August Feeder cattle closed higher on Friday but remains below the 20-day moving average. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off July’s high, the reaction low crossing at 204.85 is the next downside target. Closes above the 20-day moving average crossing at 212.65 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 212.65. Second resistance is last Monday’s high crossing at 219.25. First support is last Friday’s low crossing at 207.90. Second support is the reaction low crossing at 204.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2014 1314.6 +5.2 +0.40%
SPDR GOLD SHARES 126.1300 -0.9599 -0.76%
SILVER Sep 2014 21.015 +0.129 +0.62%
PALLADIUM Sep 2014 884.0 +2.5 +0.28%
DIREXION DAILY GOLD MINERS BEA 15.2599 +0.1099 +0.72%
POWERSHARES DB PRECIOUS METALS 42.7300 +0.6500 +1.53%

PRECIOUS METALS

August gold was higher overnight. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 1318.90 would confirm that a short-term low has been posted. If August renews the decline off July’s high, the reaction low crossing at 1258.00 is the next downside target. First resistance is the 20-day moving average crossing at 1318.90. Second resistance is July’s high crossing at 1346.80. First support is last Tuesday’s low crossing at 1292.60. Second support is the reaction low crossing at 1258.00.

September silver was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 21.090 would confirm that a low has been posted. If September resumes the decline off July’s high, the reaction low crossing at 19.490 is the next downside target. First resistance is the 20-day moving average crossing at 21.090. Second resistance is the reaction high crossing at 21.790. First support is last Wednesday’s low crossing at 20.630. Second support is the reaction low crossing at 19.490.

September copper was lower overnight as it extends the decline off July’s high. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the 38% retracement level of the March-July-rally crossing at 313.55 is the next downside target. Closes above the 10-day moving average crossing at 323.37 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 323.39. Second resistance is last Monday’s high crossing at 329.45. First support is the 38% retracement level of the March-July-rally crossing at 313.55. Second support is the 50% retracement level of the March-July-rally crossing at 308.61.


 

Top Stocks
# symbol name last net % volume score triangles
1. PBR PETROLEO BRASILEIRO SA 17.0575 +1.0275 +6.02% 45,255,370 +90    Entry Signal
2. RFMD RF MICRO DEVICES 10.265 +0.615 +5.99% 22,144,113 +100    Entry Signal
3. IGT INTL GAME TECH 17.14 +0.17 +0.99% 17,214,105 +100    Entry Signal
4. C CITIGROUP 49.53 +0.35 +0.71% 14,234,315 +90    Entry Signal
5. GLUU GLU MOBILE 6.7899 +0.2699 +3.97% 13,798,858 +100    Entry Signal
6. ITUB ITAU UNIBANCO HOLDINGS 15.645 +0.905 +5.79% 13,597,083 +90    Entry Signal
7. BX BLACKSTONE GROUP 35.645 +1.505 +4.22% 10,620,812 +100    Entry Signal
8. HPQ HEWLETT-PACKARD 34.82 +0.39 +1.12% 9,116,512 +100    Entry Signal
9. VZ VERIZON COMMUNICATIONS 50.740 +0.420 +0.83% 8,931,938 +100    Entry Signal
10. MS MORGAN STANLEY 32.65 +0.35 +1.07% 8,227,507 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ZN.U14.E 10 YEAR T-NOTES Sep 2014 125.234375 -0.046875 -0.04% 116,882 +100    Entry Signal
2. SI.U14 SILVER Sep 2014 20.886 -0.248 -1.19% 49,403 +90    Entry Signal
3. ED.Z17 EURODOLLAR Dec 2017 97.235 -0.015 -0.02% 45,194 +100    Entry Signal
4. ED.U18 EURODOLLAR Sep 2018 96.930 -0.010 -0.01% 24,373 +100    Entry Signal
5. 6J.U14.E JAPANESE YEN Sep 2014 0.009870 0.000000 0.00% 21,814 +90    Entry Signal
6. ED.H19 EURODOLLAR Mar 2019 96.775 -0.005 -0.01% 13,165 +100    Entry Signal
7. ED.M19 EURODOLLAR Jun 2019 96.700 -0.005 -0.01% 12,040 +100    Entry Signal
8. GE.Z18.E EURODOLLAR Dec 2018 96.845 0.000 0.00% 4,977 +100    Entry Signal
9. GE.H19.E EURODOLLAR Mar 2019 96.775 0.000 0.00% 2,599 +100    Entry Signal
10. GE.M19.E EURODOLLAR Jun 2019 96.705 +0.005 +0.01% 2,287 +100    Entry Signal

Key Market Reports and Commentary for Thursday 10/07/2014

INO.com Morning Markets Report
Prepared on Thursday, July 10, 2014

Copyright 2014 INO.com. All Rights Reserved.

Summary
The Dow Future is lower 139 points to 16774. The US Dollar Index climbed 0.086 points to 80.115. Gold has advanced 13.115 dollars to 1342.850. Silver has climbed 0.344 dollars to 21.510. The Dow Industrials rose 78.99 points, at 16985.61, while the S&P 500 moved higher by 9.12 points, last seen at 1972.83. The Nasdaq Composite gained 24.66 points to 4416.12. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Are You Buying This Pullback In Stocks?
Wednesday Jul 9th

Here’s Your Market Roadmap For The Rest Of 2014
Wednesday Jul 9th

Isn’t It Time You Took A Look At These Two Portfolios?
Tuesday Jul 8th

Key Events for Thursday

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

Corn, In Metric Tons (previous 712.3K)

Soybeans, In Metric Tons (previous 881.5K)

Wheat, In Metric Tons (previous 479.1K)

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

Weekly Jobless Claims (expected 315K; previous 315K)

Weekly Jobless Claims Net Change (previous +2K)

Cont Jobless Claims (prior week) (previous 2579000)

Cont Jobless Claims Net Chg (prior week) (previous +11K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. May Monthly Wholesale Trade

Inventories (expected +0.6%; previous +1.1%)

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

DJ-BTMU Business Barometer (previous +0.4%)

DJ-BTMU Business Barometer (52 Wk) (previous +1%)

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

Total Working Gas in Storage (previous 1929B)

Total Working Gas in Storage (Net Change) (previous +100B)

12:00 AM ET. June ICSC Chain Store Sales Trends

4:30 PM ET. Federal Discount Window Borrowings

4:30 PM ET. Foreign Central Bank Holdings

4:30 PM ET. Money Stock

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

U.S. Corn, Ending Stocks, Bushels

U.S. Soybeans, Ending Stocks, Bushels

U.S. Wheat, Ending Stocks, Bushels

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt

N/A Rocky Mountain Economic Summit


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.115 +0.086 +0.11%
POWERSHARES DB US DOLLAR INDEX 21.34 -0.05 -0.23%
US Dollar/Canadian Dollar 1.066300 +0.000735 +0.07%
Euro/US Dollar 1.36190 -0.00238 -0.17%
JAPANESE YEN Sep 2014 0.009874 +0.000023 +0.23%
SWISS FRANC Sep 2014 1.1215 -0.0018 -0.16%

CURRENCIES

The September Dollar closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 80.32 would confirm that a low has been posted. If September renews the decline off June’s high, the reaction low crossing at 79.54 is the next downside target. First resistance is the 20-day moving average crossing at 80.32. Second resistance is June’s high crossing at 81.17. First support is the reaction low crossing at 79.77. Second support is the reaction low crossing at 79.54.

The September Euro closed higher on Wednesday and 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If September resumes the rally off June’s low, the 50% retracement level of the May-June decline crossing at 137.45 is the next upside target. If September renews this month’s decline, the reaction low crossing at 135.16 is the next downside target. First resistance is the reaction high crossing at 137.05. Second resistance is the 50% retracement level of the May-June decline crossing at 137.45. First support is the reaction low crossing at 135.16. Second support is June’s low crossing at 135.05.

The September British Pound 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 September extends the rally off May’s low, monthly resistance crossing at 1.7308 is the next upside target. Closes below the 20-day moving average crossing at 1.7035 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 1.7170. Second resistance is monthly resistance crossing at 1.7308. First support is the 10-day moving average crossing at 1.7109. Second support is the 20-day moving average crossing at 1.7035.

The September Swiss Franc closed higher on Wednesday as it consolidates some of this month’s decline. 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 neutral to bullish signaling that sideways to higher price are possible near-term. If September renews the rally off June’s low, the May 9th gap crossing at 1.1376 is the next upside target. If September resumes the decline off July’s high, June’s low crossing at 1.1080 is the next downside target. First resistance is July’s high crossing at 1.1298. Second resistance is the May 9th gap crossing at 1.1376. First support is the reaction low crossing at 1.1104. Second support is June’s low crossing at 1.1080.

The September Canadian Dollar 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 neutral signaling that sideways trading is possible near-term. If September renews this spring’s rally, the 62% retracement level of the 2013-2014-decline crossing at 94.60 is the next upside target. Closes below the 20-day moving average crossing at 93.00 would confirm that a short-term top has been posted. First resistance is last week’s high crossing at 93.99. Second resistance is the 62% retracement level of the 2013-2014-decline crossing at 94.60. First support is the 20-day moving average crossing at 93.00. Second support is the reaction low crossing at 92.82.

The September Japanese Yen closed slightly lower on Wednesday. Today’s 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 bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June’s low, May’s high crossing at .9925 is the next upside target. If September renews the decline off June’s high, May’s low crossing at .9700 is the next downside target. First resistance is today’s high crossing at .9862. Second resistance is May’s high crossing at .9925. First support is the reaction low crossing at .9734. Second support is May’s low crossing at .9700.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Aug 2014 101.84 -0.45 -0.44%
NY HARBOR ULSD HEATING OIL Aug 2014 2.8716 +0.0005 +0.02%
NATURAL GAS Sep 2014 4.158 -0.008 -0.19%
RBOB GASOLINE Aug 2014 2.9382 +0.0005 +0.02%
POWERSHARES DWA ENERGY MOMENT 64.1142 +0.4242 +0.66%
UNITED STATES GASOLINE 61.0000 -0.5100 -0.84%

ENERGIES

August crude oil closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins. Stochastics and the RSI are oversold but reman neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, the reaction low crossing at 100.93 is the next downside target. Closes above the 20-day moving average crossing at 105.24 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 105.24. Second resistance is June’s high crossing at 107.50.First support is today’s low crossing at 102.00. Second support is the reaction low crossing at 100.93.

August heating oil closed lower on Wednesday as it extend the decline off June’s high. The mid-range close sets the stage for a steady opening when Thursday’s night trading begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends this month’s decline, June’s low crossing at 285.38 is the next downside target. Closes above the 20-day moving average crossing at 298.69 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 298.69. Second resistance is June’s high crossing at 307.83. First support is today’s low crossing at 285.86. Second support is June’s low crossing at 285.38.

August unleaded gas closed lower on Wednesday as it extends the decline off June’s high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, the 50% retracement level of this year’s rally crossing at 290.89 is the next downside target. Closes above the 20-day moving average crosing at 304.20 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crosing at 304.20. Second resistance is the reaction high crossing at 311.93. First support is today’s low crossing at 293.59. Second support is the 50% retracement level of this year’s rally crossing at 290.89.

August Henry natural gas closed lower on Wednesday as it extends the decline off June’s high. The low-range close sets the stage for a steady to lower opening when Thursday’s session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June’s high, the 62% retracement level of the November-June rally crossing at 4.091 is the next downside target. Closes above the 20-day moving average crossing at 4.494 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 4.494. Second resistance is June’s high crossing at 4.893. First support is Tuesday’s low crossing at 4.129. Second support is the 62% retracement level of the November-June rally crossing at 4.091.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2014 3059 -28 -0.91%
COFFEE Sep 2014 172.35 -0.55 -0.32%
ORANGE JUICE-A Sep 2014 151.05 +0.20 +0.13%
IPATH DJ-UBS SUGAR TRUST 52.8601 -0.9699 -1.83%
IPATH DJ-UBS SOFTS TRUST 50.3261 -0.4639 -0.97%

FOOD & FIBER

September coffee closed lower on Wednesday as it extends the trading range of the past four weeks. The mid-range close set the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 10-day moving average crossing at 17.43 would confirm that a short-term low has been posted. If September renews this spring’s decline, the 62% retracement level of this winter’s rally crossing at 15.31 is the next downside target.

September cocoa closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI turning neutral to bearish signaling that sideways to lower prices are possible near-term. Close below the reaction low crossing at 30.40 are needed to confirm that a top has been posted. If September extends this spring’s rally, monthly resistance crossing at 33.30 is the next upside target.

October sugar closed lower on Wednesday as it extends this month’s decline. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today’s close below June’s low crossing at 17.47 confirms a downside breakout of this year’s trading range and opens the door for additional weakness near-term. Closes above the 20-day moving average crossing at 18.09 would confirm that a low has been posted.

December cotton closed lower on Wednesday as it extends this year’s decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that additional weakness is possible. If December extends this year’s decline, weekly support crossing at 69.03 is the next downside target. Closes above the 20-day moving average crossing at 74.90 would confirm that a short-term low has been posted.


 

New Law Passed Acknowledging Legitimacy of “Underground Banking”

Just days ago, California passed a law making a controversial new banking system legal within the state. This new banking system is already exploding across the globe. It even has its own ATMs up in cities all over the U.S. The best part of this type of “bank account”: You can actually make money with it. In fact, a simple deposit of $100 back when the system started in 2009 would have exploded into more than $3.5 million by November of last year.

Click to find out how this could change banking forever.

 


Grains Snapshot
Symbol Last Change %
CORN Dec 2014 400 +2 +0.50%
OATS Dec 2014 329.75 -10.75 -3.27%
WHEAT Sep 2014 554.75 +3.50 +0.64%
TEUCRIUM CORN 27.8045 -0.4755 -1.71%
IPATH DJ-UBS GRAINS TRUST 40.8224 -0.6276 -1.54%
ELEMENTS MLCX GRAINS INDEX TRUST 5.350 -0.091 -1.69%
SOYBEANS Nov 2014 1112.50 +8.75 +0.79%
SOYBEAN (MINI) Nov 2014 1113.250 +9.500 +0.86%
SOYBEAN MEAL Dec 2014 358.8 +3.6 +1.01%
TEUCRIUM SOYBEAN 23.50 -0.21 -0.91%

GRAINS

December Corn closed down 6 1/4-cents at 3.98.

December corn closed lower on Wednesday and below psychologial support crossing at 4.00 as it extends the decline off May’s high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, monthly support crossing at 3.48 is the next downside target. Closes above Monday’s gap crossing at 4.14 1/2 would signal that a short-term top has been posted. First resistance is Monday’s gap crossing at 4.14 1/2. Second resistance is the 10-day moving average crossing at 4.22. First support is today’s low crossing at 3.95. Second support is monthly support crossing at 3.48.

December wheat closed down 5 1/4-cents at 5.75.

December wheat closed lower on Wednesday as it extends the decline off May’s high. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May’s high, weekly support crossing at 5.50 1/4 is the next downside target. Closes above the 20-day moving average crossing at 6.05 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.05 1/2. Second resistance is the reaction high crossing at 6.28 1/2. First support is today’s low crossing at 5.71 1/4. Second support is weekly support crossing at 5.50 1/4.

December Kansas City Wheat closed down 10 3/4-cents at 6.64.

December Kansas City wheat closed lower on Wednesday. Today’s low-range close sets the stage for a steady to lower opening on Thursday. 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 May’s high, the 87% retracement level of this year’s rally crossing at 6.51 1/2 is the next downside target. Closes above the 20-day moving average crossing at 7.09 3/4 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.09 3/4. Second resistance is the reaction high crossing at 7.33 3/4. First support is today’s low crossing at 6.64 1/2. Second support is the 87% retracement level of this year’s rally crossing at 6.51 1/2.

December Minneapolis wheat closed down 4-cents at 6.67.

December Minneapolis wheat close lower on Wednesday as it extends this summer’s decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May’s high, the 87% retracement level of this year’s rally crossing at 6.50 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.92 1/2 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 6.92 1/2. Second resistance is the reaction high crossing at 7.09. First support is today’s low crossing at 6.55. Second support is the 87% retracement level of this year’s rally crossing at 6.50 1/2.

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November soybeans closed down 12 1/2-cents at 11.03 3/4.

November soybeans closed lower on Wednesday as it extends this month’s decline. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the decline off May’s high, January’s low crossing at 10.88 1/4 is the next downside target. Closes above the 20-day moving average crossing at 11.92 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 11.62 1/2. Second resistance is the 20-day moving average crossing at 11.92. First support is today’s low crossing at 11.00 3/4. Second support is January’s low crossing at 10.88 1/4.

December soybean meal closed down $2.10 at 355.20.

December soybean meal closed lower on Wednesday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off May’s high, the 87% retracement of this year’s rally crossing at 346.80 is the next downside target. Closes above the 20-day moving average crossing at 382.40 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 370.50. Second resistance is the 20-day moving average crossing at 382.40. First support is today’s low cossing at 354.10. Second support is the 87% retracement of this year’s rally crossing at 346.80.

December soybean oil closed down 67-pts. At 37.30.

December soybean oil closed lower on Wednesday and posted a new contract low. 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 neutral to bearish signaling that additional weakness is possible. If December extends this month’s decline, weekly support crossing at 36.80 is the next downside target. Closes above the 20-day moving average crossing at 39.54 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 39.54. Second resistance is June’s high crossing at 41.31. First support is today’s low crossing at 37.19. Second support is weekly support crossing at 36.80.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 16985.61 +78.99 +0.47%
NASDAQ COMPOSITE INDEX (COMBINED) 4416.12 +24.66 +0.56%
S&P 500 CASH 1972.83 +9.12 +0.46%
SPDR S&P 500 197.060 +0.820 +0.42%
QQQQ VOLATILITY INDEX 10.48 +0.33 +3.16%
iShares RUSSELL 2000 INDEX 116.37 +0.03 +0.03%

U.S. STOCK INDEXES

The September NASDAQ 100 closed higher on Wednesday as it consolidates some of the decline off last week’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 neutral to bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 3829.85 are needed to confirm that a short-term top has been posted. If September resumes the rally off April’s low, monthly resistance crossing at 4258.97 is the next upside target. First resistance is last Thursday’s high crossing at 3918.00. Second resistance is monthly resistance crossing at 4258.97. First support is the 20-day moving average crossing at 3829.85. Second support is the 25% retracement level of the April-July-rally crossing at 3791.75.

The September S&P 500 closed lower on Wednesday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1952.19 would confirm that a short-term top has been posted. If September renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 1978.20. Second resistance is unknown. First support is the 20-day moving average crossing at 1952.19. Second support is the reaction low crossing at 1936.00.

The Dow posted an inside day with a higher close on Wednesday as it consolidated some of this week’s decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 16,887.31 are needed to confirm that a short-term top has been posted. If the Dow renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance last Thursday’s high crossing at 17,074.65. Second resistance is unknown. First support is the 20-day moving average crossing at 16,887.31. Second support is the reaction low crossing at 16,746.09.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2014 137.46875 +0.50000 +0.37%
iShares FLOATING RATE NOTE 50.7895 -0.0005 -0.00%
5 YEAR T-NOTES Sep 2014 119.460938 +0.304688 +0.26%
ULTRA T-BONDS Sep 2014 150.00000 +0.46875 +0.31%
POWERSHARES SENIOR LOAN PORTF 24.8935 +0.0335 +0.13%

INTEREST RATES

September T-bonds closed up 8/32’s at 136-27.

September T-bonds closed higher on Wednesday as it extended this week’s rally. The high-range close sets the stage for a steady to higher opening when Thursday’s night trading begins. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week’s rally, June’s high crossing at 137-12 is the next upside target. If September renews this month’s decline, the 38% retracement level of the January-May rally crossing at 133-30 is the next downside target. First resistance is June’s high crossing at 137-12. Second resistance is May’s high crossing at 138-10. First support is the 38% retracement level of the January-May rally crossing at 133-30. Second support is the 50% retracement level of the January-May rally crossing at 132-19.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2014 212.925 -0.675 -0.32%
LEAN HOGS Aug 2014 128.425 -1.175 -0.90%
LIVE CATTLE Aug 2014 151.000 +0.200 +0.13%
IPATH DJ-UBS LIVESTOCK TRUST SUB 32.7250 -0.3950 -1.21%

LIVESTOCK

August hogs closed down $0.25 at $129.60.

August hogs closed lower on Wednesday. Today’s mid-range close sets the stage for a steady to lower opening when Thursday’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 reaction low crossing at 126.15 would confirm that a short-term top has been posted. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is June’s high crossing at 132.82. Second resistance is unknown. First support is the reaction low crossing at 126.15. Second support is the reaction low crossing at 123.80.

August cattle closed down $2.72 at 150.80.

August cattle posted a key reversal down on Wednesday and below the 10-day moving average crossing at 152.27 signaling that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening when Thursday’s session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 149.21 would confirm that a short-term top has been posted. If August renews this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is Monday’s high crossing at 156.50. Second resistance is unknown. First support is today’s low crossing at 150.52. Second support is the 20-day moving average crossing at 149.21.

August feeder cattle closed down $2.30 at $213.60.

August Feeder cattle closed lower on Wednesday and below the 20-day moving average signaling that a short-term top might be in or is near. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 211.13 would confirm that a short-term top has been posted. If August extends this year’s rally into uncharted territory, upside targets will be hard to project. First resistance is Monday’s high crossing at 219.25. Second resistance is unknown. First support is the 20-day moving average crossing at 211.13. Second support is the June 24th gap crossing at 208.00.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2014 1343.0 +18.7 +1.41%
SPDR GOLD SHARES 127.7599 +0.6899 +0.54%
SILVER Sep 2014 21.555 +0.487 +2.30%
PALLADIUM Sep 2014 876.00 +3.30 +0.38%
DIREXION DAILY GOLD MINERS BEA 15.367 -1.183 -7.75%
POWERSHARES DB PRECIOUS METALS 43.1100 +0.2802 +0.65%

PRECIOUS METALS

August gold closed higher on Wednesday as it extends 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 hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1309.20 would confirm that a short-term top has been posted. If August extends the rally off June’s low, the 75% retracement level of the March-June-decline crossing at 1354.40 is the next upside target. First resistance is last week’s high crossing at 1334.90. Second resistance is the 75% retracement level of the March-June-decline crossing at 1354.40. First support is the 20-day moving average crossing at 1309.20. Second support is the reaction low crossing at 1258.00.

July silver closed slightly higher on Wednesday. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this month’s rally, the 75% retracement level of the February-May-decline crossing at 21.323 is the next upside target. Multiple closes below the 20-day moving average crossing at 20.698 are needed to confirm that a top has been posted. First resistance is the reaction high crossing at 21.254. Second resistance is the 75% retracement level of the February-May-decline crossing at 21.323. First support is the reaction low crossing at 20.705. Second support is the 20-day moving average crossing at 20.698.

July copper closed lower on Wednesday. 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 and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 315.40 would confirm that a short-term top has been posted. If July extends the rally off June’s low, February’s high crossing at 329.38 is the next upside target. First resistance is last week’s high crossing at 326.80. Second resistance is February’s high crossing at 329.38. First support is the 20-day moving average crossing at 315.40. Second support is the reaction low crossing at 312.30.


 

Top Stocks
# symbol name last net % volume score triangles
1. BBRY BLACKBERRY LTD COMMON 11.41 +0.47 +4.12% 27,371,966 +90    Entry Signal
2. AMX AMERICA MOVIL 22.81 +2.07 +9.07% 21,759,046 +100    Entry Signal
3. RAD RITE AID 7.31 +0.04 +0.55% 16,021,550 +90    Entry Signal
4. TWX TIME WARNER INC 72.475 +1.725 +2.38% 13,380,190 +90    Entry Signal
5. PG PROCTER & GAMBLE 81.63 +1.07 +1.31% 11,032,175 +100    Entry Signal
6. PXLW PIXELWORKS 8.7219 +1.1219 +12.85% 10,524,448 +90    Entry Signal
7. GM GENERAL MOTORS 37.93 +0.35 +0.92% 9,676,716 +100    Entry Signal
8. GILD GILEAD SCIENCES 88.5830 +1.4730 +1.66% 9,580,309 +100    Entry Signal
9. KRG KITE REALTY GROUP TRUST 6.4550 -0.0450 -0.70% 9,419,759 +90    Entry Signal
10. GLUU GLU MOBILE 5.46 +0.36 +6.59% 8,857,079 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. ZN.U14.E 10 YEAR T-NOTES Sep 2014 125.390625 +0.406250 +0.33% 436,204 +100    Entry Signal
2. GE.Z16.E EURODOLLAR Dec 2016 98.035 +0.070 +0.07% 123,442 +100    Entry Signal
3. GE.U16.E EURODOLLAR Sep 2016 98.285 +0.065 +0.07% 104,409 +100    Entry Signal
4. GC.Q14.E GOLD Aug 2014 1343.0 +18.7 +1.41% 76,124 +100    Entry Signal
5. 6J.U14.E JAPANESE YEN Sep 2014 0.009874 +0.000023 +0.23% 48,637 +100    Entry Signal
6. GE.H17.E EURODOLLAR Mar 2017 97.825 +0.070 +0.07% 47,738 +100    Entry Signal
7. SI.U14.E SILVER Sep 2014 21.555 +0.487 +2.30% 21,126 +100    Entry Signal
8. GE.H18.E EURODOLLAR Mar 2018 97.165 +0.055 +0.06% 14,182 +100    Entry Signal
9. GC.Z14.E GOLD Dec 2014 1344.2 +18.4 +1.38% 11,364 +100    Entry Signal
10. NGT.Q14.E NATURAL GAS (TAS) Aug 2014 0 +4 0.00% 6,145 +100    Entry Signal

Four Stocks For Range Traders

Tickers in this Article: DAR, GPC, UTX, AVY

Ranges occur when the price of a stock is bound between an upper ceiling (resistance) and a lower floor (support), which it can’t break through. The price channels back and forth between these areas establish the price range. In hindsight ranges can look easy to trade, but don’t be fooled. One of the major issues is that the price doesn’t usually stop and reverse at the exact same price levels as it did before. This can make defining entry points, targets and stop losses tricky. To help remedy this, use volume analysis and wait for signs of a reversal near resistance or support areas before jumping in.
United Technologies Corp. (UTX)

United Technologies Corp. (UTX) has been ranging since March, even though the long-term trend remains up. Resistance is between $120.19 and $120.66. Support has developed between $113.54 and $112.32 (all unadjusted prices). The price may move slightly beyond these levels, or reverse just shy of them on the next attempt. Each side has been tested multiple times, and volume hasn’t increased near the breakout points. The trend is up, so ideal trades are taken in the support area, following an up day which shows support has likely held. Place a stop below the recent low. Target is near $120 based on the range, but if the price breaks higher the trade can be held for a larger gain based on the up trend continuing. (For related reading, see: 3 Points of Validation for Any Price Breakout.)
SEE: Profiting In Bear And Bull Markets

Genuine Parts Co. (GPC)
Genuine Parts Co. (GPC) has been ranging since mid-February. The longer-term trend is up, but has been very choppy going back to May 2013. The price is currently testing the resistance area between $90 and $88. Volume is near average and will likely need to increase – combined with a strong up day – to break the range. If volume remains subdued, wait for a down day to indicate that some selling pressure is present in the resistance area. Place a stop just above the recent high and a target near $84. Support is between $83.84 and $83.43. Given the slight uptrend the long has a slightly higher probability of success, but only marginally so because the price has been so choppy over the last year. Watch for a test of support and then buy following an up day. Enter a stop below the recent low and a target near $88.
Darling Ingredients Inc. (DAR)
chart
Darling Ingredients Inc. (DAR) has been range bound since December, and currently testing resistance between $21.30 and $21.85. The price has already been rejected from this area in late June, indicating the range is likely to hold. In July the price has been creeping back toward resistance, offering a second chance short entry with a stop above $21.50. The downside target is $19.50 to $19.25, just above the support area at $19 to $18.66. The trend outlook is mixed, so long trades near support (with a stop just below) or a short trade, as described, are both valid. This is assuming there isn’t a breakout on high volume; low volume breakouts will likely fail and confirm the range trades.
Avery Dennison Corp. (AVY)
Avery Dennison Corp. (AVY) gapped higher last November and has been moving within a range since. The price action has been choppy, but there is well defined resistance between $51.92 and $52.24. The overall trend is up in the stock, so taking a short position in the resistance area goes against that trend. A potential upside breakout – above $52 on high volume – may be worth keeping an eye on. In the event the range continues, support is between $46.65 and $46.03. If the stock reverses higher in this region, look to go long with a stop below the recent low and a target near $51.50. (For related reading, see:Taking Advantage of Missed Breakout Opportunities.)
The Bottom Line
Ranges can be lucrative, as they offer trades with relatively low risk compared to the potential reward if the range continues. They look simple, but can be tough to trade in real-time. View support and resistance as price areas, not specific prices, because rarely will price stop and reverse at the exact same level(s) as before. An increase in volume should typically accompany a breakout, so if volume remains subdued while the price is in a support or resistance area there is a greater likelihood the range will hold. Price reversals near support or resistance help highlight that the range will continue. Stops can be placed just outside these reversal points to control risk, with targets near the other side of the channel. Only risk a small percentage of the trading account on any one trade, that way a single loss doesn’t significantly draw down your capital.

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Disclosure – At the time of writing, the author did not own shares of any company mentioned in this article.