Key Market Reports and Commentary for Tuesday 24/09/2013

Morning Markets Report
Prepared on Tuesday, September 24, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

Blog Postings and Videos
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3 Big Surprises I Experienced At My Local Apple Store This Weekend
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Key Events for Tuesday

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

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

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

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

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.3%)

12MonChgPct (previous +4%)

52WkChgPct (previous +3.4%)

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

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

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

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

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

National Q/Q

National Y/Y

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

House Price Index

House Price Index (MoM)

House Price Index (YoY)

10:00 AM ET. Sept Consumer Confidence Index

Consumer Confidence Index (expected 79.9; previous 81.5)

Expectation Index (previous 88.7)

Present Situation Index (previous 70.7)

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

Manufacturing Index (previous 14)

Retail Revenues Index (previous -15)

Services Revenue Index (previous 14)

Shipments Index (previous 17)

4:30 PM ET. API Weekly Statistical Bulletin

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

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

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

Refinery Runs (previous 93.4%)


 

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

CURRENCIES

December Dollar closed higher due to short covering on Monday as it consolidated some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, February’s low crossing at 79.66 is the next downside target. Closes above the 20-day moving average crossing at 81.71 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 81.17. Second resistance is the 20-day moving average crossing at 81.71. First support is last Thursday’s low crossing at 80.15. Second support is February’s low crossing at 79.66.

The December Euro closed lower due to profit taking on Monday as it consolidated some of this month’s rally. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, February’s high crossing at 137.17 is the next upside target. Closes below the 20-day moving average crossing at 133.25 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 135.73. Second resistance is February’s high crossing at 137.17. First support is the 10-day moving average crossing at 133.96. Second support is the 20-day moving average crossing at 133.25.

The December British Pound closed higher on Monday and the high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.5740 would confirm that a short-term top has been posted. If December renews the rally off July’s low, the December 2012 high crossing at 1.6264 is the next upside target. First resistance is last Wednesday’s high crossing at 1.6112. Second resistance is the December 2012 high crossing at 1.6264. First support is the 10-day moving average crossing at 1.5916. Second resistance is the 20-day moving average crossing at 1.5740.

The December Swiss Franc closed slightly lower on Monday as it consolidated some of this month’s rally. The mid-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, January’s high crossing at .11062 is the next upside target. Closes below the 20-day moving average crossing at .10800 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .11015. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10851. Second support is the 20-day moving average crossing at .10800.

The December Canadian Dollar closed higher on Monday ending a two-day correction off last Thursday’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 96.01 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, June’s high crossing at 98.22 is the next upside target. First resistance is last Thursday’s high crossing at 97.99. Second resistance is June’s high crossing at 98.22. First support is the 10-day moving average crossing at 96.88. Second support is the 20-day moving average crossing at 96.01.

The December Japanese Yen closed higher on Monday as it consolidates some of the decline off last Thursday’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off this month’s low, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10078 would confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at .10223. Second resistance is the reaction high crossing at .10330. First support is this month’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 103.43 -0.16 -0.15%
NEW YORK HARBOR ULSD Nov 2013 2.9450 -0.0116 -0.39%
NATURAL GAS Nov 2013 3.693 +0.016 +0.44%
RBOB GASOLINE Nov 2013 2.6118 -0.0032 -0.12%
POWERSHARES DYNAMIC ENERGY 49.83 -0.40 -0.80%
UNITED STATES GASOLINE 56.138 -0.902 -1.61%

ENERGIES

October crude oil closed lower on Monday extending this month’s decline. October decline as the United Nations Security Council worked toward a resolution based on the Geneva accord between the U.S. and Russia. The Syria premium has basically been taken out of the market. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 38% retracement level of the April-August rally crossing at 102.43 is the next downside target. Multiple closes above the 20-day moving average crossing at 105.56 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. Second resistance is August’s high crossing at 112.24. First support is the reaction low crossing at 104.21. Second support is the 38% retracement level of the April-August rally crossing at 102.43.

October heating oil closed sharply lower on Monday as it extends the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Tuesday’s trading begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 62% retracement level of the April-August rally crossing at 294.14 is the next downside target. Closes above the 20-day moving average crossing at 309.63 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 304.34. Second resistance is the 20-day moving average crossing at 306.63. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed lower on Monday as it extended the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 259.52 is the next downside target. Closes above the 20-day moving average crossing at 279.27 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 271.04. Second resistance is the 20-day moving average crossing at 279.27. First support is today’s low crossing at 261.60. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed lower on Monday and below the 20-day moving average crossing at 3.631 confirming that a short-term top has been posted while opening the door for additional weakness near-term. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If October extends today’s decline, the reaction low crossing at 3.517 is the next downside target. If October renews the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the reaction low crossing at 3.517. Second support is the reaction low crossing at 3.418.


 

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

FOOD & FIBER

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

December cocoa closed lower on Monday. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 25.50 would confirm that a short-term top has been posted. If December extends the rally off June’s low, the 2012 high crossing at 27.25 is the next upside target.

October sugar closed higher on Monday. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging but are bullish signaling that sideways to higher prices are possible near-term. If October renews this month’s rally, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.81 would confirm that a short-term top has been posted.

October cotton closed lower on Monday. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August’s high, May’s low crossing at 81.83 is the next downside target. Closes above the 10-day moving average crossing at 84.79 would confirm that a short-term low has been posted.


 

Why I’m Predicting a Tech Sector Explosion

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

GRAINS

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

December corn closed higher due to short covering on Monday as it consolidated some of the decline off August’s high. Today’s rebound was supported by another week of strong export data. However, upside potential was limited as traders begin to position ahead of next Monday’s quarterly stocks report. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.68 1/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.68 1/4. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.48 1/4. Second support is August’s low crossing at 4.45 3/4.

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

December wheat closed higher due to short covering on Monday and above the 20-day moving average. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the reaction high crossing at 6.76 1/2 is the next upside target. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. First resistance is last Thursday’s high crossing at 6.62 1/2. Second resistance is the reaction high crossing at 6.76 1/2. First support is the reaction low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed up 5-cents at 7.97 3/4.

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

December Minneapolis wheat closed down 1-cents at 6.98 3/4.

December Minneapolis wheat closed lower on Monday as it extends this summer’s decline. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible. If December extends this summer’s decline, weekly support crossing at 6.93 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.14 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.14 3/4. Second resistance is the reaction high crossing at 7.48. First support is today’s low crossing at 6.97 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

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

November soybeans closed lower on Monday and below the 38% retracement level of the August-September rally crossing at 13.15 as it extended this month’s losses. Harvest is underway, which is easing tight supplies. Early yield reports have been decent but no yield trend has yet been confirmed. However, chances that this year’s soybean crop might be a little bigger than expected will likely keep downward pressure on the market near-term. Today’s low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If November extends this month’s decline, the 50% retracement level of the August-September rally crossing at 12.85 is the next downside target. Closes above the 20-day moving average crossing at 13.59 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 13.59. Second resistance is August’s high crossing at 14.09 1/2. First support is today’s low crossing at 13.05 1/2. Second support is the 50% retracement level of the August-September rally crossing at 12.85.

December soybean meal closed down $2.40 at 409.20.

December soybean meal closed lower on Monday as it extended this month’s decline. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this month’s decline, the 38% retracement level of the April-September rally crossing at 404.90 is the next downside target. Closes above the 20-day moving average crossing at 428.00 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 428.00. Second resistance is this month’s high crossing at 451.20. First support is the 38% retracement level of the April-September rally crossing at 404.90. Second support is the 50% retracement level of the April-September rally crossing at 390.60.

December soybean oil closed down 10 pts. at 42.24.

December soybeans closed lower on Monday. A short covering rally tempered early session losses and the high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 43.38 are needed to confirm that a short-term low has been posted. If December extends the decline off August’s high, August’s low crossing at 41.85 is the next downside target. First resistance is the 20-day moving average crossing at 43.38. Second resistance is the reaction high crossing at 44.46. First support is today’s low crossing at 41.96. Second support is August’s low crossing at 41.85.


 

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

U.S. STOCK INDEXES

December NASDAQ 100 closed lower due to profit taking on Monday as it consolidated some of this year’s rally. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought, diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3144.72 are needed to confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 3241.50. Second resistance is monthly high crossing at 3329.82. First support is the 10-day moving average crossing at 3191.65. Second support is the 20-day moving average crossing at 3144.71.

The December S&P 500 closed lower for the third day in a row on Monday. The December Standard & Poor’s 500 Index posted its largest setback in a month as financial shares slumped while investors watched speeches from Federal Reserve officials for clues on monetary policies. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1666.23 would confirm that a short-term top has been posted. If December renews the rally off August’s low into uncharted territory, upside targets will be hard to project. First resistance is last Thursday’s high crossing at 1726.50. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10-day moving average crossing at 1694.10. Second support is the 20-day moving average crossing at 1666.23.

The Dow closed lower on Monday and below the 10-day moving average crossing at 15,438 signaling that a short-term top might be in or is near. Investors have shifted their focus on the Fed’s policies as a risk is rising from a possible government shutdown in the near future. President Obama and Republican congressional leaders are hardening positions on the federal budget and borrowing limit and recent political setbacks suffered by both are raising the odds of a government shutdown. A debt default or near miss could trigger a significant setback in the equity markets, which was alluded to by forty percent of global investors surveyed in a Sept. 10 Bloomberg poll. They indicated that they would pull back on U.S. markets in the event of a government shutdown, which many economists say would be less damaging than a debt default. Today’s mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 15,163 are needed to confirm that a short-term top has been posted. If the Dow renews the rally off August’s low, upside targets will now be hard to project. First resistance is last Wednesday’s high crossing at 15,709. Second resistance is unknown. First support is today’s low crossing at 15,368. Second support is the 20-day moving average crossing at 15,163.


 

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

INTEREST RATES

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

December T-bonds closed higher on Monday and are poised to renew the rally off this month’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off this month’s low, the 25% retracement level of the May-September decline crossing at 133-09 is the next upside target. Closes below the 10-day moving average crossing at 130-15 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-September decline crossing at 133-09. Second resistance is the 38% retracement level of the May-September decline crossing at 135-28. First support is this month’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

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

LIVESTOCK

hogs closed up $0.12 at $90.17.

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

October cattle closed up $0.65 at 126.60.

October cattle gapped up and closed higher on Monday following last Friday’s friendly cattle-on-feed report. The mid-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends today’s rally, the reaction high crossing at 127.75 is the next upside target. Closes below the 10-day moving average crossing at 125.46 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 126.90. Second resistance is the reaction high crossing at 127.75. First support is the 20-day moving average crossing at 125.88. Second support is the 10-day moving average crossing at 125.46.

October feeder cattle closed up $1.87 at $162.10.

October Feeder cattle closed sharply higher on Monday following last Friday’s friendly cattle-on-feed report. Friday’s report further deepens the potential hole in December-March fed cattle marketings. These holes in marketings fuel predictions of higher prices. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May’s low, January’s high crossing at 164.75 is the next upside target. Closes below the 20-day moving average crossing at 158.59 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 162.22. Second resistance is January’s high crossing at 164.75. First support is today’s gap crossing at 160.65. Second support is the 20-day moving average crossing at 158.59.


 

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

PRECIOUS METALS

October gold closed lower on Monday as the U.S. economy continues to improve. The Federal Reserve’s surprise decision to hold stimulus for now will help prices only in the short term. However, gold could drop below $1,250 an ounce before the end of the year as economic data strengthens and investors expect the Fed to start reducing its asset purchases. Today’s high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1365.80 are needed to confirm that a short-term low has been posted. If October renews the decline off August’s high, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1365.80. Second resistance is August’s high crossing at 1432.90. First support is last Wednesday’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed lower on Monday as it extended last Friday’s decline. A short covering rally tempered early session losses and the high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 23.095 are needed to confirm that a low has been posted. If December renews the decline off August’s high, August’s low crossing at 19.145 is the next downside target. First resistance is the 20-day moving average crossing at 23.095. Second resistance is August’s high crossing at 25.160. First support is last Wednesday’s low crossing at 21.225. Second support is the 62% retracement level of the June-August rally crossing at 20.867.

December copper closed lower due to profit taking on Monday as it consolidated some of last week’s rally. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December renews last week’s rally, August’s high crossing at 339.50 is the next upside target. Closes below the 10-day moving average crossing at 326.23 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 335.95. Second resistance is August’s high crossing at 339.50. First support is the 10-day moving average crossing at 326.23. Second support is this month’s low crossing at 319.05.


 

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

Key Market Reports and Commentary for Tuesday 10/09/2013

Morning Markets Report
Prepared on Tuesday, September 10, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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

Gold Chart of The Week
Monday Sep 9th

Advanced Trading Applications of Candlestick Charting
Sunday Sep 8th

Key Events for Tuesday

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

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

Small Business Optimism Index (previous 94.1)

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

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

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

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.6%)

12MonChgPct (previous +3.9%)

52WkChgPct (previous +4.7%)

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

4:30 PM ET. API Weekly Statistical Bulletin

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

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

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

Refinery Runs (previous 91%)


 

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

CURRENCIES

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

The December Euro closed higher due to short covering on Monday as it extends the rebounded off the 50% retracement level of the July-August rally crossing at 131.04. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 132.98 would confirm that a low has been posted. If December extends the decline off August’s high, the 62% retracement level of the July-August rally crossing at 130.27 is the next downside target. First resistance is the 20-day moving average crossing at 132.98. Second resistance is August’s high crossing at 134.58. First support is the 50% retracement level of the July-August rally crossing at 131.10. Second support is the 62% retracement level of the July-August rally crossing at 130.27.

The December British Pound closed higher on Monday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging but remain bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 1.5901 is the next upside target. Closes below the 10-day moving average crossing at 1.5563 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.5723. Second resistance is weekly resistance crossing at 1.5901. First support is the reaction low crossing at 1.5420. Second resistance is the reaction low crossing at 1.5410.

The December Swiss Franc closed higher on Monday confirming last Friday’s key reversal up. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at .10784 would confirm that a short-term low has been posted. If December extends the decline off August’s high, the 62% retracement level of the July-August rally crossing at .10543 is the next downside target. First resistance is the 20-day moving average crossing at .10784. Second resistance is the reaction high crossing at .10938. First support is last Friday’s low crossing at .10584. Second support is the 62% retracement level of the July-August rally crossing at .10543.

The December Canadian Dollar closed higher on Monday as it extended last Friday’s breakout above the 20-day moving average confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the reaction high crossing at 98.86 is the next upside target. Closes below the 10-day moving average crossing at 95.13 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 96.28. Second resistance is the reaction high crossing at 98.86. First support is the 10-day moving average crossing at 95.13. Second support is August’s low crossing at 94.37.

The December Japanese Yen posted an inside day with a lower close on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, July’s low crossing at .9860 is the next downside target. Closes above the 20-day moving average crossing at .10181 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10181. Second resistance is the reaction high crossing at .10330. First support is last Friday’s low crossing at .9982. Second support is July’s low crossing at .9860.


 

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

ENERGIES

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

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

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

October Henry natural gas closed higher due to short covering on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.518 would confirm that a short-term top has been posted. If October renews the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20-day moving average crossing at 3.518. Second support is August’s low crossing at 3.154.


 

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

FOOD & FIBER

December coffee closed unchanged on Monday. The mid-range close set the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 119.46 would confirm that a low has been posted. If December extends this summer’s decline, monthly support crossing at 10.21 is the next downside target.

December cocoa closed slightly lower on Monday as it consolidated some of the rally off June’s low. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish signaling additional gains are possible near-term. If December extends the rally off June’s low, the 87% retracement level of the 2012-2013-decline crossing at 26.43 is the next upside target. Closes below the 20-day moving average crossing at 24.88 would confirm that a short-term top has been posted.

October sugar closed higher on Monday as it extends the rally off August’s low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, August’s high crossing at 17.29 is the next upside target. Closes below the 10-day moving average crossing at 16.53 would confirm that a short-term top has been posted.

October cotton closed higher due to short covering on Monday as it consolidates some of the decline off August’s high. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, May’s low crossing at 81.83 is the next downside target. Closes above the 20-day moving average crossing at 86.39 would confirm that a low has been posted.


 

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

GRAINS

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

December corn closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 10-day moving average crossing at 4.76 3/4 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 4.76 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is last Thursday’s low crossing at 4.57. Second support is August’s low crossing at 4.45 3/4.

December wheat closed down 6 1/2-cents at 6.41 1/4.

December wheat closed lower on Monday due to spillover weakness from the corn market. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. Closes above the 10-day moving average crossing at 6.52 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 6.52. Second resistance is August’s high crossing at 6.79 3/4. First support is last Thursday’s low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed down 7-cents at 6.88 1/2.

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

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

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

SOYBEAN COMPLEX

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

November soybeans posted a key reversal down on Monday and the low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 13.31 1/2 are needed to confirm that a short-term top has been posted. If November renews the rally off August’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is August’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the August 26th gap crossing at 13.31 1/2. Second support is the 20-day moving average crossing at 13.20 3/4.

December soybean meal closed down $2.40 at 426.50.

December soybean meal closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 420.30 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is August’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is the August 26th gap crossing at 420.30. Second support is the 20-day moving average crossing at 411.40.

December soybean oil closed down 55 pts. at 43.17.

December soybeans closed lower on Monday and below the 20-day moving average crossing at 43.60 confirming that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends today’s decline, the reaction low crossing at 42.67 is the next downside target. Closes above last Friday’s high crossing at 44.46 would temper the near-term bearish outlook. First resistance is last Friday’s high crossing at 44.46. Second resistance is August’s high crossing at 45.32. First support is the reaction low crossing at 42.67. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15063.12 +140.62 +0.93%
NASDAQ COMPOSITE INDEX (COMBINED) 3705.91 +45.90 +1.24%
S&P 500 CASH 1671.71 +16.54 +0.99%
SPDR S&P 500 167.61 +1.57 +0.94%
QQQQ VOLATILITY INDEX 14.52 -0.23 -1.58%
iShares RUSSELL 2000 INDEX 103.97 +1.58 +1.52%

U.S. STOCK INDEXES

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

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

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


 

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

INTEREST RATES

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

December T-bonds closed higher due to short covering on Monday as it consolidated some of the decline off last week’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. Closes above the 20-day moving average crossing at 130-12 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 130-12. Second resistance is the reaction high crossing at 132-04. First support is last Friday’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 157.75 -0.30 -0.19%
LEAN HOGS Oct 2013 90.900 +0.025 +0.03%
LIVE CATTLE Oct 2013 125.200 -0.150 -0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.4300 +0.0588 +0.21%

LIVESTOCK

hogs closed down $0.03 at $90.87.

October hog closed lower due to light profit taking on Monday as it consolidated some of the rally off March’s low. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 87.27 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 91.10. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 88.19. Second support is the 20-day moving average crossing at 87.27.

October cattle closed down $0.32 at 125.35.

October cattle closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, August’s low crossing at 124.12 is the next downside target. Closes above the 20-day moving average crossing at 127.07 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 126.30. Second resistance is the 20-day moving average crossing at 127.04. First support is last Friday’s low crossing at 124.90. Second support is August’s low crossing at 124.12.

October feeder cattle closed up $0.02 at $158.05.

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


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1368.0 -18.7 -1.35%
SPDR GOLD SHARES 133.87 -0.28 -0.21%
SILVER Dec 2013 23.260 -0.457 -1.93%
PALLADIUM Dec 2013 686.3 +3.3 +0.48%
DIREXION DAILY GOLD MINERS BEA 28.5200 +0.9200 +3.23%
POWERSHARES DB PRECIOUS METALS 46.0645 -0.1055 -0.23%

PRECIOUS METALS

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

December silver closed lower on Monday. The low-range close set the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.337 are needed to confirm that a short-term top has been posted. If December renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.862 is the next upside target. First resistance is August’s high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is the 20-day moving average crossing at 23.338. Second support is the reaction low crossing at 22.320.

December copper closed higher on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 330.81 would confirm that a short-term low has been posted. If December renews the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is the 20-day moving average crossing at 330.81. Second resistance is August’s high crossing at 339.50. First support is last Thursday’s low crossing at 322.00. Second support is the reaction low crossing at 314.00.


 

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

Key Market Reports and Commentary for Wednesday 04/09/2013

Morning Markets Report
Prepared on Wednesday, September 4, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is lower 8 points to 14819. The US Dollar Index slipped 0.135 points to 82.241. Gold is lower 10.96 dollars to 1401.70. Silver is trending lower 0.2470 dollars to 23.8690. The Dow Industrials moved higher by 23.65 points, at 14833.96, while the S&P 500 edged higher by 6.80 points, last seen at 1639.77. The Nasdaq Composite rose 21.35 points to 3611.22. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: Is Dennis Rodman Our Official Ambassador To North Korea? Maybe The White House Should Ask Him To Go To Syria; Crazier Things Have Been Known To Happen and It’s Only Tuesday!
Tuesday Sep 3rd

“Reverse the forces that have conspired for decades against working Americans” Imagine who said those words?
Tuesday Sep 3rd

Nokia stock surges on Microsoft takeover
Tuesday Sep 3rd

Key Events for Wednesday

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 439.2)

Market Composite Index Cur Chg (previous -2.5%)

Purchase Index (S.A.) (previous 189.4)

Purchase Index (S.A.) Cur Chg (previous +2.4%)

Refinance Index (previous 1871.8)

Refinance Index Cur Chg (previous -5.4%)

7:30 AM ET. Aug Challenger Job-Cut Report

Job Cuts, M/M (previous -4.2%)

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

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

Chain Store Sales Index – YoY (previous +1.9%)

8:30 AM ET. July U.S. International Trade in Goods & Services

Deficit (expected -38.6B; previous -34.22B)

Exports (previous 191.17B)

Exports Percent Change (previous +2.2%)

Imports (previous 225.4B)

Imports Percent Change (previous -2.5%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.3%)

12MonChgPct (previous +3.7%)

52WkChgPct (previous +3.8%)

9:45 AM ET. Aug ISM-NY Report on Business

US ISM-NY Business Index (previous 67.8)

10:00 AM ET. 2 Quarter Quarterly Services

10:00 AM ET. Aug Online Help Wanted Index

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

4:00 PM ET. Aug Domestic Auto Industry Sales

Annualized Vehicle Sales (expected 15.7M; previous 15.67M)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -0.84M)

Gasoline Stocks (Net Change) (previous -1.1M)

Distillate Stocks (Net Change) (previous +0.M)

Refinery Runs (previous 91.2%)

N/A Annual CAF Conference


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.241 -0.135 -0.17%
POWERSHARES DB US DOLLAR INDEX 22.245 +0.055 +0.25%
US Dollar/Canadian Dollar 1.04855 -0.00516 -0.49%
Euro/US Dollar 1.31725 +0.00072 +0.05%
JAPANESE YEN Sep 2013 0.010060 +0.000007 +0.07%
SWISS FRANC Sep 2013 1.0680 0.0000 0.00%

CURRENCIES

September Dollar closed higher on Tuesday extending the rally off August’s low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, the 50% retracement level of the July-August decline crossing at 82.87 is the next upside target. Closes below the 20-day moving average crossing at 81.50 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 82.78. Second resistance is the 50% retracement level of the July-August decline crossing at 82.87. First support is the 10-day moving average crossing at 81.69. Second support is the 20-day moving average crossing at 81.50.

The September Euro closed lower on Tuesday as it extends last week’s decline. The mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the reaction low crossing at 130.69 is the next downside target. Closes above the 10-day moving average crossing at 133.25 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 133.25. Second resistance is the 75% retracement level of the February-July decline crossing at 134.65. First support is today’s low crossing at 131.38. Second support is the reaction low crossing at 130.69.

The September British Pound closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the reaction low crossing at 1.5419 is the next downside target. Closes above the 10-day moving average crossing at 1.5571 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.5571. Second resistance is August’s high crossing at 1.5716. First support is last Wednesday’s low crossing at 1.5425. Second resistance is the reaction low crossing at 1.5419.

The September Swiss Franc closed lower on Tuesday as it extended last week’s decline. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, August’s low crossing at .10644 is the next downside target. Closes above the 10-day moving average crossing at .10818 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at .10818. Second resistance is last Tuesday’s high crossing at .10936. First support is today’s low crossing at .10659. Second support is August’s low crossing at .10644.

The September Canadian Dollar closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are neutral to bearish signaling that additional weakness is possible near-term. Closes above the 20-day moving average crossing at 95.96 would confirm that a short-term low has been posted. If September extends the decline off July’s high, July’s low crossing at 94.09 is the next downside target. First resistance is the 10-day moving average crossing at 95.23. Second resistance is the 20-day moving average crossing at 95.96. First support is August’s low crossing at 94.55. Second support is July’s low crossing at 94.09.

The September Japanese Yen closed sharply lower on Tuesday as it extends the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends today’s decline, July’s low crossing at .9852 is the next downside target. Closes above the 20-day moving average crossing at .10237 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10237. Second resistance is last Wednesday’s high crossing at .10329. First support is today’s low crossing at .10014. Second support is July’s low crossing at .9852.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 108.11 -0.43 -0.40%
NEW YORK HARBOR ULSD Oct 2013 3.1407 -0.0076 -0.24%
NATURAL GAS Nov 2013 3.781 +0.021 +0.56%
RBOB GASOLINE Oct 2013 2.8544 -0.0102 -0.36%
POWERSHARES DYNAMIC ENERGY 49.02 +0.13 +0.26%
UNITED STATES GASOLINE 61.5310 -0.0590 -0.10%

ENERGIES

October crude oil posted an upside reversal on Tuesday ending a two-day decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins. Stochastics and the RSI are bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 106.34 are needed to confirm that a short-term top has been posted. If October renews this summer’s rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is last Wednesday’s high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20-day moving average crossing at 106.34. Second support is the reaction low crossing at 103.50.

October heating oil closed higher on Tuesday ending the correction off last week’s high. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought and are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 308.04 would confirm that a short-term top has been posted. If October renews the rally off August’s low, the contract high crossing at 324.56 is the next upside target. First resistance is last Wednesday’s high crossing at 322.90. Second resistance is the contract high crossing at 324.56. First support is the 10-day moving average crossing at 312.73. Second support is the 20-day moving average crossing at 308.04.

October unleaded gas closed lower on Tuesday extending the decline off August’s high. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 283.87 are needed to confirm that a short-term top has been posted. If October renews the rally off August’s low, weekly resistance crossing at 316.32 is the next upside target. First resistance is last Wednesday’s high crossing at 298.21. Second resistance is weekly resistance crossing at 316.32. First support is the 20-day moving average crossing at 283.87. Second support is the reaction low crossing at 278.44.

October Henry natural gas closed higher on Tuesday and tested the 38% retracement level of the May-August decline crossing at 3.680. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20-day moving average crossing at 3.457 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20-day moving average crossing at 3.457. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2435 +17 +0.70%
COFFEE Dec 2013 118.30 +1.10 +0.94%
ORANGE JUICE-A Nov 2013 132.60 -4.75 -3.60%
IPATH DJ-UBS SUGAR TRUST 56.8500 +0.0499 +0.09%
IPATH DJ-UBS SOFTS TRUST 44.8801 -0.3799 -0.84%

FOOD & FIBER

September coffee closed higher on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this summer’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the 20-day moving average crossing at 117.33 would confirm that a low has been posted.

September cocoa closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Today’s close below the reaction low crossing at 24.05 confirms that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

October sugar closed higher on Tuesday. The high-range close set the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August’s high, the reaction low crossing at 16.09 is the next downside target. Closes above the 20-day moving average crossing at 16.68 would confirm that a low has been posted.

October cotton closed lower on Tuesday as it extended the decline off August’s high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month’s decline, May’s low crossing at 81.83 is the next downside target. Closes above the 20-day moving average crossing at 87.42 would confirm that a low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 470.75 -4.50 -0.95%
OATS Dec 2013 329.00 -1.00 -0.30%
WHEAT Dec 2013 643.75 -3.50 -0.54%
TEUCRIUM CORN 36.029 -0.471 -1.31%
IPATH DJ-UBS GRAINS TRUST 47.990 -0.160 -0.33%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4610 -0.0483 -0.75%
SOYBEANS Nov 2013 1371.00 -15.75 -1.14%
SOYBEAN (MINI) Nov 2013 1371.000 -15.750 -1.14%
SOYBEAN MEAL Dec 2013 431.8 -7.1 -1.62%
TEUCRIUM SOYBEAN 24.50 -0.15 -0.60%

GRAINS

Corn closed up down 6 3/4-cents at 4.75 1/4.

December corn closed lower on Tuesday as it extends the decline off last week’s high. Early corn harvest in some of the southern corn growing states weighed on the market. Look for basis levels to decline as corn becomes available to the market. Export inspections were 17.436 million bushels, up from 12.059 last week. 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 hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 4.70 3/4 would confirm that a short-term top has been posted. If December renews the rally off August’s low, July’s high crossing at 5.28 1/4 is the next upside target. First resistance is last Monday’s high crossing at 5.08 1/4. Second resistance is July’s high crossing at 5.28 1/4. First support is the 20-day moving average crossing at 4.70 3/4. Second support is the reaction low crossing at 4.63 1/2.

December wheat closed down 6 3/4-cents at 6.47 1/4.

December wheat closed lower on Tuesday and below the 20-day moving average crossing at 6.51 1/4 confirm that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last week’s high, the reaction low crossing at 6.38 is the next downside target. If December renews the rally off August’s low, August’s high crossing at 6.79 3/4 is the next upside target. First resistance is last Monday’s high crossing at 6.76 1/2. Second resistance is August’s high crossing at 6.79 3/4. First support is the reaction low crossing at 6.38. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed down 4 1/2-cents at 6.99.

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. If December renews the rally off August’s low, August’s high crossing at 7.25 is the next upside target. First resistance is last Monday’s high crossing at 7.17. Second resistance is August’s high crossing at 7.25. First support is August’s low crossing at 6.95. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed down 5 1/4-cents at 7.25.

December Minneapolis wheat closed lower on Tuesday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December resumes the decline off April’s high, psychological support crossing at 7.00 is the next downside target. Closes above last Monday’s high crossing at 7.48 are needed to confirm that a low has been posted. First resistance is last Monday’s high crossing at 7.48. Second resistance is the reaction high crossing at 7.88 1/2. First support is August’s low crossing at 7.23 1/4. Second support is psychological support crossing at 7.00.

SOYBEAN COMPLEX

soybeans closed up 29 1/4-cents at 13.86 3/4.

November soybeans gapped up and closed higher on Tuesday as limited rains across the Midwest have left 40% of the soybean crop dry as harvest rapidly approaches the Midwest. Profit taking tempered early session gains and the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, weekly resistance crossing at 14.49 is the next upside target. Closes below last Monday’s gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. First resistance is last Tuesday’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the 10-day moving average crossing at 13.45 1/2. Second support is last Monday’s gap crossing at 13.31 1/2.

December soybean meal closed up $15.20 at 438.90.

December soybean meal gapped up and closed higher on Tuesday. The mid-range close sets the stage for a steady opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, weekly resistance crossing at 460.60 is the next upside target. Closes below last Monday’s gap crossing at 420.30 would confirm that a short-term top has been posted. First resistance is last Tuesday’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is the 10-day moving average crossing at 421.90. Second support is last Monday’s gap crossing at 420.30.

December soybean oil closed down 10 pts. at 44.19.

December soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 43.31 are needed to confirm that a short-term top has been posted. If December resumes this month’s rally, the 38% retracement level of this year’s decline crossing at 46.29 is the next upside target. First resistance is last Monday’s high crossing at 45.32. Second resistance is the 38% retracement level of this year’s decline crossing at 46.29. First support is the 20-day moving average crossing at 43.31. Second support is the reaction low crossing at 42.67.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14833.96 +23.65 +0.16%
NASDAQ COMPOSITE INDEX (COMBINED) 3611.22 +21.35 +0.59%
S&P 500 CASH 1639.77 +6.80 +0.41%
SPDR S&P 500 164.31 +0.66 +0.40%
QQQQ VOLATILITY INDEX 16.27 +0.07 +0.43%
iShares RUSSELL 2000 INDEX 100.975 +0.595 +0.59%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral signaling that sideways trading is possible near-term. If September renews the decline off August’s high, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. Closes above the 20-day moving average crossing at 3096.48 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3096.48. Second resistance is August’s high crossing at 3144.25. First support is last Tuesday’s low crossing at 3052.50. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 closed higher on Tuesday as it consolidates above the 50% retracement level of the June-August rally crossing at 1629.45. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are diverging but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, the 62% retracement level of the June-August rally crossing at 1611.47 is the next downside target. Closes above the 20-day moving average crossing at 1659.67 would confirm that a short-term low has been posted. First resistance is today’s high crossing at 1649.80. Second resistance is the 20-day moving average crossing at 1659.67. First support is last Wednesday’s low crossing at 1625.00. Second support is the 62% retracement level of the June-August rally crossing at 1611.47.

The Dow closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month’s decline, the 87% retracement level of the July-August rally crossing at 14,692 is the next downside target. Closes above the 20-day moving average crossing at 15,110 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 14,887. Second resistance is the 20-day moving average crossing at 15,110. First support is last Wednesday’s low crossing at 14,760. Second support is the 87% retracement level of the June-July rally crossing at 14,692.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 130.09375 -0.18750 -0.14%
iShares FLOATING RATE NOTE 50.62 -0.02 -0.04%
5 YEAR T-NOTES Dec 2013 119.218750 -0.117188 -0.10%
ULTRA T-BONDS Dec 2013 139.12500 -0.34375 -0.25%
POWERSHARES SENIOR LOAN PORTF 24.755 +0.035 +0.14%

INTEREST RATES

T-bonds closed down 1-27/32 at 131-16.

September T-bonds closed lower on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, August’s high crossing at 135-02 is the next upside target. If September renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. First resistance is last Wednesday’s high crossing at 133-16. Second resistance is August’s high crossing at 135-02. First support is August’s low crossing at 129-28. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 159.525 +0.425 +0.27%
LEAN HOGS Oct 2013 88.425 +0.425 +0.48%
LIVE CATTLE Oct 2013 126.075 -0.125 -0.10%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.20 -0.07 -0.26%

LIVESTOCK

hogs closed up $0.37 at $88.00.

October hog closed higher on Tuesday as it extends last week’s rally. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends today’s rally, August’s high crossing at 88.30 is the next upside target. Closes below the 20-day moving average crossing at 86.34 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 88.05. Second resistance is August’s high crossing at 88.30. First support is the 20-day moving average crossing at 86.34. Second support is last Monday’s low crossing at 83.80.

October cattle closed down $0.60 at 126.20.

October cattle closed lower on Tuesday as it extends last Friday’s breakout below the 20-day moving average crossing at 127.09. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today’s decline, the August’s 8th gap crossing at 124.40 is the next downside target. First resistance is the 10-day moving average crossing at 127.08. Second resistance is the 50% retracement level of the December-May decline crossing at 128.95. First support is today’s low crossing at 126.17. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.15 at $159.10.

October Feeder cattle closed higher on Tuesday. Profit taking tempered early session gains and the low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 159.20 would confirm that a short-term low has been posted. Closes below last Friday’s gap crossing at 158.02 would temper the near-term friendly outlook. First resistance is the 20-day moving average crossing at 159.20. Second resistance is August’s high crossing at 160.70. First support is last Friday’s gap crossing at 158.02. Second support is last Monday’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1404.0 -8.0 -0.57%
SPDR GOLD SHARES 136.400 +1.780 +1.30%
SILVER Dec 2013 23.850 -0.579 -2.38%
PALLADIUM Dec 2013 708.60 -9.35 -1.30%
DIREXION DAILY GOLD MINERS BEA 26.6500 -0.7900 -2.96%
POWERSHARES DB PRECIOUS METALS 47.0325 +0.8425 +1.79%

PRECIOUS METALS

October gold closed higher on Tuesday and the high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but are turning bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1361.90 would confirm that a short-term top has been posted. If October renews the rally off June’s low, May’s high crossing at 1489.00 is the next upside target. First resistance is last Wednesday’s high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the 10-day moving average crossing at 1396.10. Second resistance is the 20-day moving average crossing at 1361.90.

September silver posted a key reversal up on Tuesday ending a three-day correction off last week’s high. The high-range close set the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 22.565 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.727 is the next upside target. First resistance is last Wednesday’s high crossing at 25.120. Second resistance is the 50% retracement level of the September-June decline crossing at 26.727. First support is today’s low crossing at 23.100. Second support is the 20-day moving average crossing at 22.561.

September copper closed higher on Tuesday as it consolidates some of last week’s decline. The high-range close sets the stage for a steady to higher opening when Wednesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the reaction low crossing at 312.85 is the next downside target. Closes above the 10-day moving average crossing at 330.38 would confirm that a short-term low has been posted. First resistance is last Monday’s high crossing at 338.85. Second resistance is June’s high crossing at 341.25. First support is last Friday’s low crossing at 320.75. Second support is the reaction low crossing at 312.85.


 

Top Stocks
# symbol name last net % volume score triangles
1. NOK NOKIA 5.1200 +1.2200 +23.83% 583,365,400 +100    Entry Signal
2. VOD VODAFONE GROUP 32.01 -0.34 -1.06% 40,195,968 +100    Entry Signal
3. CRM SALESFORCE.COM 49.57 +0.44 +0.89% 9,987,165 +100    Entry Signal
4. YGE YINGLI GREEN ENERGY 4.68 +0.38 +8.10% 8,557,795 +100    Entry Signal
5. ERIC ERICSSON TELEPHONE 12.41 +0.63 +5.08% 8,020,244 +100    Entry Signal
6. SID COMPANHIA SIDERURGICA 3.785 +0.215 +5.67% 7,263,058 +100    Entry Signal
7. SOL RENESOLA 5.480 +0.710 +12.96% 7,079,403 +100    Entry Signal
8. GGB GERDAU 7.33 +0.15 +2.04% 6,753,449 +90    Entry Signal
9. GILD GILEAD SCIENCES 60.82 +0.55 +0.90% 6,552,331 +100    Entry Signal
10. DDD 3D SYSTEMS 52.870 +1.470 +2.78% 6,256,448 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. LH.V13 LEAN HOGS Oct 2013 88.000 +0.375 +0.43% 20,612 +100    Entry Signal
2. LE.Z13.E LIVE CATTLE Dec 2013 129.975 -0.125 -0.10% 167 +100    Entry Signal
3. LH.Z13 LEAN HOGS Dec 2013 84.975 +0.225 +0.26% 11,489 +100    Entry Signal
4. RB.U13.E RBOB GASOLINE Sep 2013 3.0186 -0.0478 -1.58% 5,471 +100    Entry Signal
5. LC.J14 LIVE CATTLE Apr 2014 132.925 +0.200 +0.15% 3,467 +100    Entry Signal
6. YK.X13 SOYBEAN (MINI) Nov 2013 1386.75 +29.25 +2.11% 2,107 +100    Entry Signal
7. LH.J14 LEAN HOGS Apr 2014 86.40 +0.40 +0.46% 1,761 +100    Entry Signal
8. HE.J14.E LEAN HOGS Apr 2014 86.400 +0.400 +0.46% 1,599 +100    Entry Signal
9. ZS.H14.E SOYBEANS Mar 2014 1346.25 -12.00 -0.88% 1,612 +100    Entry Signal
10. BZ.M14.E CRUDE OIL BRENT LAST DAY Jun 2014 106.42 +0.49 +0.46% 1,169 +100    Entry Signal

Key Market Reports and Commentary for Tuesday 20/08/2013

Morning Markets Report
Prepared on Tuesday, August 20, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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

Stocks drop for a fourth straight day
Monday Aug 19th

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

Key Events for Tuesday

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

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

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

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

National Activity Index (previous -0.13)

3 Month Moving Average (previous -0.26)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.4%)

12MonChgPct (previous +3.7%)

52WkChgPct (previous +3.7%)

4:30 PM ET. API Weekly Statistical Bulletin

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

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

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

Refinery Runs (previous

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 471.9)

Market Composite Index Cur Chg (previous -4.7%)

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

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

Refinance Index (previous 2145.3)

Refinance Index Cur Chg (previous -4.4%)

10:00 AM ET. July Existing Home Sales

Total Sales (previous 5.08M)

Percent Change (previous -1.2%)

Month’s Supply (previous 5.2)

Median Price (previous 214200)

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

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 360.49M)

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

Gasoline Stocks (previous 222.43M)

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

Distillate Stocks (previous 128.48M)

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

Refinery Usage (previous 89.4%)

Total Products Supplied (previous 9.09M)

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

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

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

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

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

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

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

9:00 AM ET. Aug US Flash Manufacturing PMI

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

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

House Price Index (previous 201.8)

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

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

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

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

DJ-BTMU Business Barometer (previous -0.1%)

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

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

Total Working Gas in Storage (previous 3006B)

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

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

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

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

CURRENCIES

September Dollar was lower overnight. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July’s high, June’s low crossing at 80.61 is the next downside target. Closes above last Thursday’s high crossing at 81.99 are needed to confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is the reaction low crossing at 80.89. Second support is June’s low crossing at 80.61.

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

The September British Pound was slightly higher overnight as it extends the rally off July’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. Closes below the 20-day moving average crossing at 1.5425 would confirm that the short-term top has been posted. First resistance is the overnight high crossing at 1.5677. Second resistance is June’s high crossing at 1.5743. First support is the 10-day moving average crossing at 1.5554. Second support is the 20-day moving average crossing at 1.5425.

The September Swiss Franc was higher overnight as it extends the rally off last Thursday’s low. Stochastics and the RSI are diverging but have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Thursday’s low, August’s high crossing at .10904 is the next upside target. Closes below last Thursday’s low crossing at .10644 would confirm that the rally off July’s low has ended. First resistance is August’s high crossing at .10904. Second resistance is June’s high crossing at .10962. First support is last Thursday’s low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar was lower overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 95.64 would confirm that a short-term top has been posted. If September renews the rally off August’s low, July’s high crossing at 97.49 is the next upside target. First resistance is July’s high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is August’s low crossing at 95.64. Second support is the reaction low crossing at 95.52.

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


 

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

ENERGIES

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

September heating oil was lower overnight as it extends Monday’s downside reversal. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, July’s high crossing at 313.22 is the next upside target. Closes below the 10-day moving average crossing at 303.20 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is the 10-day moving average crossing at 303.20. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas was lower overnight and trading below the 10-day moving average crossing at 292.63. Stochastics and the RSI are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 10-day moving average crossing at 293.63 would confirm that a short-term top has been posted. If September renews the rally off August’s low, August’s high crossing at 304.56 is the next upside target. First resistance is August’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is the 10-day moving average crossing at 293.63. Second support is the 50% retracement level of the April-July rally crossing at 285.24.

September Henry natural gas was lower due to light profit taking overnight but remains above broken resistance marked by the 20-day moving average crossing at 3.402. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 10-day moving average crossing at 3.341 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 25% retracement level of the May-August decline crossing at 3.478. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 10-day moving average crossing at 3.341. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2532 +20 +0.79%
COFFEE Dec 2013 121.80 -0.95 -0.78%
ORANGE JUICE-A Nov 2013 135.90 +4.20 +3.09%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.68%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.21%

FOOD & FIBER

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

September cocoa closed higher on Monday as it extended last week’s trading range. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.83 would confirm that a short-term top has been posted. If September extends the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

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

October cotton closed lower on Monday as it consolidated some of the rally off May’s low. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, weekly resistance crossing at 95.00 is the next upside target. Closes below the 20-day moving average crossing at 87.99 would confirm that a short-term top has been posted.


 

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

GRAINS

corn was lower due to profit taking overnight. Monday’s crop condition report showed further deterioration of the corn crop especially in the western Corn Belt. Weather forecast are calling for warmer and continued dry conditions across the region, which will likely lead to further deterioration of the corn crop. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, psychological resistance crossing at 5.00 is the next upside target. Closes below the 10-day moving average crossing at 4.64 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 4.86 3/4. Second resistance is psychological resistance crossing at 5.00. First support is the 10-day moving average crossing at 4.64. Second support is August’s low crossing at 4.45 3/4.

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

December Kansas City Wheat closed up 5-cents at 7.07 1/4.

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

December Minneapolis wheat was fractionally higher overnight. The low-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.45 1/4 are needed to confirm that a low has been posted. If December resumes the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.45 1/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is last Wednesday’s low crossing at 7.35. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans were lower due to profit taking overnight as they consolidate some of the rally off August’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, June’s high crossing at 13.33 is the next upside target. Closes below the 20-day moving average crossing at 12.20 1/4 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 13.09 3/4. Second resistance is June’s high crossing at 13.33. First support is the 10-day moving average crossing at 12.34 1/2. Second support is the 20-day moving average crossing at 12.20 1/4.

December soybean meal was lower due to profit taking in overnight trading as it consolidates some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 439.20 is the next upside target. Closes below the 20-day moving average crossing at 369.40 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 407.10. Second resistance is weekly resistance crossing at 439.20. First support is the 10-day moving average crossing at 376.20. Second support is the 20-day moving average crossing at 369.40.

December soybean oil was lower overnight as it consolidates some of the rally off August’s low. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the 25% retracement level of this year’s decline crossing at 44.75 is the next upside target. If December renews this year’s decline, weekly support crossing at 40.56 is the next downside target. First resistance is Monday’s high crossing at 43.98. Second resistance is the 25% retracement level of this year’s decline crossing at 44.75. First support is August’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15010.74 -70.73 -0.47%
NASDAQ COMPOSITE INDEX (COMBINED) 3589.57 -13.21 -0.37%
S&P 500 CASH 1646.06 -9.77 -0.59%
SPDR S&P 500 164.895 -0.935 -0.57%
QQQQ VOLATILITY INDEX 14.60 +0.53 +3.63%
iShares RUSSELL 2000 INDEX 100.64 -1.04 -1.03%

U.S. STOCK INDEXES

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

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


 

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

INTEREST RATES

T-bonds were higher due to short covering overnight as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s trading range breakout, weekly support crossing at 125-29 is the next downside target. Multiple closes above the 20-day moving average crossing at 133-06 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 133-06. Second resistance is August’s high crossing at 135-02. First support is Monday’s low crossing at 130-05. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 158.050 +0.100 +0.06%
LEAN HOGS Oct 2013 86.375 -0.100 -0.12%
LIVE CATTLE Oct 2013 128.225 +0.150 +0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2496 +0.0896 +0.33%

LIVESTOCK

hogs closed down $0.25 at $86.47.

October hog closed lower on Monday as it extends the decline off last week’s high. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 85.55 would confirm that a short-term top has been posted. If October extends the rally off July’s low, last November’s high crossing at 88.90 is the next upside target. First resistance is last Wednesday’s high crossing at 87.80. Second resistance is last November’s high crossing at 88.90. First support is the 10-day moving average crossing at 86.29. Second support is the 20-day moving average crossing at 85.55.

October cattle closed up $0.15 at 128.07.

October cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. Closes below the 20-day moving average crossing at 126.23 are needed to confirm that a top has been posted. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.23. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.25 at $160.12.

October Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 159.24 would confirm that a short-term top has been posted. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. First resistance is the reaction high crossing at 160.70. Second resistance is January’s high crossing at 163.95. First support is the 20-day moving average crossing at 159.24. Second support is the reaction low crossing at 158.70.


 

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

PRECIOUS METALS

October gold was slightly lower overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, June’s high crossing at 1424.00 is the next upside target. Closes below the 20-day moving average crossing at 1325.00 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1382.40. Second resistance is June’s high crossing at 1424.00. First support is the 20-day moving average crossing at 1325.00. Second support is August’s low crossing at 1272.10.

September silver was lower due to profit taking overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 38% retracement level of the October-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.738 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 23.605. Second resistance is the 38% retracement level of the October-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.686. Second support is the 20-day moving average crossing at 20.738.

September copper was lower overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 50% retracement level of the February-June decline crossing at 340.37 is the next upside target. Closes below the 20-day moving average crossing at 322.41 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is the 50% retracement level of the February-June decline crossing at 340.37. First support is the 10-day moving average crossing at 330.65. Second support is the 20-day moving average crossing at 322.41.


 

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

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

Morning Markets Report
Prepared on Monday, August 19, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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

How to Remove Your Emotions When Trading
Saturday Aug 17th

Weekly Futures Recap W/Mike Seery
Friday Aug 16th

Key Events for Monday

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

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

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

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

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

National Activity Index (previous -0.13)

3 Month Moving Average (previous -0.26)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.4%)

12MonChgPct (previous +3.7%)

52WkChgPct (previous +3.7%)

4:30 PM ET. API Weekly Statistical Bulletin

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

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

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

Refinery Runs (previous

7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 471.9)

Market Composite Index Cur Chg (previous -4.7%)

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

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

Refinance Index (previous 2145.3)

Refinance Index Cur Chg (previous -4.4%)

10:00 AM ET. July Existing Home Sales

Total Sales (previous 5.08M)

Percent Change (previous -1.2%)

Month’s Supply (previous 5.2)

Median Price (previous 214200)

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

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 360.49M)

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

Gasoline Stocks (previous 222.43M)

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

Distillate Stocks (previous 128.48M)

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

Refinery Usage (previous 89.4%)

Total Products Supplied (previous 9.09M)

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

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

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

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

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

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

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

9:00 AM ET. Aug US Flash Manufacturing PMI

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

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

House Price Index (previous 201.8)

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

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

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

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

DJ-BTMU Business Barometer (previous -0.1%)

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

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

Total Working Gas in Storage (previous 3006B)

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

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

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.279 -0.027 -0.03%
POWERSHARES DB US DOLLAR INDEX 21.965 +0.025 +0.11%
US Dollar/Canadian Dollar 1.03329 +0.00027 +0.03%
Euro/US Dollar 1.33517 +0.00246 +0.18%
JAPANESE YEN Sep 2013 0.010207 -0.000043 -0.42%
SWISS FRANC Sep 2013 1.0800 0.0000 0.00%

CURRENCIES

September Dollar was lower overnight. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July’s high, June’s low crossing at 80.61 is the next downside target. Closes above last Thursday’s high crossing at 81.99 would confirm that a short-term low has been posted. First resistance is last Thursday’s high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is the reaction low crossing at 80.89. Second support is June’s low crossing at 80.61.

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

The September British Pound was slightly higher overnight as it extends the rally off July’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. Closes below the 20-day moving average crossing at 1.5411 would confirm that the short-term top has been posted. First resistance is the overnight high crossing at 1.5670. Second resistance is June’s high crossing at 1.5743. First support is the 10-day moving average crossing at 1.5522. Second support is the 20-day moving average crossing at 1.5411.

The September Swiss Franc was higher overnight and is poised to extend the rally off last Thursday’s low. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Thursday’s low, August’s high crossing at .10904 is the next upside target. Closes below last Thursday’s low crossing at .10644 would renew the decline off August’s high. First resistance is August’s high crossing at .10904. Second resistance is June’s high crossing at .10962. First support is last Thursday’s low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar was lower overnight. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the reaction low crossing at 95.64 would confirm that a short-term top has been posted. If September renews the rally off August’s low, July’s high crossing at 97.49 is the next upside target. First resistance is July’s high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is August’s low crossing at 95.64. Second support is the reaction low crossing at 95.52.

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


 

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

ENERGIES

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

September heating oil was higher overnight as it extends the rally off August’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, August’s high crossing at 310.71 is the next upside target. Closes below the 10-day moving average crossing at 302.81 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is the 50% retracement level of the April-July rally crossing at 294.45. Second support is the 62% retracement level of the April-July rally crossing at 290.01.

September unleaded gas was higher overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last week’s low, August’s high crossing at 304.56 is the next upside target. Closes below the 10-day moving average crossing at 293.03 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is the 10-day moving average crossing at 293.03. Second support is the 50% retracement level of the April-July rally crossing at 285.24.

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


 

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

FOOD & FIBER

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

September cocoa closed higher on Friday as it extended this week’s trading range. The high-range close sets the stage for a steady to higher opening on Monday. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 23.77 would confirm that a short-term top has been posted. If September extends the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

October sugar closed lower on Friday as it consolidates some of the rally off July’s low. The low-range close set the stage for a steady to lower opening on Monday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.78 would confirm that a short-term top has been posted.

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


 

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

GRAINS

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

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

December Kansas City Wheat closed down 4-cents at 7.02 1/4.

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

December Minneapolis wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.45 1/2 are needed to confirm that a low has been posted. If December resumes the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.45 1/2. Second resistance is the reaction high crossing at 7.88 1/2. First support is last Wednesday’s low crossing at 7.35. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

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

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

December soybean oil was lower overnight as it consolidates some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the 25% retracement level of this year’s decline crossing at 44.75 is the next upside target. If December renews this year’s decline, weekly support crossing at 40.56 is the next downside target. First resistance is last Friday’s high crossing at 43.94. Second resistance is the 25% retracement level of this year’s decline crossing at 44.75. First support is August’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15081.47 -30.72 -0.20%
NASDAQ COMPOSITE INDEX (COMBINED) 3604.91 -1.21 -0.03%
S&P 500 CASH 1655.83 -5.49 -0.33%
SPDR S&P 500 165.97 -0.41 -0.25%
QQQQ VOLATILITY INDEX 14.07 -0.20 -1.42%
iShares RUSSELL 2000 INDEX 101.75 -0.36 -0.35%

U.S. STOCK INDEXES

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

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


 

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

INTEREST RATES

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


 

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

LIVESTOCK

hogs closed down $0.57 at $86.72.

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

October cattle closed down $0.17 at 127.92.

October cattle closed lower on Friday. The low-range close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. Closes below the 20-day moving average crossing at 126.10 are needed to confirm that a top has been posted. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.10. Second support is last Thursday’s gap crossing at 124.40.

October feeder cattle closed up $0.52 at $159.87.

October Feeder cattle closed higher on Friday. The high-range close sets the stage for a steady to higher opening when Monday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 159.12 would confirm that a short-term top has been posted. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. First resistance is the reaction high crossing at 160.70. Second resistance is January’s high crossing at 163.95. First support is the 20-day moving average crossing at 159.12. Second support is the reaction low crossing at 158.70.


 

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

PRECIOUS METALS

October gold was higher overnight as it extends the rally off June’s low. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, June’s high crossing at 1424.00 is the next upside target. Closes below the 20-day moving average crossing at 1324.00 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1382.40. Second resistance is June’s high crossing at 1424.00. First support is the 20-day moving average crossing at 1324.00. Second support is August’s low crossing at 1272.10.

September silver was slightly lower due to light profit taking overnight as it consolidates some of this month’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 38% retracement level of the October-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 20.610 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 23.605. Second resistance is the 38% retracement level of the October-June decline crossing at 24.704. First support is the 10-day moving average crossing at 21.358. Second support is the 20-day moving average crossing at 20.610.

September copper was lower overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 50% retracement level of the February-June decline crossing at 340.37 is the next upside target. Closes below the 20-day moving average crossing at 321.82 would confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 338.00. Second resistance is the 50% retracement level of the February-June decline crossing at 340.37. First support is the 10-day moving average crossing at 329.21. Second support is the 20-day moving average crossing at 321.82.


 

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

Key Market Reports and Commentary for Tuesday 13/08/2013

Morning Markets Report
Prepared on Tuesday, August 13, 2013

 

Summary
The Dow Future has gained 39 points to 15426. The US Dollar Index moved up 0.115 points to 81.594. Gold has slid 10.00 dollars to 1326.21. Silver has gained 0.1169 dollars to 21.3925. The Dow Industrials moved down 5.83 points, at 15419.68, while the S&P 500 trended lower by 1.95 points, last seen at 1689.47. The Nasdaq Composite moved up 9.38 points to 3669.49. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Traders WhiteBoard Lesson 3
Monday Aug 12th

Gold Chart of The Week
Monday Aug 12th

Enhanced Oil Recovery with Competitive Costs
Monday Aug 12th

Key Events for Tuesday

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

Small Business Optimism Index (previous 93.5)

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

Chain Store Sales Index – WoW (previous +0.3%)

Chain Store Sales Index – YoY (previous +2.5%)

8:30 AM ET. July Import & Export Price Indexes

Import Prices (expected +0.8%; previous -0.2%)

Non-Petroleum Prices (previous -0.3%)

Petroleum Prices (previous +0.2%)

8:30 AM ET. July Advance Monthly Sales for Retail & Food Services

Overall Sales (expected +0.3%; previous +0.4%)

Sales, Ex-Auto (expected +0.4%; previous +0%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +1%)

12MonChgPct (previous +3.2%)

52WkChgPct (previous +3.7%)

10:00 AM ET. June Manufacturing & Trade: Inventories & Sales

Total Inventories (expected +0.1%; previous +0.1%)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -3.7M)

Gasoline Stocks (Net Change) (previous -0.97M)

Distillate Stocks (Net Change) (previous -2.2M)

Refinery Runs (previous 91.3%)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.594 +0.115 +0.15%
POWERSHARES DB US DOLLAR INDEX 22.00 +0.07 +0.32%
US Dollar/Canadian Dollar 1.03185 +0.00131 +0.13%
Euro/US Dollar 1.32894 -0.00196 -0.15%
JAPANESE YEN Sep 2013 0.010202 -0.000144 -1.39%
SWISS FRANC Sep 2013 1.0760 -0.0055 -0.51%

CURRENCIES

September Dollar closed higher due to short covering on Monday as it consolidated some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are 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, June’s low crossing at 80.61 is the next downside target. Closes above the 20-day moving average crossing at 81.99 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is last Thursday’s low crossing at 80.89. Second support is June’s low crossing at 80.61.

The September Euro closed lower due to profit taking on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 132.49 are needed to confirm that a short-term top has been posted. If September extends the rally off July’s low, June’s high crossing at 134.24 is the next upside target. First resistance is last Thursday’s high crossing at 134.02. Second resistance is June’s high crossing at 134.24. First support is the 20-day moving average crossing at 132.49. Second support is the reaction low crossing at 131.87.

The September British Pound closed lower due to profit taking on Monday as it consolidated some of the rally off July’s low. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Friday’s low, the 87% retracement level of the June-July decline crossing at 1.5526 is the next upside target. Closes below the 20-day moving average crossing at 1.5326 would confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 1.5480. Second resistance is the 87% retracement level of the June-July decline crossing at 1.5626. First support is the 20-day moving average crossing at 1.5326. Second resistance is last Wednesday’s low crossing at 1.5200.

The September Swiss Franc closed lower due to profit taking on Monday as it consolidated some of the rally off July’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but 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 .10741 would confirm that a short-term top has been posted. If September extends the rally off July’s low, June’s high crossing at .10962 is the next upside target. First resistance is the 87% retracement level of the June-July decline crossing at .10874. Second resistance is June’s high crossing at .10962. First support is the 20-day moving average crossing at .10741. Second support is the reaction low crossing at .10653.

The September Canadian Dollar closed lower due to profit taking on Monday as it consolidated some of the rally off Wednesday’s low. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends last week’s rally, July’s high crossing at 97.49 is the next upside target. Closes below last Wednesday’s low crossing at 95.64 would confirm that a short-term top has been posted. First resistance is July’s high crossing at 97.49. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is last Wednesday’s low crossing at 95.64. Second support is the reaction low crossing at 95.52.

The September Japanese Yen closed lower on Monday. The low-range close sets the stage for a steady to lower opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought but are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at .10155 would confirm that a short-term top has been posted. If September extends the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is last Thursday’s high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10155. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 106.32 +0.21 +0.20%
NEW YORK HARBOR ULSD Sep 2013 3.0399 +0.0190 +0.63%
NATURAL GAS Sep 2013 3.300 -0.010 -0.30%
RBOB GASOLINE Sep 2013 2.9200 +0.0159 +0.55%
POWERSHARES DYNAMIC ENERGY 49.94 -0.13 -0.26%
UNITED STATES GASOLINE 59.46 +0.05 +0.08%

ENERGIES

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

September heating oil closed higher due to short covering on Monday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 304.03 would confirm that a low has been posted. If September renews the decline off August’s high, the 62% retracement level of the April-July rally crossing at 290.01 is the next downside target. First resistance is the 20-day moving average crossing at 304.03. Second resistance is August’s high crossing at 310.71. First support is last Thursday’s low crossing at 291.93. Second support is the 62% retracement level of the April-July rally crossing at 290.01.

September unleaded gas closed slightly lower on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 298.16 would confirm that a short-term low has been posted. If September renews the decline off July’s high, the 62% retracement level of the April-July rally crossing at 279.58 is the next downside target. First resistance is the 20-day moving average crossing at 298.16. Second resistance is August’s high crossing at 304.56. First support is the 50% retracement level of the June-July rally crossing at 285.24. Second support is the 62% retracement level of the June-July rally crossing at 279.58.

September Henry natural gas closed higher due to short covering on Monday. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold 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 3.502 would confirm that a short-term low has been posted. If September extends this year’s decline, psychological support crossing at 3.000 is the next downside target. First resistance is the 10-day moving average crossing at 3.332. Second resistance is the 20-day moving average crossing at 3.502. First support is last Thursday’s low crossing at 3.129. Second support is psychological support crossing at 3.000.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2477 -22 -0.88%
COFFEE Dec 2013 125.70 -0.40 -0.32%
ORANGE JUICE-A Sep 2013 130.75 -3.55 -2.70%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.65%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.65%

FOOD & FIBER

September coffee closed higher on Monday and the high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the reaction high crossing at 126.50 is the next upside target. Closes below the 10-day moving average crossing at 11.99 would confirm that a short-term top has been posted. If September renews this summer’s decline, weekly support crossing at 11.00 is the next downside target.

September cocoa closed higher on Monday as it extends the rally off June’s low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target. Closes below the 20-day moving average crossing at 23.54 would confirm that a short-term top has been posted.

October sugar closed higher on Monday as it extends the rally off July’s low. The high-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.57 would confirm that a short-term top has been posted.

October cotton closed higher on Monday as it extends the rally off July’s low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, June’s high crossing at 90.69 is the next upside target. Closes below the 20-day moving average crossing at 86.28 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 466.75 +2.75 +0.59%
OATS Dec 2013 330.25 +3.50 +1.06%
WHEAT Dec 2013 652.75 +3.75 +0.58%
TEUCRIUM CORN 35.45 +0.95 +2.68%
IPATH DJ-UBS GRAINS TRUST 45.6012 +1.1112 +2.44%
ELEMENTS MLCX GRAINS INDEX TRUST 6.19 +0.15 +2.43%
SOYBEANS Nov 2013 1238.75 +13.50 +1.10%
SOYBEAN (MINI) Nov 2013 1225.250 +8.250 +0.68%
SOYBEAN MEAL Dec 2013 375.6 +3.6 +0.97%
TEUCRIUM SOYBEAN 22.870 +0.671 +2.92%

GRAINS

Corn closed up 10 3/4-cents at 4.64.

December corn closed higher on Monday following a friendly USDA supply-demand report. The USDA released a lower yield estimate in the August supply and demand estimates, which came in at 154.4 bushel per acre yield with steady planted and harvested acreage values. Total production was estimated at a record 13.763 billion bushels, off 187 million bushels from the July estimate. This morning’s report triggered a short covering rally with many still believing there will be further acreage reductions to come later in the year. Warmer, drier weather for the later part of August has started to get some play as crop tours begin to put some estimates on the crop. Estimates of world ending stocks came in below expectations for old crop, but above expectations for new crop at 172.99 million metric tons. Export inspections were above trade expectations at 14.759 million bushels. The recent decline in prices has revived old crop sales and exports the past few weeks. The USDA announced another 9.93 million bushel new crop corn sale to Mexico this morning to add support to the market. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, weekly support crossing at 4.33 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.77 1/4 would increase the odds that a temporary bottom has been posted. First resistance is the 10-day moving average crossing at 4.64 1/4. Second resistance is the 20-day moving average crossing at 4.77 1/4. First support is today’s low crossing at 4.46 1/2. Second support is weekly support crossing at 4.33 1/2.

December wheat closed up 1 3/4-cents at 6.49.

December wheat closed higher on Monday. The USDA provided few changes in their estimates however; today’s rally in corn pulling wheat higher on the day. Export inspections remained strong with 23.789 million bushels loaded last week keeping the current year above 125% of last year. Current price levels are higher than most export competitors, but quality of U.S. wheat is continuing to move wheat. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this year’s decline, weekly support crossing at 6.25 3/4 is the next downside target. Closes above the 20-day moving average crossing at 6.65 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.65 1/2. Second resistance is the reaction high crossing at 6.79 3/4. First support is today’s low crossing at 6.43. Second support is weekly support crossing at 6.25 3/4.

December Kansas City Wheat closed up 3 1/4-cents at 7.06 3/4.

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

December Minneapolis wheat closed up 1 3/4-cents at 7.41 1/2.

December Minneapolis wheat closed higher on Monday. Stochastics and the RSI are oversold and remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.51 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.51 1/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is today’s low crossing at 7.36. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans closed up 43-cents at 12.25 1/4.

November soybeans closed sharply higher on Monday following a friendly USDA supply-demand report. The USDA lowered its yield estimate to 42.6 bushels per acre in this month’s WASDE report. If this yield estimate becomes reality, ending stocks will get extremely tight if prices do not ration supplies again this year as 3.255 billion bushels will not catch up stocks. This morning’s export inspection report added support as shipments came in at 3.417 million bushels and above pre-report expectations. The USDA also announced another sale of 26.2 million bushels of 2013 soybeans to China and 5.14 million bushels to unknown destinations. World stocks for 2013 were estimated at 72.27 MMT, which was below trade expectations, in the WASDE report. Today’s close above the 20-day moving average crossing at 12.23 3/4 confirms that a pre-harvest low has been posted. The high-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 are turning bullish signaling that sideways to higher prices are possible neutral to. If November extends the rally off last week’s low, July’s high crossing at 12.97 is the next upside target. If November renews the decline off June’s high, the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2 is the next downside target. First resistance is today’s high crossing at 12.28. Second resistance is July’s high crossing at 12.97. First support is last Wednesday’s low crossing at 11.62 1/2. Second support is the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2.

December soybean meal closed up $15.90 at 372.00.

December soybean meal closed sharply higher on Monday and above the 20-day moving average crossing at 368.20 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If December renews the decline off June’s high, the 87% retracement level of the April-June rally crossing at 338.60 is the next downside target. First resistance is today’s high crossing at 374.80. Second resistance is July’s high crossing at 393.30. First support is last Tuesday’s low crossing at 345.30. Second support is the 87% retracement level of the April-July rally crossing at 338.60.

December soybean oil closed up 87 pts. at 42.75.

December soybean closed higher on Monday as it consolidated some of this year’s decline. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year’s decline, weekly support crossing at 40.56 is the next downside target. Closes above the 20-day moving average crossing at 43.58 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 43.31. Second resistance is the 20-day moving average crossing at 43.58. First support is last Friday’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15419.68 -5.83 -0.04%
NASDAQ COMPOSITE INDEX (COMBINED) 3669.49 +9.38 +0.26%
S&P 500 CASH 1689.47 -1.95 -0.12%
SPDR S&P 500 169.11 -0.20 -0.12%
QQQQ VOLATILITY INDEX 12.99 +0.87 +6.71%
iShares RUSSELL 2000 INDEX 104.58 +0.54 +0.52%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher on Monday and the high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 3084.81 would confirm that a top has been posted. If September extends the rally off June’s low, monthly resistance crossing at 3329.82 is the next upside target. First resistance is last Monday’s high crossing at 3140.25. Second resistance is monthly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3084.81. Second support is the reaction low crossing at 3023.50.

The September S&P 500 closed lower on Monday and below the 20-day moving average crossing at 1687.55 confirming that a short-term top has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last week’s high, the 25% retracement level of the June-August rally crossing at 1667.22 is the next downside target. If September renews the rally off June’s low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is this month’s high crossing at 1705.00. Second resistance is unknown with September trading into uncharted territory. First support is today’s low crossing at 1675.40. Second support is the 25% retracement level of the June-August rally crossing at 1667.22.

The Dow closed lower on Monday as it extended last week’s decline. The mid-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month’s decline, the 38% retracement level of the July-August rally crossing at 15,236 is the next downside target. Closes above the 20-day moving average crossing at 15,527 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 15,527. Second resistance is this month’s high crossing at 17,047. First support is the 25% retracement level of the July-August rally crossing at 15,382. Second support is the 38% retracement level of the June-July rally crossing at 15,236.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 133.28125 -0.84375 -0.63%
iShares FLOATING RATE NOTE 50.6399 -0.0001 -0.00%
5 YEAR T-NOTES Sep 2013 121.257813 -0.203125 -0.17%
ULTRA T-BONDS Sep 2013 142.15625 -1.15625 -0.81%
POWERSHARES SENIOR LOAN PORTF 24.895 -0.005 -0.02%

INTEREST RATES

T-bonds closed down 17/32 at 133-29.

September T-bonds closed lower on Monday as it consolidated some of last week’s rally. The low-range close sets the stage for a steady to lower opening on Tuesday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible. If September extends the aforementioned rally, the reaction high crossing at 136-00 is the next upside target. If September renews the decline off July’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the reaction high crossing at 136-00. Second resistance is the reaction high crossing at 136-27. First support is this month’s low crossing at 131-25. Second support is monthly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.800 +0.800 +0.51%
LEAN HOGS Oct 2013 86.250 +0.050 +0.06%
LIVE CATTLE Oct 2013 128.400 +1.000 +0.78%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.19 +0.24 +0.88%

LIVESTOCK

hogs closed up $1.22 at $86.20.

October hog gapped up and closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral signaling that sideways to higher prices are possible near-term. If October renews the rally off last week’s low, July’s high crossing at 86.87 is the next upside target. Closes below the 10-day moving average crossing at 84.76 would confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 86.65. Second resistance is July’s high crossing at 86.87. First support is the 10-day moving average crossing at 84.76. Second support is the 50% retracement level of the March-June rally crossing at 82.68.

October cattle closed up $0.52 at 127.40.

October cattle closed higher on Monday as it extended this month’s rally. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends today’s rally, the 50% retracement level of the December-May decline crossing at 128.95 is the next upside target. Closes below the 10-day moving average crossing at 125.53 are needed to confirm that a top has been posted. First resistance is last Thursday’s high crossing at 127.67. Second resistance is the 50% retracement level of the December-May decline crossing at 128.95. First support is last Thursday’s gap crossing at 124.40. Second support is the reaction low crossing at 124.12.

August feeder cattle closed down $0.35 at $153.50.

August Feeder cattle closed lower on Monday but remains above the 20-day moving average crossing at 153.10. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If August renews the rally off May’s low, the reaction high crossing at 155.70 is the next upside target. Closes below the reaction low crossing at 151.92 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 154.60. Second resistance is the reaction high crossing at 155.70. First support is the reaction low crossing at 151.92. Second support is the reaction low crossing at 149.90.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1325.3 -8.9 -0.67%
SPDR GOLD SHARES 129.14 +2.28 +1.77%
SILVER Sep 2013 21.395 +0.056 +0.26%
PALLADIUM Sep 2013 735.35 -2.25 -0.31%
DIREXION DAILY GOLD MINERS BEA 61.8399 -11.5801 -18.75%
POWERSHARES DB PRECIOUS METALS 43.8000 +0.9525 +2.18%

PRECIOUS METALS

October gold closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If October extends today’s rally, July’s high crossing at 1348.00 is the next upside target. Closes below last Wednesday’s low crossing at 1272.10 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1343.60. Second resistance is July’s high crossing at 1348.00. First support is last Wednesday’s low crossing at 1272.10. Second support is July’s low crossing at 1208.50.

September silver closed higher on Monday extending the rally off June’s low. The high-range close set the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 25% retracement level of the September-June decline crossing at 22.486 is the next upside target. Closes below the reaction low crossing at 19.600 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 21.445. Second resistance is the 25% retracement level of the September-June decline crossing at 22.486. First support is the reaction low crossing at 19.100. Second support is the reaction low crossing at 18.670.

September copper closed unchanged on Monday and just above the 38% retracement level of the February-June decline crossing at 330.48. The mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September renews this week’s rally, June’s high crossing at 341.25 is the next upside target. Closes below the 20-day moving average crossing at 317.22 would confirm that a short-term top has been posted. First resistance is the 38% retracement level of the February-June decline crossing at 330.48. Second resistance is June’s high crossing at 341.25. First support is the 20-day moving average crossing at 317.22. Second support is the reaction low crossing at 303.65.


 

Top Stocks
# symbol name last net % volume score triangles
1. MU MICRON TECH 13.84 -0.15 -1.08% 34,746,650 +90    Entry Signal
2. FB FACEBOOK 38.2 -0.3 -0.78% 29,175,862 +90    Entry Signal
3. CLF CLIFFS NATURAL RESOURCES 24.46 +0.11 +0.45% 16,782,438 +90    Entry Signal
4. AAPL APPLE 467.38 +12.93 +2.77% 12,467,125 +100    Entry Signal
5. FTR FRONTIER COMMUNICATIONS 4.645 +0.095 +2.04% 9,608,639 +100    Entry Signal
6. FOXA TWENTY-FIRST CENTURY FOX 32.67 -0.10 -0.31% 9,129,393 +100    Entry Signal
7. DELL DELL 13.73 -0.01 -0.07% 7,792,524 +90    Entry Signal
8. AKS AK STEEL HOLDINGS 3.73 +0.16 +4.28% 7,447,548 +100    Entry Signal
9. EGO ELDORADO GOLD 8.455 +0.565 +6.65% 7,352,080 +90    Entry Signal
10. QCOM QUALCOMM 66.500 +0.230 +0.35% 6,610,135 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. LC.V13 LIVE CATTLE Oct 2013 127.400 +0.525 +0.41% 13,636 +90    Entry Signal
2. NGT.V13.E NATURAL GAS (TAS) Oct 2013 0 +3 +300.00% 11,395 +80    Entry Signal
3. GE.U13.E EURODOLLAR Sep 2013 99.725 +0.005 +0.01% 9,777 +90    Entry Signal
4. LC.Z13 LIVE CATTLE Dec 2013 129.475 +0.675 +0.52% 6,544 +90    Entry Signal
5. LC.G14 LIVE CATTLE Feb 2014 130.925 +0.450 +0.34% 4,577 +90    Entry Signal
6. LH.Q13 LEAN HOGS Aug 2013 101.400 +0.875 +0.86% 3,301 +100    Entry Signal
7. LE.V13.E LIVE CATTLE Oct 2013 128.400 +1.000 +0.78% 3,091 +90    Entry Signal
8. HE.Q13.E LEAN HOGS Aug 2013 101.400 +0.875 +0.86% 2,891 +100    Entry Signal
9. FC.U13 FEEDER CATTLE Sep 2013 157.000 -0.475 -0.30% 2,594 +90    Entry Signal
10. FC.V13 FEEDER CATTLE Oct 2013 159.625 -0.375 -0.23% 2,380 +90    Entry Signal

Key Market Reports and Commentary for Tuesday 06/08/2013

Morning Markets Report
Prepared on Tuesday, August 6, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is falling 28 points to 15526. The US Dollar Index moved lower 0.057 points to 81.801. Gold is lower 14.65 dollars to 1291.80. Silver has gained 0.0070 dollars to 19.7400. The Dow Industrials edged lower 46.23 points, at 15612.13, while the S&P 500 fell 2.53 points, last seen at 1707.14. The Nasdaq Composite moved higher by 0.31 points to 3689.90. Streaming charts of these markets are available 24/7 at MarketClub

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

Gold Chart of The Week
Monday Aug 5th

Need Help Finding Trending Markets?
Sunday Aug 4th

Key Events for Tuesday

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

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

Chain Store Sales Index – YoY (previous +2.2%)

8:30 AM ET. June U.S. International Trade in Goods & Services

Deficit (expected -43.6B; previous -45.03B)

Exports (previous 187.06B)

Exports Percent Change (previous -0.3%)

Imports (previous 232.09B)

Imports Percent Change (previous +1.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous +0.8%)

12MonChgPct (previous +3%)

52WkChgPct (previous +2.9%)

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

10:00 AM ET. Aug IBD/TIPP Economic Optimism Index

Economic Optimism Index (previous 47.1)

6-Month Economic Outlook (previous 48.1)

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous -0.74M)

Gasoline Stocks (Net Change) (previous +1.8M)

Distillate Stocks (Net Change) (previous -0.5M)

Refinery Runs (previous 91.1%)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.801 -0.057 -0.07%
POWERSHARES DB US DOLLAR INDEX 22.1499 -0.0101 -0.05%
US Dollar/Canadian Dollar 1.03770 +0.00213 +0.21%
Euro/US Dollar 1.32754 +0.00164 +0.12%
JAPANESE YEN Sep 2013 0.010191 +0.000017 +0.17%
SWISS FRANC Sep 2013 1.0781 +0.0004 +0.04%

CURRENCIES

September Dollar was lower overnight and testing support marked by the 75% retracement level of the June-July rally crossing at 81.70. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 82.43 are needed to confirm that a short-term low has been posted. If September renews the decline off July’s high, the 87% retracement level of the June-July rally crossing at 81.15 is the next downside target. First resistance is the 20-day moving average crossing at 82.43. Second resistance is the reaction high crossing at 83.16. First support is the 75% retracement level of the June-July rally crossing at 81.70. Second support is the 87% retracement level of the June-July rally crossing at 81.15.

The September Euro was higher overnight. 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 131.85 are needed to confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at 134.24 is the next upside target. First resistance is the 87% retracement level of the June-July decline crossing at 133.40. Second resistance is June’s high crossing at 134.24. First support is the 20-day moving average crossing at 131.85. Second support is the reaction low crossing at 131.68.

The September British Pound was higher overnight as it extends the rally off last Friday’s low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last Friday’s low, the 75% retracement level of the June-July decline crossing at 1.5509 is the next upside target. Closes below last Friday’s low crossing at 1.5098 would confirm that the short-term top has been posted. First resistance is July’s high crossing at 1.5432. Second resistance is the 75% retracement level of the June-July decline crossing at 1.5509. First support is last Friday’s low crossing at 1.5098. Second support is the July 11th gap crossing at 1.5009.

The September Swiss Franc was slightly higher overnight. Stochastics and the RSI are diverging but are turning neutral signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the 87% retracement level of the June-July decline crossing at .10874 is the next upside target. Closes below the 20-day moving average crossing at .10673 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the June-July decline crossing at .10873. Second resistance is June’s high crossing at .10962. First support is the 20-day moving average crossing at .10673. Second support is the reaction low crossing at .10555.

The September Canadian Dollar was lower overnight and poised to extend last Friday’s breakout below the 20-day moving average crossing at 96.47. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the reaction low crossing at 95.52 is the next downside target. Closes above the 10-day moving average crossing at 96.80 would confirm that a short-term low has been posted. First resistance is the 62% retracement level of the May-July decline crossing at 97.45. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is the reaction low crossing at 95.52. Second support is July’s low crossing at 94.09.

The September Japanese Yen was higher overnight. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off July’s low, June’s high crossing at .10669 is the next upside target. Closes below last Friday’s low crossing at .10002 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at .10318. Second resistance is June’s high crossing at .10669. First support is last Friday’s low crossing at .10002. Second support is the reaction low crossing at .9916.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 107.12 +0.56 +0.53%
NEW YORK HARBOR ULSD Sep 2013 3.0575 +0.0053 +0.17%
NATURAL GAS Sep 2013 3.341 +0.022 +0.66%
RBOB GASOLINE Sep 2013 2.9731 +0.0225 +0.76%
POWERSHARES DYNAMIC ENERGY 50.2601 -0.3199 -0.63%
UNITED STATES GASOLINE 60.500 -0.750 -1.24%

ENERGIES

September Nymex crude oil was higher in overnight trading hinting that the two-day correction off last Friday’s high might have ended. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above July’s high would renew this summer’s rally off April’s low while opening the door for a possible test of weekly resistance crossing at 110.55. Closes below last Tuesday’s low crossing at 102.67 would confirm that a double top with July’s high has been posted. First resistance is July’s high crossing at 108.93. Second resistance is monthly resistance crossing at 110.55. First support is the 25% retracement level of the April-July rally crossing at 103.27. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil was lower overnight as it extends the correction off last Friday’s high. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below last Wednesday’s low crossing at 297.72 would confirm that a short-term top has been posted. If September extends the rally off last Wednesday’s low, July’s high crossing at 313.22 is the next upside target. First resistance is last Friday’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is last Wednesday’s low crossing at 297.72. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas was higher overnight as it consolidates some of Monday’s decline. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Closes below last Wednesday’s low crossing at 292.33 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September renews the rally off last Wednesday’s low, July’s high crossing at 309.17 is the next upside target. First resistance is last Thursday’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is last Wednesday’s low crossing at 292.33. Second support is the 38% retracement level of the April-July rally crossing at 290.90.

September Henry natural gas was higher due to short covering overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year’s decline, weekly support crossing at 3.178 is the next downside target. Closes above the 20-day moving average crossing at 3.579 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.465. Second resistance is the 20-day moving average crossing at 3.579. First support is Monday’s low crossing at 3.308. Second support is weekly support crossing at 3.178.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2369 -4 -0.17%
COFFEE Sep 2013 118.55 -1.10 -0.92%
ORANGE JUICE-A Sep 2013 142.40 +0.30 +0.21%
IPATH DJ-UBS SUGAR TRUST 57.556 -0.734 -1.27%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.67%

FOOD & FIBER

September coffee closed higher due to short covering on Monday as it consolidated some of the decline off July’s high. The mid-range close set the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, weekly support crossing at 11.00 is the next downside target. Closes above the 20-day moving average crossing at 122.36 would confirm that a short-term low has been posted.

September cocoa closed sharply higher on Monday as it renewed the rally off June’s low. The high-range close sets the stage for a steady to higher opening on Tuesday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, May’s high crossing at 24.43 is the next upside target. Closes below the 20-day moving average crossing at 22.96 would confirm that a short-term top has been posted.

October sugar closed lower on Monday as it consolidated some of the rally off July’s low. The low-range close set the stage for a steady to lower opening on Tuesday. Stochastics and the RSI are overbought and are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 16.41 would confirm that a short-term top has been posted. If October renews the rally off July’s low, June’s high crossing at 17.49 is the next upside target.

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


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 460.75 +0.25 +0.05%
OATS Dec 2013 325.00 +1.00 +0.31%
WHEAT Sep 2013 650.25 +5.00 +0.78%
TEUCRIUM CORN 34.949 -0.331 -0.94%
IPATH DJ-UBS GRAINS TRUST 45.610 -0.890 -1.99%
ELEMENTS MLCX GRAINS INDEX TRUST 6.190 0.000 0.00%
SOYBEANS Nov 2013 1180.25 -3.00 -0.25%
SOYBEAN (MINI) Nov 2013 1180.50 -2.75 -0.23%
SOYBEAN MEAL Dec 2013 351.0 -0.6 -0.17%
TEUCRIUM SOYBEAN 22.4448 -0.0452 -0.20%

GRAINS

corn was fractionally higher due to light profit taking overnight. Favorable weather conditions across much of the Midwest along with chances for rain across portions of the region will continue to keep pressure on the market ahead of the August USDA crop production report. 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 June’s high, weekly support crossing at 4.33 1/2 is the next downside target. Closes above the 20-day moving average crossing at 4.88 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.71 3/4. Second resistance is the 20-day moving average crossing at 4.88 3/4. First support is the overnight low crossing at 4.55. Second support is weekly support crossing at 4.33 1/2.

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 neutral signaling that sideways to lower prices are possible near-term. If December extends the decline off July’s high, psychological support crossing at 6.50 is the next downside target. Closes above last Thursday’s high crossing at 6.79 3/4 would confirm a short-term low has been posted while opening the door for a possible test of July’s high crossing at 7.05 3/4. First resistance is last Thursday’s high crossing at 6.79 3/4. Second resistance is July’s high crossing at 7.05 3/4. First support is Monday’s low crossing at 6.54. Second support is psychological support crossing at 6.50.

December Kansas City Wheat closed down 11 1/2-cents at 7.07 1/4.

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

December Minneapolis wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.58 are needed to confirm that a low has been posted. If December extends the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.58. Second resistance is the reaction high crossing at 7.88 1/2. First support is Monday’s low crossing at 7.41 1/4. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans were lower overnight. 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 aforementioned decline, the 50% retracement level of the 2010-2012-rally crossing at 11.66 1/4 is the next downside target. Closes above the 20-day moving average crossing at 12.41 1/2 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 12.07 3/4. Second resistance is the 20-day moving average crossing at 12.41 1/2. First support is Monday’s low crossing at 11.70 1/2. Second support is the 50% retracement level of the 2010-2012-rally crossing at 11.66 1/4.

December soybean meal was lower overnight as it extends the decline off July’s high. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July’s high, the 75% retracement level of the April-June rally crossing at 347.20 is the next downside target. Closes above the 20-day moving average crossing at 372.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 363.20. Second resistance is the 20-day moving average crossing at 372.90. First support is the overnight low crossing at 348.20. Second support is the 75% retracement level of the April-June rally crossing at 347.20.

December soybean oil 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 bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 44.31 are needed to confirm that a short-term low has been posted. If December extends this year’s decline, weekly support crossing at 40.56 is the next downside target. First resistance is the 10-day moving average crossing at 43.19. Second resistance is the 20-day moving average crossing at 44.31. First support is Monday’s low crossing at 42.46. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15612.13 -46.23 -0.30%
NASDAQ COMPOSITE INDEX (COMBINED) 3689.90 +0.31 +0.01%
S&P 500 CASH 1707.14 -2.53 -0.15%
SPDR S&P 500 170.67 -0.28 -0.16%
QQQQ VOLATILITY INDEX 11.37 -0.06 -0.53%
iShares RUSSELL 2000 INDEX 105.36 +0.20 +0.19%

U.S. STOCK INDEXES

September NASDAQ 100 was slightly lower overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3070.96 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 3140.25. Second resistance is monthly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3070.96. Second support is the reaction low crossing at 3023.50.

The September S&P 500 was lower due to light profit taking overnight as it consolidates some of last week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that additional short-term gains are possible near-term. If September extends the rally off June’s low, upside targets will be hard to project with September trading into uncharted territory. Closes below the 20-day moving average crossing at 1683.50 are needed to confirm that a short-term top has been posted. First resistance is last Friday’s high crossing at 1705.00. First support is the 20-day moving average crossing at 1683.50. Second support is the reaction low crossing at 1670.50.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 133.06250 -0.12500 -0.09%
iShares FLOATING RATE NOTE 50.635 -0.015 -0.03%
5 YEAR T-NOTES Sep 2013 121.375000 -0.007813 -0.01%
ULTRA T-BONDS Sep 2013 142.12500 -0.15625 -0.11%
POWERSHARES SENIOR LOAN PORTF 24.92 -0.04 -0.16%

INTEREST RATES

T-bonds were lower in overnight trading as they consolidate some of last Friday’s rally. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 134-06 would confirm that a short-term low has been posted. If September extends the decline off July’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the 20-day moving average crossing at 134-06. Second resistance is the reaction high crossing at 136-00. First support is last Friday’s low crossing at 131-25. Second support is weekly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.000 0.000 0.00%
LEAN HOGS Oct 2013 86.075 +0.575 +0.67%
LIVE CATTLE Oct 2013 124.550 0.000 0.00%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.6707 +0.2359 +0.88%

LIVESTOCK

hogs closed up $1.55 at $85.50.

October hog closed higher on Monday and above the 10-day moving average crossing at 84.81 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last week’s low, July’s high crossing at 86.87 is the next upside target. Closes below last week’s low crossing at 82.95 would confirm that a double top has been posted. First resistance is today’s high crossing at 85.70. Second resistance is July’s high crossing at 86.87. First support is the 50% retracement level of the March-June rally crossing at 82.68. Second support is the 62% retracement level of the March-June rally crossing at 81.66.

October cattle closed up $0.07 at 124.55.

October cattle closed higher on Monday and the mid-range close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends last week’s decline, June’s low crossing at 121.65 is the next downside target. Closes above the 20-day moving average crossing at 125.78 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 126.95. Second resistance is the reaction high crossing at 127.20. First support is last Friday’s low crossing at 124.12. Second support is June’s low crossing at 121.65.

August feeder cattle closed up $0.03 at $153.75.

August Feeder cattle closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday’s night session begins trading. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, the reaction high crossing at 155.70 is the next upside target. Closes below the 20-day moving average crossing at 152.41 are needed to confirm that a short-term top has been posted. First resistance is last Thursday’s high crossing at 154.60. Second resistance is the reaction high crossing at 155.70. First support is the 20-day moving average crossing at 152.41. Second support is the reaction low crossing at 149.90.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1290.3 -12.1 -0.93%
SPDR GOLD SHARES 125.73 -0.63 -0.50%
SILVER Sep 2013 19.680 -0.040 -0.20%
PALLADIUM Sep 2013 727.00 -8.20 -1.12%
DIREXION DAILY GOLD MINERS BEA 90.2904 +1.5404 +1.71%
POWERSHARES DB PRECIOUS METALS 42.199 -0.241 -0.57%

PRECIOUS METALS

October gold was lower overnight and trading below the 20-day moving average. 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 1303.10 would confirm that a short-term top has been posted. If October renews the rally off June’s low, the reaction high crossing at 1395.20 is the next upside target. First resistance is July’s high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20-day moving average crossing at 1303.10. Second support is June’s low crossing at 1182.60.

September silver was slightly lower overnight while extending the trading range of the past seven weeks. Stochastics and the RSI are neutral signaling that sideways trading is possible near-term. Closes below the reaction low crossing at 18.665 would confirm a downside breakout of the aforementioned trading range. If September renews the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is the reaction high crossing at 20.250. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at 18.665. Second support is June’s low crossing at 18.170.

September copper was higher overnight while extending the trading range off June’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends last week’s rally, July’s high crossing at 319.15 then the 38% retracement level of the February-June decline crossing at 330.48 are the next upside targets. Closes below last week’s low would open the door for a possible test of June’s low crossing at 298.55. First resistance is July’s high crossing at 323.40. Second resistance is the 38% retracement level of the February-June decline crossing at 330.48. First support is the reaction low crossing at 302.50. Second support is June’s low crossing at 298.55.


 

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