The September NASDAQ 100 was higher overnight as it consolidates some of Wednesday's decline. However, 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 1822.78 would confirm that a short-term top has been posted. If September extends this month's rally, the reaction high crossing at 1902.25 is the next upside target. First resistance is Tuesday's high crossing at 1900.75. Second resistance is the reaction high crossing at 1902.25. First support is the 10-day moving average crossing at 1850.97. Second support is the 20-day moving average crossing at 1822.78. The September NASDAQ 100 was up 7.00 pts. at 1876.75 as of 6:03 AM CST. Overnight action sets the stage for a higher opening by September NASDAQ 100 when the day session begins later this morning.
The September S&P 500 index was higher overnight as it consolidates some of Wednesday's decline. At the same time, stochastics and the RSI are overbought and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1074.81 would confirm that a short-term top has been posted. If September extends this month's rally, June's high crossing at 1129.20 is the next upside target. First resistance is Tuesday's high crossing at 1118.00. Second resistance is June's high crossing at 1129.20. First support is the 10-day moving average crossing at 1088.92. Second support is the 20-day moving average crossing at 1074.81. The September S&P 500 Index was up 5.40 pts. at 1107.50 as of 6:06 AM CST. Overnight action sets the stage for a steady to higher opening by the September S&P 500 index when the day session begins later this morning.
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September T-bonds were mostly steady overnight as it consolidates below broken support marked by the 20-day moving average crossing at 127-07. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 125-07 are needed to confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 127-16 would temper the near-term bearish outlook. If September resumes this year's rally, the 62% retracement level of the 2008-2009-decline on the weekly continuation chart crossing at 130-10 is the next upside target. First resistance is the 10-day moving average crossing at 127-16. Second resistance is last Wednesday's high crossing at 129-14. First support is Wednesday's low crossing at 126-01. Second support is the reaction low crossing at 125-07.
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September crude oil was higher due to short covering overnight as it consolidates some of this week's decline. 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 76.49 would confirm that a short-term top has been posted. If September renews this month's rally, the reaction high crossing at 79.97 is the next upside target. First resistance is Tuesday's high crossing at 79.69. Second resistance is the reaction high crossing at 79.97. First support is Wednesday's low crossing at 75.90. Second support is the reaction low crossing at 74.70.
September heating oil was higher due to short covering overnight while extending the trading range of the past three weeks. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 197.59 would confirm a downside breakout of this month's trading range while opening the door for a possible test of this month's low crossing at 189.68. Closes above the reaction high crossing at 210.18 are needed to confirm an upside breakout of the aforementioned trading range. First resistance is last Friday's high crossing at 210.18. Second resistance is the reaction high crossing at 213.96. First support is the reaction low crossing at 197.59. Second support is this month's low crossing at 189.68.
September unleaded gas was higher due to short covering overnight as it consolidates some of the decline off last week's high. 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 205.44 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early August. If September renews this month's rally, June's high crossing at 218.53 is the next upside target. First resistance is last Friday's high crossing at 215.19. Second resistance is June's high crossing at 217.95. First support is the 20-day moving average crossing at 205.44. Second support is the reaction low crossing at 201.06.
September Henry natural gas was higher overnight as it extends this month's rally. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If September extends this month's rally, the reaction high crossing at 4.945 is the next upside target. Closes below the 20-day moving average crossing at 4.570 would temper the near-term friendly outlook. First resistance is Wednesday's high crossing at 4.863. Second resistance is the reaction high crossing at 4.945. First support is the 10-day moving average crossing at 4.600. Second support is the 20-day moving average crossing at 4.570.
CURRENCIES
The September Dollar was lower overnight as it extended the decline off June's high and has broken out below the 50% retracement level of the 2009-2010-rally crossing at 82.15. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible near-term. If September extends the decline off June's high, the 62% retracement level of the 2009-2010-rally crossing at 80.47 is the next downside target. Closes above the 20-day moving average crossing at 83.33 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 82.59. Second resistance is the 20-day moving average crossing at 83.33. First support is the overnight low crossing at 81.69. Second support is the 62% retracement level of the 2009-2010-rally crossing at 80.47.
The September Euro was higher overnight as it extends the rally off June's low. Stochastics and the RSI are overbought but remain bullish signaling that additional short-term gains are possible. If September extends the rally off June's low, the 38% retracement level of the 2009-2010-decline crossing at 131.077 is the next upside target. Closes below the 20-day moving average crossing at 127.977 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 130.880. Second resistance is the 38% retracement level of the 2009-2010-decline crossing at 131.077. First support is the 10-day moving average crossing at 129.390. Second support is the 20-day moving average crossing at 127.977.
The September British Pound was higher overnight as it extends the rally off May's low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May's low, the 62% retracement level of the 2009-2010-decline crossing at 1.5938 is the next upside target. Closes below the 20-day moving average crossing at 1.5281 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1.5660. Second resistance is the 62% retracement level of the 2009-2010-decline crossing at 1.5938. First support is the 10-day moving average crossing at 1.5388. Second support is the 20-day moving average crossing at 1.5281.
The September Swiss Franc was higher due to short covering overnight and continues to extend this month's trading range. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends Tuesday's decline, the 25% retracement level of the June-July rally crossing at .9362 is the next downside target. Closes above the 10-day moving average crossing at .9520 would temper the near-term bearish outlook. First resistance is the overnight high crossing at .9593. Second resistance is this month's high crossing at .9629. First support is Tuesday's low crossing at .9402. Second support is the 25% retracement level of the June-July rally crossing at .9362.
The September Canadian Dollar was higher overnight as it extends the rally off last week's low. Stochastics and the RSI remain neutral to bullish signaling that additional strength is possible near-term. If September extends the rally off last week's low, June's high crossing at 98.57 is the next upside target. Closes below the 20-day moving average crossing at 95.79 would temper the near-term friendly outlook. First resistance is Tuesday's high crossing at 97.45. Second resistance is June's high crossing at 98.57. First support is the 10-day moving average crossing at 95.92. Second support is the 20-day moving average crossing at 95.75.
The September Japanese Yen was higher due to short covering overnight as it consolidates some of Tuesday's decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September renews Tuesday's decline, the 25% retracement level of the May-July rally crossing at .11339 is the next downside target. Closes above the 10-day moving average crossing at .11486 would temper the near-term bearish outlook. First resistance is the overnight high crossing at .11534. Second resistance is this month's high crossing at .11600. First support is Wednesday's low crossing at .11353. Second support is the 25% retracement level of the May-July rally crossing at .11339.
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August gold was higher due to short covering overnight as it rebounds off the 50% retracement level of this year's rally crossing at 1158.30. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If August extends the decline off June's high, the 62% retracement level of this year's rally crossing at 1132.70 is the next downside target. Closes above the 20-day moving average crossing at 1192.30 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1180.40. Second resistance is the 20-day moving average crossing at 1192.30. First support is Wednesday's low crossing at 1155.60. Second support is the 62% retracement level of this year's rally crossing at 1132.70.
September silver was higher due to short covering overnight while extending this month's trading range. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes above the reaction high crossing at 18.535 are needed to confirm that a short-term low has been posted. If September renews the decline off June's high, June's low crossing at 17.230 is the next downside target. First resistance is last Friday's high crossing at 18.280. Second resistance is the reaction high crossing at 18.535. First support is Wednesday's low crossing at 17.325. Second support is June's low crossing at 17.230.
September copper was higher overnight as it extends 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 rally, the 62% retracement level of the April-June decline crossing at 331.30 is the next upside target. Closes below the 20-day moving average crossing at 305.82 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 328.95. Second resistance is the 62% retracement level of the April-June decline crossing at 331.30. First support is the 10-day moving average crossing at 312.68. Second support is the 20-day moving average crossing at 305.82.
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September coffee closed higher on Wednesday while extending the trading range of the past five weeks. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. From a broad perspective, September needs to close above 16.98 or below 15.54 to clear up near-term direction in the market.
September cocoa closed higher due to short covering on Tuesday as it consolidates some of this month's decline. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold and are turning bullish hinting that a low might be in or is near. Multiple closes above the 10-day moving average crossing at 30.05 would temper the near-term bearish outlook. If September renews this month's decline, May's low crossing at 27.94 is the next downside target.
October sugar closed higher on Wednesday as it extends the rally off May's low. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that additional gains are possible. If October extends the rally off May's low, the 62% retracement level of this year's decline crossing at 19.30 is the next upside target. Closes below the 20-day moving average crossing at 17.35 would confirm that a short-term top has been posted.
October cotton closed lower due to profit taking on Wednesday as it consolidates some of this month's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If October extends this month's rally, the 62% retracement level of 2008's decline crossing at 83.16 is the next upside target. Closes below the 20-day moving average crossing at 78.78 would confirm that a double top with May's high has been posted.
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September corn was higher due to short covering overnight as it consolidates some of decline off this month's high. The high-range close overnight sets the stage for a steady to higher opening when the day session begins. Stochastics and the RSI are oversold and are turning bullish signaling that sideways to higher prices are possible near-term. Closes above last Thursday's high crossing at 3.87 are needed to confirm that a short-term low has been posted. If September extends last week's decline, the 62% retracement level of the June-July rally crossing at 3.57 1/2 is the next downside target. First resistance is the overnight high crossing at 3.80 3/4. Second resistance is last Thursday's high crossing at 3.87. First support is Monday's low crossing at 3.61 3/4. Second support is the 62% retracement level of the June-July rally crossing at 3.57 1/2.
September wheat was higher overnight as it extends this month's rally. The high-range close sets the stage for a steady to lower opening when the day session begins trading later this morning. Stochastics and the RSI are overbought but are 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 2009-2010-decline crossing at 6.40 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.65 3/4 would confirm that the rally off June's low has ended. First resistance is the overnight high crossing at 6.24 1/4. Second resistance is the 62% retracement level of the 2009-2010-decline crossing at 6.40 1/2. First support is the 10-day moving average crossing at 5.95. Second support is the 20-day moving average crossing at 5.65 3/4.
September Kansas City Wheat closed up 15 3/4-cents at 6.30 3/4.
September Kansas City wheat gapped up and closed above the 50% retracement level of the 2009-2010-decline crossing at 6.25 1/2 on Wednesday. Profit taking tempered early gains and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June's low, the 62% retracement level of the 2009-2010-decline crossing at 6.62 1/2 is the next upside target. Closes below the 20-day moving average crossing at 5.73 1/2 would confirm that a short-term top has been posted. First resistance is today's high crossing at 6.39 1/4. Second resistance is the 62% retracement level of the 2009-2010-decline crossing at 6.62 1/2. First support is the 10-day moving average crossing at 6.07 1/2. Second support is the 20-day moving average crossing at 5.73 1/2.
September Minneapolis wheat was higher overnight as it extends the rally off June's low. The high-range overnight close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI are overbought but are neutral to bullish signaling that additional gains are possible near-term. If September extends this month's rally, the 50% retracement level of the 2009-2010-decline crossing at 6.58 3/4 is the next upside target. Closes below the 20-day moving average crossing at 5.92 3/4 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 6.51. Second resistance is the 50% retracement level of the 2009-2010-decline crossing at 6.58 3/4. First support is the 10-day moving average crossing at 6.22 1/4. Second support is the 20-day moving average crossing at 5.92 3/4.
SOYBEAN COMPLEX
September soybeans were higher due to short covering overnight as it consolidates some of this week's decline. The high-range overnight close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI remain bearish signaling that additional weakness is still possible near-term. Closes below the 20-day moving average crossing at 9.69 1/4 would confirm that September has posted a double top with April's high. If September renews the rally off June's low, the 75% retracement level of the December-June decline crossing at 10.27 is the next upside target. First resistance is this month's high crossing at 10.06 1/4. Second resistance is the 75% retracement level of the December-June decline crossing at 10.27. First support is Monday's low crossing at 9.70. Second support is the 20-day moving average crossing at 9.69 1/4.
September soybean meal was higher due to short covering overnight as it consolidates some of Monday's decline. The high-range close overnight set the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews Monday's decline, the 38% retracement level of the March-July rally crossing at 280.60 is the next upside target. Closes above the 10-day moving average crossing at 294.00 would temper the near-term bearish outlook. First resistance is the overnight high crossing at 294.00. Second resistance is this month's high crossing at 300.30. First support is Monday's low crossing at 282.50. Second support is the 38% retracement level of the March-July rally crossing at 280.60.
September soybean oil was higher due to short covering overnight as it consolidates some of this week's decline. The mid-range close sets the stage for a steady to higher opening when the day session begins later this morning. Stochastics and the RSI are bearish signaling that additional weakness is still possible near-term. Closes below the 20-day moving average crossing at 38.05 would confirm that a short-term top has been posted. If September renews the rally off this month's low, the 62% retracement level of this year's decline crossing at 40.29 is the next upside target. First resistance is last Thursday's high crossing at 39.64. Second resistance is the 62% retracement level of this year's decline crossing at 40.29. First support is the 10-day moving average crossing at 38.75. Second support is the 20-day moving average crossing at 38.05.
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August hogs closed up $1.15 at $83.38.
August hogs closed higher on Wednesday thereby renewing this month's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this month's rally, June's high crossing at 84.90 is the next upside target. Closes below the 20-day moving average crossing at 81.25 would temper the near-term friendly outlook. First resistance is today's high crossing at 83.50. Second resistance is June's high crossing at 84.90. First support is the 10-day moving average crossing at 81.91. Second support is the 20-day moving average crossing at 81.25.
August bellies closed up $3.00 at $102.75.
August bellies closed limit up on Wednesday after testing support marked by the 20-day moving average crossing at 98.11. The limit up close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are diverging and are turning bearish signaling that a short-term top is in or is near. Closes below the 20-day moving average crossing at 98.11 would confirm that a short-term top has been posted. If August renews this month's rally, weekly resistance crossing at 107.30 is the next upside target. First resistance is Tuesday's high crossing at 104.50. Second resistance is weekly resistance crossing at 107.30. First support is today's low crossing at 99.50. Second support is the reaction low crossing at 94.00.
August cattle closed up $0.13 at 92.78.
August cattle closed higher due to short covering on Wednesday but remains below the 10-day moving average crossing at 92.93. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are turning bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 91.67 would confirm that a short-term top has been posted. If August resumes the rally off June's low, May's high crossing at 95.55 is the next upside target. First resistance is last Thursday's high crossing at 93.95. Second resistance is May's high crossing at 95.55. First support is today's low crossing at 92.10. Second support is the 20-day moving average crossing at 91.67.
August feeder cattle closed down $0.38 at $114.53.
August Feeder cattle closed lower due to profit taking on Wednesday as it consolidates some of the rally off May's low. The high-range close sets the stage for a steady to higher opening on Thursday. 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 113.83 are needed to confirm that a short-term top has been posted. If August extends the rally off May's low, the 87% retracement level of the April-May decline crossing at 116.48 is the next upside target. First resistance is Monday's high crossing at 115.73. Second resistance is the 87% retracement level of the April-May decline crossing at 116.48. First support is the 20-day moving average crossing at 113.83. Second support is the reaction low crossing at 112.45.
(Source:INO)
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