Futures Market Technical and Fundamental Recap
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Today's Futures Analysis summary
Despite the Treasury auction today, September Treasury Bond futures were able to overtake a 50% retracement area at 116’26 and changed the trend to up on a move through 117’04. If upside momentum continues, look for the rally to continue to 118’
Needless to say the September Treasury Notes had a similar pattern but because the supply hitting the market was short-term instruments, they were not able to break through the last main top at 115’25 to turn the main trend up
September e-mini S&P 500 futures continued its down trend, but found a stopper early and the market spent the rest of the day trying to rally out of the hole. The S&P 500 contract was the leader on the upside most of the day but the Dow and NASDAQ struggled. The Dow was limited by Boeing and the NASDAQ was held down by Apple Computer. Look for the choppy trading to continue until all three major indices can get in sync.
August Gold felt downside pressure early in the trading session, but recovered to post a gain on the day as the weaker Dollar drove traders into commodities. Technically, this market found buyers at a .618 retracement level at 915.10.
September Silver posted a reversal bottom at 13.64. This price was under the 50% price at 14.04 but in front of a .618 level at 13.52. The trend is still down, but this market may be able to mount a 2-3 day corrective rally if the Dollar continues to weaken. Inflation isn’t a factor at this time so gains may be limited
December Corn stopped going down but did nothing to establish a bottom or set up for a change in trend. This market looks as if it just ran out of sellers. Ideal growing conditions have been the biggest bearish influence on this market. Unless the weather suddenly turns hot and dry, expectations are for traders to sell rallies.
November Soybeans are in a down trend. A stronger Dollar and favorable weather have been putting downside pressure on this market. Today’s technical bounce was triggered by a test of a retracement zone at 9.91 ¾ to 9.66 ½. Expectations are for a short-covering rally to take this market back to 10.35. If this market is topping out then sellers should step in at this level.
October Sugar surged to its highest level in almost three years as a series of fundamental events caught most traders napping. Sugar has been in a serious uptrend since a breakout to the upside in late April. Recently the market has traded sideways to lower since the Indian government put a ban on forward contracting to prevent excessive speculations. Today’s rally was triggered by projections for a deficit this year, a downward revision in Australian supply and a delay in the monsoon season
By FuturesHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis .
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