The September NASDAQ 100 was higher overnight as it extends 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, the 62% retracement level of last summer's decline crossing at 1635.65 is the next upside target. Closes below the 20-day moving average crossing at 1511.12 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1615.75. Second resistance is the 62% retracement level of the aforementioned decline crossing at 1635.65. First support is the 10-day moving average crossing at 1577.25. Second support is the 20-day moving average crossing at 1510.13. The September NASDAQ 100 was up 10.00 pts. at 1610.75 as of 6:02 AM CST. Overnight action sets the stage for a higher opening by June NASDAQ 100 when the day session begins later this morning.
The September S&P 500 index was higher overnight as it extends this month's rally. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near- term. If September extends the rally, the 38% retracement level of the 2008-2009 decline crossing at 1044.11 is the next upside target. Closes below the 20-day moving average crossing at 930.19 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 984.90. Second resistance is the 38% retracement level crossing at 1044.11. First support is the 10-day moving average crossing at 964.89. Second support is the 20-day moving average crossing at 930.19. The September S&P 500 Index was up 7.90 pts. at 982.80 as of 6:04 AM CST. Overnight action sets the stage for a 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 lower due to profit taking overnight hinting that the two-day rebound off Monday's low might be ending. However, stochastics and the RSI are oversold and are turning neutral to bullish hinting that a short-term top might be in or is near. Closes above the 20-day moving average crossing at 117-26 are needed to confirm that a short-term low has been posted. If September extends this month's decline, the reaction low crossing at 113-22 is the next downside target. First resistance is the 10-day moving average crossing at 116-15. Second resistance is the 20-day moving average crossing at 117-26. First support is Monday's low crossing at 114-30. Second support is the reaction low crossing at 113-22. ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy September crude oil was higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20-day moving average crossing at 64.23. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If September extends Wednesday's decline, this month's low crossing at 59.30 is the next downside target. Closes above the 10-day moving average crossing at 65.91 would temper the near-term bearish outlook in the market. First resistance is the 20-day moving average crossing at 59.30. Second resistance is the 10-day moving average crossing at 65.91. First support is Wednesday's low crossing at 62.70. Second support is this month's low crossing at 59.30. September heating oil was higher due to short covering overnight as it consolidates some of Wednesday's decline. 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 168.06 are needed to confirm that a short-term top has been posted. If September extends the rally off this month's low, the reaction high crossing at 192.08 is the next upside target. First resistance is Monday's high crossing at 183.40. Second resistance is the reaction high crossing at 192.08. First support is the 20-day moving average crossing at 168.06. Second support is this month's low crossing at 152.50. September unleaded gas was higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are overbought and are turning bearish hinting a pause in the rally off this month's low might be unfolding. Closes below the 20-day moving average crossing at 176.03 are needed to confirm that a short-term top has been posted. If September extends the rally off this month's low, the reaction high crossing at 197.10 is the next upside target. First resistance is Tuesday's high crossing at 191.62. Second resistance is the reaction high crossing at 197.10. First support is Wednesday's low crossing at 179.55. Second support is the 20-day moving average crossing at 176.03. September Henry natural gas was higher due to light short covering overnight as it consolidates some of this week's decline but remains below the 20-day moving average. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, this month's low crossing at 3.366 is the next downside target. Closes above the 10-day moving average crossing at 3.760 would temper the near-term bearish outlook in the market. First resistance is the 20-day moving average crossing at 3.662. Second resistance is the 10-day moving average crossing at 3.760. First support is Wednesday's low crossing at 3.459. Second support is this month's low crossing at 3.366. CURRENCIES
The September Dollar was lower due to profit taking overnight as it consolidates some of the short covering gains of the past two days. However, 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 79.72 are needed to confirm that a short-term low has been posted. If September extends this month's decline, last September's low crossing at 78.32 is the next downside target. First resistance is the 20-day moving average crossing at 79.72. Second resistance is Wednesday's high crossing at 79.81. First support is Tuesday's low crossing at 78.42. Second support is last September's low crossing at 78.32. The September Euro was higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20-day moving average crossing at 140.816. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the reaction low crossing at 138.320 is the next downside target. Closes above the 10-day moving average crossing at 141.699 would temper the near-term bearish outlook in the market. From a broad perspective, September needs to close above 143.270 or below 137.360 to confirm a breakout of this summer's trading range and point the direction of the next trending move. First resistance is the 10-day moving average crossing at 141.699. Second resistance is Tuesday's high crossing at 143.060. First support is Wednesday's low crossing at 140.070. Second support is the reaction low crossing at 138.320. The September British Pound was higher overnight as it continues to consolidate above the 20-day moving average crossing at 1.6363. Stochastics and the RSI are turning bearish hinting that a short-term top might be in or is near. Closes below the reaction low crossing at 1.6263 are needed to confirm that a short-term top has been posted. If September extends the rally off this month's low, June's high crossing at 1.6742 is the next upside target. The September British Pound remains locked within a trading range that began in June. Closes above trading range resistance crossing at 1.6742 or below 1.5795 are needed to confirm a trading range breakout and point the direction of the next trending move. First resistance is last Thursday's high crossing at 1.6585. Second resistance is trading range resistance crossing at 1.6742. First support is the 20-day moving average crossing at 1.6363. Second support is the reaction low crossing at 1.6263.
The September Swiss Franc was slightly higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20-day moving average crossing at .9277. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the reaction low crossing at .9147 is the next downside target. Closes above the 10-day moving average crossing at .9315 would temper the near-term bearish outlook in the market. September needs to close above .9449 or below .9075 are needed to clear up near-term direction in the market. First resistance is the 20-day moving average crossing at .9277. Second resistance is the 10-day moving average crossing at .9315. First support is Wednesday's low crossing at .9172. Second support is the reaction low crossing at .9147. The September Canadian Dollar was higher due to short covering overnight as it consolidates some of Wednesday's decline. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a double top with June's high might be forming. Closes below the 20-day moving average crossing at 88.94 would confirm that a double top has been posted. If September extends this month's rally, the 75% retracement level of the 2008-2009-decline crossing at 95.30 is the next upside target. First resistance is Tuesday's high crossing at 93.06. Second resistance is the 75% retracement level crossing at 95.30. First support is the 10-day moving average crossing at 91.45. Second support is the 20-day moving average crossing at 89.22. The September Japanese Yen was slightly lower overnight as it consolidates below the 20-day moving average. 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, the reaction low crossing at .10320 is the next downside target. Closes above the reaction high crossing at .10727 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10627. Second resistance is the reaction high crossing at .10727. First support is Monday's low crossing at .10486. Second support is the reaction low crossing at .10320. NEW! INO TV - http://tv.ino.com/ - Watch From Your Computer - Avoiding Common Trading Pitfalls by Mark Cook. In this fast-paced video, trading champion Mark Cook shares his ideas for making winning trades. As the first place finisher in the options division of the U.S. Investing Championship, Mark credits research, planning and an attention to detail for his astounding 536% return. http://tv.ino.com/
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals October gold was higher due to short covering overnight as it consolidates some of Wednesday's decline but remains below the 20-day moving average crossing at 935.80. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, this month's low crossing at 906.40 is the next downside target. Closes above the 10-day moving average crossing at 945.90 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 935.80. Second resistance is the 10-day moving average crossing at 945.90. First support is Wednesday's low crossing at 926.50. Second support is this month's low crossing at 906.40. September silver was higher due to short coving overnight as is consolidates some of this week's decline. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If September extends this week's decline, the reaction low crossing at 13.070 is the next downside target. Closes above the 10-day moving average crossing at 13.627 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 13.627. Second resistance is Tuesday's high crossing at 14.095. First support is Wednesday's low crossing at 13.165. Second support is the reaction low crossing at 13.070. September copper was higher due to short covering overnight as it consolidates some of Wednesday's decline. 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 238.17 would confirm that a short-term top has been posted. If September extends this month's rally, the 50% retracement level of last summer's decline crossing at 259.15 is the next upside target. First resistance is Monday's high crossing at 257.90. Second resistance is the 50% retracement level of the aforementioned decline crossing at 259.15. First support is Wednesday's low crossing at 245.00. Second support is the 20-day moving average crossing at 238.17. FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
September coffee closed slightly higher on Wednesday as it consolidates some of Tuesday's decline. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally, the 50% retracement level of the June-July decline crossing at 12.91 is the next upside target. Closes below the 20-day moving average crossing at 11.92 would confirm that a short-term top has been posted. September cocoa closed sharply lower on Wednesday due to profit taking and below the 10-day moving average crossing at 28.27 signaling that a short-term top has likely been posted. The low-range close sets the stage for a steady to lower opening on Thursday. 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 27.07 would confirm that a short-term top has been posted. If September extends this month's rally, last August's high crossing at 29.73 is the next upside target. October sugar closed higher on Wednesday as it extends this year's rally. The high-range close set 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 October extends this summer's rally, monthly resistance crossing at 19.73 is the next upside target. Closes below the 20-day moving average crossing at 17.73 are needed to confirm that a short-term top has been posted. October cotton closed slightly higher due to short covering on Wednesday as it consolidates some of its recent decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends the decline, the reaction low crossing at 53.92 is the next downside target. Closes above the 10-day moving average crossing at 59.39 are needed to confirm that a low has been posted. Trade Stocks, Futures, And Forex With Up To 80% Accuracy
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September corn was higher overnight due to short covering as it extends this month's trading range. The high-range close overnight sets the stage for a steady to higher opening when the day session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above 3.42 1/4 or below 3.04 are needed to confirm a breakout of this month's trading range and point the direction of the next trending move. First resistance is last Friday's high crossing at 3.28 1/4. Second resistance is the reaction high crossing at 3.42 1/4. First support is last Wednesday's low crossing at 3.04. Second support is psychological support crossing at 3.00. September wheat was higher due to short covering overnight as it consolidates some of Wednesday's decline. The high-range close sets the stage for a steady to higher opening when the day session begins trading later this morning. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September renews this summer's decline, psychological support crossing at 5.00 is the next downside target. Multiple closes above the reaction high crossing at 5.53 3/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.25 1/4. Second resistance is the reaction high crossing at 5.53 3/4. First support is Wednesday's low crossing at 5.05 1/4. Second support is psychological support crossing at 5.00. September Kansas City Wheat closed down 3 1/2-cents at 5.46 1/2.
September Kansas City Wheat closed lower on Wednesday and spiked below the previous reaction low thereby renewing the decline off June's high. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish signaling that additional weakness is possible near-term. If September renews this month's decline, last December's low crossing at 5.33 is the next downside target. Closes above the June 30th gap crossing at 5.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.57 1/2. Second resistance is last Monday's high crossing at 5.78. First support is Wednesday's low crossing at 5.42. Second support is last December's low crossing at 5.33. September Minneapolis wheat was higher due to short covering overnight as it extends last week's narrow trading range. 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 diverging and are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 6.26 3/4 are needed to confirm that a short-term low has been posted. If September extends this summer's decline, March's low crossing at 5.82 1/2 is the next downside target. First resistance is the 10-day moving average crossing at 6.01 1/2. Second resistance is the 20-day moving average crossing at 6.07. First support is last Wednesday's low crossing at 5.88. Second support is March's low crossing at 5.82 1/2.
SOYBEAN COMPLEX September soybeans were higher overnight and are trading above the 20-day moving average crossing at 9.64 1/4 as they extend the rebound off this month'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 remain bullish signaling that sideways to higher prices are possible near- term. If September extends this week's rally, this summer's downtrend line crossing near 10.00 is the next upside target. Closes below the 10-day moving average crossing at 9.57 would temper the near-term friendly outlook. First resistance is the overnight high crossing at 9.86. Second resistance is the aforementioned downtrend line crossing near 10.00. First support is the 10-day moving average crossing at 9.57. Second support is this month's low crossing at 9.12 3/4. September soybean meal was higher overnight and has broken out above the 20-day moving average crossing at 308.50. 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 bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 308.50 are needed to confirm that a short-term low has been posted. If September renews this month's decline, the 75% retracement level of the March-June rally crossing at 274.60 is the next downside target. First resistance is the overnight high crossing at 313.90. Second resistance is the reaction high crossing at 325.30. First support is the 10-day moving average crossing at 300.30. Second support is this month's low crossing at 285.00. September soybean oil was higher overnight due to short covering as it consolidates some of the decline off last week's high. The high-range close sets the stage for a steady to higher opening when the day session begins later this morning. 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, this month's low crossing at 32.29 is the next upside target. Closes above last week's high crossing at 35.57 are needed to renew the rally off this month's low. First resistance is the 10-day moving average crossing at 34.38. Second resistance is last Monday's high crossing at 35.57. First support is Wednesday's low crossing at 33.23. Second support is this month's low crossing at 32.29. LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
October hogs closed up $0.40 at $53.10.
October hogs closed higher due to short covering on Wednesday as it consolidated some of the decline off last week's high but remains below June's low crossing at 53.95. The high-range close sets the stage for a steady to higher opening on Thursday, as additional short covering gains are possible. 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 summer's decline, weekly support crossing at 50.65 is the next downside target. Closes above the 20-day moving average crossing at 57.49 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 56.85. Second resistance is the 20-day moving average crossing at 57.49. First support is today's low crossing at 51.70. Second support is weekly support crossing at 50.65. August bellies closed up $0.17 at $61.55.
August bellies closed higher due to short covering on Wednesday as it consolidates above the 20-day moving average crossing at 60.82. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 60.82 would confirm that a short-term top has been posted while opening the door for a larger-degree decline into early-August. If August renews this month's rally, the June 2nd gap crossing at 68.90 is the next upside target. First resistance is the 10-day moving average crossing at 62.95. Second resistance is last Tuesday's high crossing at 67.75. First support is the 20-day moving average crossing at 60.82. Second support is today's low crossing at 59.50. October cattle closed down $1.32 at 89.25.
October cattle gapped down and closed lower on Wednesday thereby renewing the decline off last week's high. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline, the reaction low crossing at 88.00 is the next downside target. Closes above the 10-day moving average crossing at 90.60 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 90.13. Second resistance is Tuesday's high crossing at 91.10. First support is today's low crossing at 88.85. Second support is the reaction low crossing at 88.00. October feeder cattle closed down $0.97 at $102.22.
October Feeder cattle closed lower on Wednesday extending last week's decline below the 20-day moving average. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline, the reaction low crossing at 101.40 is the next downside target. Closes above the 10-day moving average crossing at 103.22 are needed to confirm that a short-term low has been posted. _____________________________________________________________________
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