08-22-2013
Top Day Market News
Interest rates rose to two year highs yesterday in the wake of the release of the minutes of the Federal Open Market Committee meeting. Volatility increased abruptly at 2 PM and the trading engines went to work eventually landing on a negative interpretation of the communique and a broad sell off ensued. Also, the Chinese Purchasing Managers Index improved to 50.1 versus 47.7 in August and this is why you have copper holding its own in the face of a stronger dollar overnight.
Today we get initial claims, continuing claims and Leading Economic Indicators. As for stocks, the problem was one of being too overbought. When the price action is 10% higher than its 200 day moving average, sustainability must be questioned. It’s a great excuse for a 5 to 7% correction.
|
|
Week of August 19 - August 23 |
||||||
|
Date |
ET |
Release |
For |
Briefing.com Forecast |
Briefing.com Consensus |
Prior |
|
|
Aug 21 |
07:00 |
MBA Mortgage Index |
08/17 |
NA |
NA |
-4.7% |
|
|
Aug 21 |
10:00 |
Existing Home Sales |
Jul |
5.00M |
5.20M |
5.08M |
|
|
Aug 21 |
10:30 |
Crude Inventories |
08/17 |
NA |
NA |
-2.812M |
|
|
Aug 21 |
14:00 |
FOMC Minutes |
7/31 |
|
|
|
|
|
Date |
ET |
Release |
For |
Briefing.com Forecast |
Briefing.com Consensus |
Prior |
|
Aug 22 |
08:30 |
Initial Claims |
08/17 |
345K |
337K |
320K |
|
Aug 22 |
08:30 |
Continuing Claims |
08/10 |
2975K |
2959K |
2969K |
|
Aug 22 |
09:00 |
FHFA Housing Price Index |
Jun |
NA |
NA |
0.7% |
|
Aug 22 |
10:00 |
Leading Indicators |
Jul |
0.5% |
0.5% |
0.0% |
|
Aug 22 |
10:30 |
Natural Gas Inventories |
08/17 |
NA |
NA |
65 buff |
|
Aug 23 |
10:00 |
New Home Sales |
Jul |
475K |
490K |
497K |
MARKET PLACE
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
Legend U is Up
D is Down
PRD is Potential Reversal Day S2 is Weekly strong support S1 is Weekly good support DS is Daily Support
DR is Daily Resistance
R1 is Weekly Good Resistance and is calculated once a week on Sunday night
R2 is Weekly Strong Resistance and is calculated once a week on Sunday night
Levels are for the most active futures contract
Daily Support and Resistance
|
|
Trend |
WS2 |
WS1 |
DS |
DR |
WR1 |
WR2 |
|
Sept ES |
D |
1619 |
1635 |
1621 |
1649 |
1680 |
1709 |
|
Sept Nasda q |
D |
3013 |
3040 |
3034 |
3087 |
3122 |
3175 |
|
Sept Yen |
U |
99.81 |
101.15 |
101.54 |
102.85 |
104.05 |
105.61 |
|
Sept EC |
D |
131.40 |
132.30 |
132.87 |
134.24 |
134.10 |
134.80 |
|
Sept 10 Year |
D |
127.22 |
129.11 |
123.30 |
125.05 |
133.28 |
136.24 |
|
Sept 30 Year |
D |
123.06 |
124.03 |
129.20 |
131.13 |
126.13 |
127.27 |
|
Nov Soybea ns |
U |
11.49 |
12.04 |
12.86 |
13.20 |
12.93 |
13.27 |
|
Sept Corn |
D |
4.39 |
4.515 |
4.866 |
5.04 |
4.87 |
5.02 |
|
Dec Gold |
U |
1290 |
1332 |
1349 |
1379 |
1398 |
1421 |
|
Sept Silver |
D |
19.57 |
21.41 |
22.42 |
23.29 |
24.26 |
25.27 |
