If The S&Ps Can Break Through This Barrier…
The Sept. S&P 500 completed its fourth
positive week of trading. On the daily chart, the Sept. S&P 500
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daily chart. The Sept S&P 500 Index closed down by 2.50 to 928. The S&P 500 has
support at around the 925/926 level. If the S&P 500 can break through the 50-day
moving average the next resistance barrier will be at 952. For a look at Carolyn
Boroden’s Futures Perspectives
click here.
On the daily chart, the Sept. Nasdaq 100
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but it is heading in that direction and did close positive for the day. The
Nasdaq 100 futures closed up 6.50 at 995.50. Overhead resistance is at the
50-day moving average at 1019.56. Support is at the 935.
The Fed watch has come and gone, which gave the
bonds and notes some interesting action this past week. On the daily chart both
the Sept 30-year bond
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are pulling back from their highs. The USU2 closed down at 108.56 a loss of 1.50
or 1.36% and TYU2 closed at 111.51 down 1.01.
Crude oil and heating oil shot up to three-month
highs today. This was due to short-covering ahead of the weekend, tightening
inventories and fears of a disruption in Iraqi exports. The September crude
contract
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hitting $29.45, the highest level since mid-May. Sept. heating oil
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to 3.14 a .o2 gain.
Some rainfall over parts of the U.S. Midwest
stalled the positive move in the grains and beans market today. Sept wheat
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-1 1/2 cent to $2.82 1/2 a bushel. According to the Wall Street Journal,
soybean crops are currently going through their most critical development stage,
when plants are finishing setting pods and will start filling them. Therefore it
is generally perceived that August weather can alter final yields. November
soybeans
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had a nice positive week, gaining more than 7%.
On the COMEX, Dec.gold
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.70 to close at $315.39 a troy ounce. Sept. silver
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to end at 4.493 and Sept. copper
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