July Low Key For S&P Futures

Index futures gapped to the downside following the Globex overnight session
and chopped around for most of the day, before closing near their lows for the
day on Wednesday.
Dow Futures
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continue to make new lows after violating the July
low. The S&Ps
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are still challenging its July low. Nasdaq 100
Futures
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held up the best, closing down a little more than 3
points.

The market’s weight sucked life out of the U.S. dollar
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,
as
foreign currency was bolstered by traders on the weakness. With the notable
exception of the Canadian dollar
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,
which continued its weak
performance, the Euro
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, Swiss franc
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, Japanese yen
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and British pound
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all closed green for the trading stanza.

Precious metals were seen as somewhat of a haven, as Gold
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gained nearly $2 to close at 321.20, but
Silver
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slipped by 0.03 on the day.

In the softs, Orange Juice
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reversed its downward action
after breaking down from a triangle. Cocoa
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continues to
explode to the upside, gaining 49 points on the day. Sugar
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started to pull back slightly after breaking out to new contract highs on
Tuesday, while Coffee
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added 0.55 to yesterday’s gains. Finally, Cotton
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In the meat complex, both Pork Bellies
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and Lean Hogs
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continue to rebound out of pullbacks to the 20-day moving average. Live
Cattle
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and Feeder Cattle
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both ended the
session lower after forming outside days in the prior session.

Soybeans
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broke down out of a short consolidation to lose more than 11
points, with Wheat
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losing nearly 9 out of a short counter trend rally. Corn
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also
finished the day in the red, while
Bean Oil
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and Soy Meal
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continue to move lower
on the daily chart.

Finally, the bond market got a boost from the indices weakness, with 10-year Notes
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ending the session up 180 and the US Treasury Bond
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adding
25 points of gains.