What Has Traders Smiling Today?
Another day of choppy trade gave traders
something to smile about. The Sept. Dow Jones Industrial Average
(
DJU2 |
Quote |
Chart |
News |
PowerRating) started out with a choppy non-conforming pattern. And then a little
after 10:00 AM EST, a breakout gave traders an opportunity to make some money.
By the end of the session, the DJU2 had made a 20-day new high. Breaking above
and closing above the 9030 resistance level is encouraging for traders of the
Dow futures. The DJU2 closed at 9040, up 65.
The Sept. Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating) hit a
20-day high closing at 1052.00, up 15.00 or 1.45%. This was a close above the
38.2% line (1043.68) drawn from the May high to the July low. The Nasdaq 100
futures are eyeing resistance around 1079 and secondary resistance at
the 50% retracement line 1099.37.
Rallying to a 20-day high has been a challenge
for the Sept S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating), but it continues to rally back from the
July lows. SPU2 is now close to its 50% retracement of 979.15. The Sept S&P 500
futures closed at 961.10 up 8.20.
In the grains which are traded at the Chicago
Board of Trade (CBOT), December wheat
(
WZ2 |
Quote |
Chart |
News |
PowerRating) trended in a sideways
pattern through most of the session and pulled back to hit the S1 pivot point
(first support level) at 345.17. From there wheat began a rally and pulled up
higher to establish the high of the day at 3.53 before pulling back to the close
at $3.52 a bushel, a gain of 4 cents or 1.15%.Â
December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating)
traded in a similar fashion languishing about in a sideways pattern and hitting
the S1 pivot point at 2.69 1/2. The rally kicked in shortly after this point and
rose throughout the trading session to close at $2.71 1/4 a bushel up 1/4 of a
cent. On the daily chart CZ2 is pulling back from the high to test its 20-day
moving average at 2.65. November soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) did not fair as well
as wheat and corn. Soybeans dropped 3 cents to close at $5.37 3/4 a bushel.
In the energies that are traded at the NYMEX,
crude oil gave back some of the gains from earlier this week. October crude
oil
(
CLV2 |
Quote |
Chart |
News |
PowerRating) lost .39 or 1.33% to close at $28.83 a barrel. Oct.
heating oil
(
HOV2 |
Quote |
Chart |
News |
PowerRating) gave up .53 cent to end at 75.65 a gallon. Oct.
unleaded gasoline
(
HUV2 |
Quote |
Chart |
News |
PowerRating) dropped .97 cent or 1.23% to end at 77.73 a
gallon. Natural gas for Oct delivery
(
NGV2 |
Quote |
Chart |
News |
PowerRating) edged higher on lighter
volume to close at 3.58, up .24.
In the metals December gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating)
fell 1.10 to close at $308.19. On the daily chart, gold has support around
$305 an ounce. December silver
(
SIZ2 |
Quote |
Chart |
News |
PowerRating) rallied 4.20 to close at $4.49
an ounce and Sept copper
(
HGU2 |
Quote |
Chart |
News |
PowerRating) rose .85 or 1.265 to end the session
at 68.45 a pound.