If you are a golf fan, I’m sure you heard about Dustin Johnson grounding his club in what Whistling Strait officials deemed a bunker on the 72nd hole of the PGA Championship. Dustin didn’t realize it was a bunker and the penalty for grounding a club cost him a shot at winning the tournament. And, how about the recent story about a guy that drove a ball off the fairway into the rough? When he took his next shot his club struck a rock that created a spark which set off a 25 acre fire. They needed 150 firemen to put it out. Expensive shots to say the least!! You might be wondering why I am mentioning this and what does this have to do with the financial markets?

Continuation of the up auction. Look for support in the 1086/87 area. Watch out for a possible volatile market after the employment news is released in the morning.

The Market has decided to head higher too soon; leaving behind a Major Trading Point at 1052.50 that will need to be HIT before I am comfortable saying that this new rally is real. Here are my observations for this past week:

While we’ve seen quite the rally over the last couple of sessions, the index markets still show a great deal of resistance nearby. Here’s a daily S&P cash index chart:

Login or register for a free account to read the full article.

Today’s Daily Market Study with Dan Gramza reviews yesterday’s setups in each of the CME Group markets. Dan presents graphs in his easy to understand teaching style to provide insights, considerations and implications for trading futures and options on Stock Indexes, Forex, Grains, Precious Metals and more.

We’ve been strident about the idea that global growth decoupling from the US is a myth. The idea being the US consumer is still the primary demand engine for the world, and Mr. US Consumer becomes all the more important as European demand heads into its austerity shell. But today’s news has us wondering a bit about our stridency.

We see the range for the rest of this week to be between 1039.25 and 1063.50. If we break lower there is very strong support at 1037.00 which has held for some time now. If the market were to go higher and it could with a good employment report on Friday then the next level to look at would be 1067.25 with even stronger resistance at 1070.25. You should feel very confident as we do using these numbers the rest of the trading week.

Coming into this week, corn futures settled at their highest levels since the second week of January. Although corn was able to trade above Friday’s high, they hit resistance at the weekly high, pushing down into the negative side of the ledger for the day. Soybeans and wheat behaved in a similar fashion as they traded in a light volume range bound day.