Stocks..
EWP…Spain…33.07 is potential double top level on a monthly chart, however once maintaining and closing over this area, look for an initial test of 34.65 with much higher long term tgt’s.
Bund…139 is resistance and the upside pivot.
FX…
Kiwi… 81.62 is the Qtrly ORL level it broke from. This is a qtrly retest matching matching the 200 day and weekly resistance @ 81.80. This is big closing stuff! As long as we stay under this level the the Kiwi remains under pressure.
Commodities…
Brent…yesterday’s rallies stopped at the weekly support # of 112.55. What was support is now resistance. Front month is now trading November (X). This contract sets up differently! Price action under 109.70 can lead to a good sell off.
In the meantime I wouldn’t get sucked into selling weakness in any Bond until this plays out.
This has to be monitored vis-a’-vis the Euro and the European Stock Indices to see if lower rates will equal a bid tone to the Euro and the Equities.
Short Term View…
Trade idea of the day…
Day Traders…as of writing this the lowest risk idea is to Sell the Yen @ or as close to resistance as possible / and buy the Aussie @ or as close to support as possible with 25 point stops.
Unfortunately there is not a good spot in the AUD/JPY to key off.
Let the IMM pit openings be your guide @ 7:20 CDT. An opening range trade here is the way to go.
Trade instruments off their own technical s
Time Frame Trading.
Current Positions