Stocks...
IWM…114.40 resistance. A couple of closes over this level is needed for a test of the yearly highs.
Nasd 100…longer term point & figure charts show that some work is needed to get through 3625-35.In fact this is where the bears will be looking for the formation of a right shoulder of a head & shoulders pattern.
Bonds
Bunds…as long as these stay above 144.65, there is more to go on the upside. Buy stops are over 145.42.
TBT…price action over 64.40 can lead to 65.65 resistance
FX…
Euro…pattern sell stops are @ 136.73.
USD/JPY…needs to show some strength over 102.40 (under 97.65 Futures) to gain any momentum.
Commodities…
Oil…100 becomes the short term inflection point for WTI. Good above/rolling over below.
101.75 is resistance.
General Comments or Valuable Insight
With the DAX testing it’s all time high, Spu’s making new all time highs with the DJI, I expect investors to look to Nasd & Russell again today to find bargains.
The Spu’s have come a long way over the past 2 days without any consolidation or retrace. I’d look for at least one today.
Opening Range Time Frame Trading again today.
Short Term View…
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s.