Stocks...
DAX…9390 is today’s resistance.
Spu…1952 is support.
Bonds
30 Yr. Bonds…140.14-17 is Monthly Fib resistance and the closing upside pivot.
FX…
Euro…Price action and a close under 133.30 is needed to see another 100 point sell off…Price action above 134.25 is needed to run out weak shorts.
GBP/USD…166.64 is the 200 DMA support and a good place to look for a bounce with the RSI’s getting oversold.
Commodities…
Brent…101.95 is support and the downside closing pivot. Given the oversold nature of the market traders should be looking for a relief rally of this level.
Buy before you sell at this level with a tight stop.
General Comments or Valuable Insight
Going into next week I have no interest in selling the Bonds at weeks end with the technical models up.
Short term traders can look for a small reaction trade at the 140.15 level.
A little patience is going to be required with Central bankers meeting in
Jackson Hole.
Low rates are once again fueling a feeding frenzy for risk assets world wide.
Opportunity will once again be in individual names. The Equity Indices will be a low volatility grind.
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Long GBP/USD
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Today’s Working Orders
SELL 1/2 Long GBP/USD @ 167.45 GTC