Stocks...
Nasd 100…4041.50 is where the next set of macro sell stops reside ( the semi annual ORL#). Nasd now needs to maintain above this level to stabilize.
3810 is my targeted support level without sustained early recovery over 4041.
Spu’s…1873 is my next target followed by the Oct low @ 1810.
Price action over 1938 is needed for any signs of a rally.
IBB…the macro sell stops are at 330.60. While you could see a bounce off of 319, 290 is a better place to look for a longer term buy.
Bonds …
30 Yr. Bonds…do not fade the up. General resistance is 162 then 164.
FX…
Yen…83.13 was the last U.S. Equity sell off high, with 83.00 being the 200 DMA.
84.15 is the next level of interest.
Commodities…
OIL…use 41.15 for market tone. I doubt you’ll see much over 39.60 let alone 40 dollars.
OIL…use 41.15 for market tone. I doubt you’ll see much over 39.60 let alone 40 dollars.
Gold…1165-75 is first yearly fib retrace resistance.
General Comments or Valuable Insight
The Chinese decided to let it slide. Gold & Silver are being sold to raise money.
The U.S. Equity Indices have spent the past 7 hours trying to stabilize. They haven’t.
Price action below 1911 will lead to the lower targets.
Nasd 100 qtrly chart shows a major topping pattern. Do not be in a hurry to buy anything. You’re better off being a little late than early if you’re a private wealth manager looking for bargains.
You’re going to get trading rallies form these levels. The later in the day it gets without a sentiment change the uglier the board can get.
