Stocks...
It’s all about where the breaks hold.
Spu’s…2081 is the low risk buy #.
Nasd 100…4690 is today’s short term barometer. Good above/Weak below.
4677 is today’s ORL #
Bonds …
30 Yr. Bonds...153.22 is weekly mvg avg support. We’ve on closed below this level once in the 3rd week of June. It was short lived.
155.16 is today’s 200DMA. It would take sustained price action over 155.19 to see 156.08 which is the lowest risk sell #.
FX…
Euro…110.15 is today’s low risk sell level.
Resting pattern sell stops are @ 108.97.
DXE...needs above 97.57 to extend higher.
EUR/AUD…150.67 is monthly Fib support. Closing below would see the Euro weaken a further 2-3 figures against the Aussie.
Commodities…
Gold...1138 is point & figure resistance. pattern buy stops are above 1143.
The next set of macro sell stops are @ 1103.80 ( the Oct Unemployment low)
OIL…46.75-90 is support and the low risk buy level. Weekly resistance is @ 49.80.
General Comments or Valuable Insight
It’s the mid-week shuffle.
I’m looking for contra trend price action ( Bonds,Dollar Equity Indices) to fade for an extreme going into the end of the week.
I’d like to buy a really hard puke in the Equity Indices and sell a big rally in the Bonds.
These extremes should be in just after the ADP # this A.M. @ 7:15 making the 7:20 CME Pit opening an important time frame for early market tone in both the Bonds and the Currencies.