Stocks...
Spu’s…2059 is today’s 200 DMA. 2067 is Fib resistance and the closing upside pivot.
DAX..looks to test it’s 200 DMA @ 11,080 just above this months high.
MMM…is a name that did not sell off on this recent market swoon. It’s been hugging it’s 200 DMA and is above it once again. It’s been a low volatility name that can creep up using yesterday’s low of 155.60 as your risk metric.
Bonds …
FX…
Euro…107.10-15 was the congestion zone coming down. This should now act as descent resistance. Above it goes to the next level which is 107.41.
EUR/AUD…Weekly sell stops are @ 149.86. 150.60 is resistance. As long as this is below 150.60 the cross will lead. The Euro is grinding lower and the professionals are now pushing the cross.
Commodities…
Gold…1091-92 is today’s low risk sell zone.
OIL…sustained price action is needed over 42.20 for any attempt higher.
General Comments or Valuable Insight.
In currency land it’s all about the Aussie crosses driving the action.
As the Euro gets oversold the crosses continue to be the vehicle to take the Euro lower.
I was surprised by the velocity of the up move in the Equity Indices which I thought would take a little longer. Spu’s are right back to where we broke from Thursday.
The Equity/Bond spreads on both sides of the Pond look good, however chasing direction in anything has been unrewarding particularly the Spu’s into it’s 200 DMA.
This is a level to lock in profits on directional bets.
MMM
DAX..
