Stocks...
Spu’s…2031-32 is initial support. 2044 is short term momentum. Spu rallies are getting caught up in the mvg averages again, where they have so far failed to gain upside momentum.
2056-59 (the 50 & 200 DMA’s) is the level to watch the rest of this week into next.
Buying strength into the 50’s will be brutal.
Nasd 100...4619 is mvg avg resistance. Closes over 4627 are needed for upside momentum. 4577-80 is near support.
XLE… We picked out a couple of low risk bounce levels in HYG & LNG over the past couple of weeks. The same type of level in XLE comes in at 55.45.
Bonds...
30 Yr. Bonds… 157.24 starts resistance with closes over 158.00 needed for higher. This is the low risk sell level.
FX…
DXE…you could still see some more profit taking in the dollar going into Thursday.
Commodities…
Oil... 34.50-34.00 is support. 38.99 is resistance.
Gold...is stuck between 1046 & 1087 on the long term point & figure chart.
Natgas…started it’s short covering rally a week earlier than i anticipated. This should have trouble getting above it’s 50 DMA @ 2.19 before tomorrow’s expiration.
LNG, DVN,CBI & GPOR all had big rallies last week. Use this strength in the Futures to lock in profits in the names.
General Comments or Valuable Insight.
The next couple of days will be low volume sloppy affairs.
Oil led the board from the opening last night.
Index traders should be looking for support levels into Wednesday to see if a rally to close higher on the year can materialize in the S&P @ 2054.
I’m leaving the Dollar alone although i would like to sell the GBP/USD somewhere just above 151 if given the opportunity.
S&P 500 Future
NATGAS Futures
