Stocks...
Nasd 100...4390 is closing resistance.
Spu’s… We’ll need to see sustained price action and a close over 2012 to grind higher.
Daily resistance will come in around 2002-3.
Selling weakness starting @ 1188 down to 1978 will be problematic. A weekly close under 1178 will bring the bear out of hibernation.
Bears need to see both the Nasdaq & Spu’s to fail any rally attempt closer to unchanged on the week.
NFLX…has retested last weeks upside surge off the rate increase. Earnings are today after the close.(FLY) NFLX: Netflix October 110 straddle priced for 15.2% movement
Bonds …
FX…
AUD/NZD…107.65 is the 200 DMA. I was looking for a retest of 107.25 for months. We’re pretty close on a mid-week extreme. This bears watching for this is a must hold level if the Aussie is to regain some strength on the KIWI.
NZD/USD…67.65 is qtrly resistance (Futures trade @ app 30 point discount). A good close above this level leaves a lot of room for the Kiwi to strengthen.
Having said that I highly doubt it’s going to rally from a rally and do it today.
Commodities…
Gold…traded it’s 200 DMA at last night’s London high and backed off 10 dollars. The Long term point & figure needs below 1145 to begin to roll over.
This has to set up for U.S. trade to see just how much price rejection we get off the level.
General Comments or Valuable Insight
It’s setting up to be a big mid-week shuffle.
AUD/NZD will take into tonight’s Asian session to play out. At the moment I’d rather let this play out into tonight’s Asian session to see if it can hold for a bounce.
Healthcare trades heavy with UNH coming within .27 cent of putting in a double top @ 126.26. Closes over this level will be needed for higher. Until then I’d respect the level.
There is a lot riding on NFLX for the Bulls after the close. Today Index traders should keep this up on your screen for clues to the board during the day session.
An early hold could foreshadow short covering off yesterday’s bearish ORL index formations.
AUD/NZD
NFLX
