Stocks...
Spu’s…2053 is support. Spu’s need to print 2049-50 for a reversal to appear on the Point & Figure chart.
GILD…107.15 is the 200 DMA. You’d need sustained price action below for any real profit taking.
UNH…will need over 120 close to keep the upward trajectory.
IBB…resistance is 330 followed by 340.
Bonds …
30 Yr. Futures…159.02 shows a double top on the Point & Figure Chart. Do not fade price action above, at least not initially since we;ve been up there a couple of times. This would be a channel break out.Day traders would be better served not selling that level unless it spiked the line and rolled immediately over.
Then you could at least put a stop at a higher high to see what you might get.
The bottom end of the flag is at 156.28.
FX…
Euro…112.30-50 is the low risk sell zone on the weekly, a level I would only expect to be seen on dovish Fed comments.
Commodities…
Gold…1174 is today’s P&F resistance.
Oil…weekly inventories are today. 44.54 could reject the first time up, however the lowest risk sell level is 45.15-30 back at the 50 DMA.
General Comments or Valuable Insight
The last day for tax selling of individual stocks was yesterday.
The afternoon session will be about the downside and where we hold after the Fed statement.
A failure to break will lead to buying into Friday’s close.
Nasdaq has been coming home to Mama over the past 2 sessions with IBB leading the strength.