Stocks...
SPU’s…2028 is daily resistance and the upside momentum #.
Nasd 100… 4182 is daily resistance and the upside momentum #.
Bonds …
30 Yr. Futures…149.00-148.30 is pattern support and the downside momentum level.
FX…
GBP/USD...the pounds are set to retest the long term qtrly sell stops from 148.13-30.
CAD/JPY…this is my favorite Cross to use as a Risk on surrogate, providing a great way to enter a short Yen position when looking for a low in the equity Indices.
99.16 is near term momentum resistance. Sustaining above, should see this move in 40 tick increments.
USD/JPY…a close over 118.90 is needed to confirm more downside in the Yen.(84.10 Futures).
USD/CAD… 119.20 is near term resistance in the Loonie (app 83.76 Futures).
Commodities…
OIL…CME Futures expire today. 46.60 is a pivotal hold level.
Brent…47.70 is the near term pivot. Closing under this level is needed for another sell off. Sustained price action above 50.60 is needed for short covering.
Silver…17.15-20 is support and the low risk buy zone. 1846 is the 200 DMA.
GOLD…1255 is the 200 DMA (support). 1242-45 is the lowest risk daily buy level.
1300 is resistance. Sustained closes above 1300 can lead to a test of 1400.
General Comments or Valuable Insight
Trade the technical levels in any instrument your interested in.
The board has been Risk On since Friday, led by the Dax. I don’t see much change in that assessment going into the ECB meeting early Thursday A.M.
If I had to pick one instrument to key off of going into the meeting it would be EUR/JPY.
140.18 is the 200 DMA. An over run of the level just shy of 141.00 would provide a low risk place to short the Euro via the cross.
A move of this length would run all the Euro bears out of the market.
