Stocks...
Spu’s…2031-34 is resistance.
Nasd 100...4577-80 is resistance with price action and a close over 4605 needed to stop the slide.
Bonds...
TLT…122.61 is the 200 DMA. 124.10-28 is resistance.
FX…
EURO...a close today below 107.96 opens the way for a higher dollar.
Commodities…
Oil...ICE WTI expires today. Nymex expires Monday.
(G) February is front month. It currently trades at a $1.38 premium to January.
Any buyers of the January contract will be the last of the shorts rolling their position to FEB.
New buyers would be have to take delivery. It will be active the next two sessions.
Natty…I had some questions yesterday as to where and when I’d look for a low.
I’ll take a look at LNG @ 35.50 or 33.60 for a bounce. I want to be very patient with this because if it doesn’t hold there is room for a move to 26.
I’m looking for the setup at year end going into the first couple days of 2016.
I’m not interested in fighting the capital flow before.
GOLD…has a double bottom @1046 on the Point & Figure charts. Any price action below opens the door for another large puke going into year end targeting an eventual 980.
General Comments or Valuable Insight.
I thought you’d see some profit taking in the Equity indices yesterday but not a complete give back of Fed day with ORL’s in the major indices.
Equity Indices are cash closed this A.M. with the majority of the stocks assigned a price by 9 A.M. CDT.
Then it’s onto the options game in the afternoon. keep you’re track shoes on.
Last night saw a retest of the ORL patterns. You want to sell a retest of the pattern during our day session as well with a tight stop of a couple of points.
These levels will also act as pivots. Whatever the distance traveled below the market can travels an app equidistant move above.