Stocks...
Spu’s…1909.50-1913.50 remains a pivotal level. Bouncing on hard breaks into the level. It will take closing below this level for further downside.
Googl….hit it’s first fib extension after the close and has since backed off
Googl….hit it’s first fib extension after the close and has since backed off
below the old all time high of 798.69 in pre market. This will need to stay above 778 to remain positive.
Bonds..
30 yr….161.27 is another pause zone with a potential double top.
Short term traders need to respect the level and not buy strength into the zone until it’s taken out.
The low risk daily buy level is 160.00
FX…
AUD/JPY ...has been mirroring the Equity price action.
AUD/USD…70.40 is today’s cash reversal # for the Aussie.
Commodities…
Crude…30.40 is the last of the swing Fib support.
Below 28.00 where the rally formed up is next level of interest.
General Comments or Valuable Insight.
The Equity rally has been narrow with defensive names and sectors out preforming the Indices.
With Oil having the potential to trade down into 26.50 the names should be viewed as an opportunistic trade until the mayhem is over.
The Indices should continue to be a two way trade with 1940 Spu’s being the exit zone for longs into mid week.