It’s the mid week shuffle. The stocks did a couple of Fib round trips last night to put in an 18 handle range in the S&P. Traders thinking there will be follow through on a breakout in either direction will not enjoy the experience. Do not press direction at last night’s extremes the first time at the levels.

Euro…140 remains the key level for further strength

USD/SGD…Singapore Dollar…This has been consistently the strongest currency around. Yesterday the Sing traded just over 128.50 running all the longs out of the market. I mention this currency because it has been a good barometer for the risk on trade. A close over 128.50 USD/SGD at the end of the month would put in an outside reversal pattern leading me to think that the global slowdown will be greater than people think as well as signaling a possible bottom to the U.S. Dollar. WATCH FOR MARKET TONE.

Oil held some good fib support last night and is maintaining higher on the month.

This is a day to trade your technical levels in everything.