Stocks...
DAX…11,688 is mvg avg support and the must hold level on a closing basis to avoid a deeper correction.
Bonds …
Bunds…159.00 is the qtrly pivot. A close under the 50 DMA @ 158.84 is needed to confirm lower. 159.85 is resistance,yesterday’s breakdown level.
FX…
EUR/JPY…129.00 is today’s ORH #. Maintaining above this resistance level is needed for a move toward the 50 DMA @ 130.78.
USD/JPY…needs to sustain over 120.30 (under 83.12 Futures) for a lower Yen
Commodities…
OIL…June remains under pressure below 56.60. 55.25 is the last continuation low with resting sell stops below.
55.25 will be initial support and act as the downside pivot for as much as another dollar.
General Comments or Valuable Insight
Earnings have been a mixed bag. The indices keep holding the hard breaks.
I’ll be raising my stop in the QLD later in the A.M. pending price action out of Europe.