Stocks...
Spu’s...1894 is resistance.
Nasd 100…gains upside momentum over 3593 close.
KRU…82.00-30 is first resistance and the upside pivot.
FB…60.50 is near resistance.
SMH…just missed putting in an ORH day. As long as this stays above 44.30 I’d give this pattern a chance. A close over 45.15 should tgt a new high.
LNG…is only under pressure with a close below 53.60.
VIX…12.60 is where to look for a potential bottom. if nothing else you should see a bounce off the level matching a short term high in the Equity Indices.
Bonds
30 yr. Bonds…134.11 is support and the downside pivot.
Bunds…closed on their upside pivot. Maintaining above 144.65 should lead to another 100 points up.
FX…
Euro…139.50 is resistance
Commodities…
OIL… Recovery and a close over 100.50 (200 DMA) today’s near term resistance, is needed for a rally.
Gold…1300 is the pivot in Gold. Weak below. Gold has failed at every attempt to go higher. Only a close above 1300 could start to turn the tide.
June Cattle (LCM)…136.45 is near support. As long as this holds
I’m friendly to the market.
A close over 138.50 will put the Cattle of footing for another rally towards 144.
General Comments orValuable Insight
It’s May Day with most of the European Bourses closed.
Today will be a simple opening range trade. If instruments start up, go with them with a stop just below yesterday’s close.
FB,SMH,KRU,IBB,XLP,XLI,GOOG all show potential bottoming patterns.
FB is already up in pre-market. Try this on a break back @ 59.80.
KRU is up 5% into resistance. Try this back at 80 if it retests.
I’ve looked at the above names and sectors. I spoke about them yesterday. They are all names that have sold off and have definable risk.
If they start out higher on the month, buy before you sell with a tight stop lower on the month.
Use yesterday’s closes as your directional pivot for market tone in whatever instrument you’re interested in.
Give it a little time today and above all don’t chase names thinking you’ll miss something.
Opening Range Time Frame Trading again today.
Short Term View…
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s.
