Stocks...
IWM…113.22 is support and the low risk buy zone this week.
Closes over 117.50 is needed to signal a new push higher.
Bonds
30 yr. Bonds…136.17 is first support @ the 50 DMA
TLT…112.95 is near term support.
FX…
USD/JPY…101.93 (app 98.10 Futures) is the cash 200 DMA.
The all session Futures set up differently with support in the mid 98.30’s.
GBP/USD…is attempting an ORH day with a close over 171.48.
GBP/JPY…is attempting the same formation with a close over 174.02.
Commodities…
Oil…looks to flush to the 200 DMA
Wheat…sustained price action over 5.50 is needed for a good rally.
Corn… a close over 4.00 is needed for this to start a rally.
Soybeans…have the most potential to rally.
JJG…41.20 is first resistance.
General Comments or Valuable Insight
I’m still looking for signs of a bottom in the grains.This will be a price action trade, meaning if they can hold after 9:30 CDT and start up, it will be a low risk long with a stop below the day’s low.Pay close attention to the Pit opening range.
In other words you could give it a go to see if it will hold and have a relief rally.
Grains are oversold. Do not get married to a long!
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Current Positions….
Long AAPL 94.15 92.65 Stp Close 99/110
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Today’s Working Orders
SELL AAPL @ 9265 Stop On Close “GTC”