Stocks...
Spu’s…2060 is the 200 DMA. Looks like we’re in for another test of this level.
Nasd 100..4509 is fib support with 4500 being today’s 50 DMA. This is a cover zone the first time down. You’d expect a bounce from this level.
Bonds …
30 Yr…154.12 is the downside inflection #. Sustained price action below, you could see another point lower.
FX…
AUD/USD...71.61 is the Fib retracement for the past 15 years. It’s a significant level given the oversold nature of the shorter time frame charts.
Currently there there is a potential double bottom on the weekly chart.
AUD/JPY…is attempting an ORH day. 90.81 is first momentum resistance.
Commodities…
Gold…has to hold 1085 or everybody will be in sell mode again.
Gold…has to hold 1085 or everybody will be in sell mode again.
General Comments or Valuable Insight
SHCOMP & Spu’s both held there respective 200 DMA’s for now…hence the bounce.
Although this looks like a temporary low, I’m not getting the kind of high confidence signal off my volatility indicator seen the 8 & 9th of July. The lows have not been extreme enough.
Trade the levels and take your money.
In currency land I’m looking to get back into AUD/NZD as close to 107.50 as I can.
This level represents a 50% retrace of this past move.
Matching that trade up, I was hoping for one last puke in the Aussie to 71.61.
With the present chart pattern Aussie could very well hold right here if the board remains risk on and China indices stave off another run to the cellar.
FB & Fed Minutes tomorrow.
Full Moon Trading on Friday
