Stocks...
AAPL…is breaking out to the upside on a qtrly chart above 95.30.
I’m looking for another 10-15 % of upside.
GPRO…Gopro is consolidating between 40.50 support and 45.25 resistance. These two levels will run the next swing.
Spu’s…need a close below 1954 to signal a high.
Nasd 100…needs price action below 3884 to take a run @ 3850.
IWM…117.60 is mvg avg support and the downside pivot for another 1-1/2 dollar to 116.05
Bonds
30 Yr. Bonds…136.12-14 is weekly resistance, a level that has started and stopped both breaks and rallies for full point moves in both directions over the past couple of weeks.
This is not an area to initiate a new position.
TLT…there is room for this to rally as high as 112.75 on a weekly chart, where it will either reject or start a new leg up.
FX…
AUD/USD & Kiwi are being bought on the crosses. Kiwi looks the better of the two from a technical perspective.
Commodities…
Gold… has held the weekly trend levels @ 1312. The daily chart shows sideways action with the upside breakout above 1342.
GDXJ…remains firm above 41.
OIL…102.70-102.95 is mvg avg and weekly support. This is an exit zone the first time down.
General Comments or Valuable Insight
The Russell and the Midcap have been weakening against the Spu’s & Nasd for the past 2 days. The broader indices have done nothing but consolidate.
I’m looking for quality names like AAPL & NKE to be the beneficiaries of the stock rotation game, as risk gets paired
back and reshuffled in front of those much anticipated summer holidays.