Stocks...
Spu’s…1967.25 (last weeks close) will be pivotal all day as it was yesterday.
2000 is the 50% Fib retrace level where bears will give it another go.
Nasd 100…mvg avg resistance is 4388-95.
Bonds …
Bund…154.52 is resistance and the weekly ORL #
30 Yr….156.30 is the weekly ORL#.
TLT…123.70-80 is resistance. 122.99 is the weekly ORL#. With volatility up I think we close over this going into the weekend and save the pattern.
FX…
USD/JPY…120.72 (82.83 Futures) is the 200 DMA. Spu’s up = Yen down.
GBP/JPY…use the 200 DMA @ 185.60 as your barometer. Good Above
Euro…113.08 is today’s 200 DMA.
Commodities…
OIL… 43.38 is the weekly ORH #. The last of the buy stops were elected in early Asian trading. Current point & figure support is 41.75.
OIL… 43.38 is the weekly ORH #. The last of the buy stops were elected in early Asian trading. Current point & figure support is 41.75.
Sustained price action over 43.85 is needed for a further rally.
Brent…48.65 is resistance and the upside closing pivot.
Gold…needs to hold right in here. ETF traders that try the GLD ETF, use a 106.25 closing stop.
General Comments or Valuable Insight
Full Moon Trading…Expect more volatility!
The rally in the names needs to be monitored.
I.E.
NFLX has come all the way back up to retest it’s ORL breakdown # @ 118.66.
AMZN…513 was the level. This needs a couple of close over 531 to gain upside momentum.
IBB...369
IBB...369
FB…91.19
UNH…119.05
At the very least you get some price rejection off the levels the first time up.
If the name and the Indices remain weak it can turn into a big rejection. Time will tell.
Investors that are buy and hold would be prudent to own some portfolio insurance in names that have had giant rallies off Monday’s low.
I do not have a game plan for today. I’m more interested in what happens late day.
Do the markets hold higher on the week or roll over late?
Spu’s rally the Dollar goes bid and the treasuries break. Spu’s break and the opposite happens. The relationships should continue.
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