Stocks...
Spu’s…we saw a mid week rally to nowhere. Sell rallies.
NASD 100… 4238 (unchanged on the year). Closing below would set off another wave of selling before the end of the qtr.
DAX…new sell stops are below 9483 which leaves way for the Aug low of 9317 and lower.
IBB…325-328 has to hold for the Nasd 100 to hold up.
AAPL…has to hold 112.36.
GOOGL...646 has to hold.
Bonds …
Equities down/ Bonds Futures up
FX…
Euro…111.98 is 200 DMA mvg avg. 112.40 has to be closes over to try up again. 111.20-30 is 50 DMA support. Sell rallies against the 200 DMA.
USD/JPY...121.00 is the 200 DMA...JYZ (83.08). Keep buying the Yen on the crosses using this level as your risk for the Yen side.
USD/BRL…the Real has nowhere to go but down into the end of the qtr.
Commodities…
OIL…45.75-85 is the sell level. A close above 46.30 is needed to turn the pattern up, however given the slope of the cloud upside follow through should be circumspect.
As seen on the chart, sustained price action and a close below 44.30 is needed to bring back the bears.
The range is compressing.
Natgas…futures expire tomorrow.
General Comments or Valuable Insight
The Equity Indices tried to rally into early London and failed.
Sell 30 point rallies in the Equity Indices when you get them. The path of least resistance is still down.
There will always be individual names fighting the tape, however I see no reason to hold anything from the long side without buying downside protection against it.
I try to pick out the names that run the Indices on a daily basis. IBB has been the bell weather for the Nasd 100.
Spu
Crude Oil
IBB
USD/BRL
