Stocks...
Spu’s…1950.25 was last weeks close. Current resistance is into 1952-55
NASD 100… 4238 (unchanged on the year). 4319 is resistance. A close over this level is needed for higher.
AAPL…118 is pattern resistance.
NKE…is the standout performer this A.M. I’m more positive this on a longer term basis, however those that are long should take some money off the table or buy downside protection to protect your profits.Now that it’s rallied over 10% since 9/15 the mentalists are upgrading it. Pure genius.
GOOGL…662 is closing resistance.
Bonds …
Bund...154.85-95 is support.
FX…
Euro… 111.20-30 is mvg avg and cloud support.
Commodities…
Natgas…futures expire today.
General Comments or Valuable Insight
From one extreme to the other.
Sunday night brings us this months Full Moon Trading with Total Lunar Eclipse.
It screams more volatility.
The question will be whether or not we can hold and rally into Wednesday.
There has been a lot of call buying 4-6 weeks out in names like NFLX GOOGL et al , over the first few days of the week betting on positive earnings .
I wouldn’t be chasing strength in these names. More than likely they’ll use today’s opening to lock in some of those bets into a relatively risk free look at future upside.
Brazilian Real appears to have ended it’s decline with a ORL pattern put in with the help of it’s Central Bank. Short covering ensued in the EWZ which has room to move to 22.30 before it starts to struggle again.
The Equity Indices should struggle to rally from a rally into the highlighted zones.
It’s going to be another day of trading the capital flows and the bigger time frames.