Stocks...
DAX, Spu’s & IBB all retested the August low in yesterday’s session.
Closes under those levels are needed for a deeper correction.
1860 Spu’s, 9300 DAX, 284 IBB.
Bonds …
30 yr. Bonds...157.16 is first resistance.
Bunds…155.59 is today’s 200 DMA
FX…
Euro...is stuck between 111.20 and 113.00. This needs price action and a close either above or below for new direction.
AUD/USD…70.57 is mvg avg resistance.
Commodities…
Oil…needs good a close over 45.70 to break out of the recent range.
Gold…1127 is closing resistance. 1117.50 is mvg avg support. Closing below this level is negative.
General Comments or Valuable Insight
Yesterday I featured the IBB chart with the qtrly ORL pattern.
IBB can hold in here and rally to retest the ORL low of 330 where you’d expect a pretty good rejection the first time up.
Nasd 100…the level is 4259 matching last years close of 4238.
It’s a big mid week shuffle.
Is this another rally to nowhere with one more bout of selling in this move?
1902 should reject the first time up in the Spu’s.
Chasing direction has not been rewarding. Let the end of the qtr play out.
I’m only interested in today’s closes and how the market moves off those levels tonight into tomorrow.
You should use today’s U.S. closes for risk management.
They’ll act as macro pivots.
For the Bulls this could very well be a trad able low for another big rally.
The first break will be an important tell as to whether or not the qtrly puke is over.
DAX
SPU
IBB
