The Equity Markets are rebounding this morning after the sell off yesterday. The US Market stabilised after the better than expected Weekly Jobless Claims which nudged them to a new cycle low of 348K. The BOE’s Weale has helped sentiment this morning saying that the UK Economy has  performed better than expected in Quarter 1 which is giving Sterling and the FTSE a boost.

S&P 500

The S&P has rebounded nicely off the 1383 level and we are now testing 1395. I have taken profit and gone flat here. I will look to get long again on any pullback to 1388 and I will also go long on any break over 1400 as a break of this level will lead to a test of the important 1410/1420 level

Euro

The Euro traded into my buy level yesterday with a 1.3330 low and I have gone flat here at 1.3270. We have very strong resistance from 1.3280/1.3320 and a break of this level will lead to a test of 1.34 where I will go short the first time up. I will also buy any pullback to 1.3220/1.3240

USD/JPY

I am long USD/JPY at 82.40 and I still believe the market is trading heavy. I have a break-even stop on this trade if I get stopped out I will to look to buy on any dip to 81.50/81.80.

DAX

The DAX is still trading heavy and I am following the same guidelines as stated yesterday.

Gold

Gold just missed my buy level by 2 bucks and has now rallied back to the important 1650 level. I am flat and I will look to go long from 1625/1630 level with a 1610 stop.

Bund

No change from yesterday