Encouraging Global Manufacturing data helped propel Equities and Commodities higher yesterday. The morning was very quiet due to the May bank holiday but this all changed after the release of the ISM Data from the US which came in at 54.8 versus 53.0 expected. Risk appetite is back on ahead of the Non Farm Payrolls on Friday. This morning we have the European PMIs and this afternoon we have Factory Orders and the important ADP data from the US.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P had a nice move up after the release of the ISM data and I was able to take profit at 1400 and I am now flat. I still think we are going to make new highs and I do not want to be short. I will look to buy a pullback from 1394/1397 with a stop below the now important 1393 level. If I am taken long I will look to sell from 1407/1410.
Euro/USD
The Euro traded up to 1.3280 and I was able to take profit on my long at 1.3260 I am disappointed the way the Euro is back down this morning and we now have very big resistance from 1.3280/1.3320 where I will look to sell. I only want to buy in front of 1.3160 with a 1.3130 stop.
USD/JPY
The USD/JPY rebounded nicely from my 7980 level and I took profit this morning at 8050 and I am now flat. I will look to reset long from 7990/8010 with a 7975 stop.
Natural Gas
Natural Gas continues to rally and I will raise my stop, to lock in more profit. to 2.28 as if the market is bid we should have no retracement back below 2.30 at this time.
Crude
June Crude has had a big move over the important 105 level and I want to buy in small lots from 105.20/105.50 with a 104.80 stop looking for a test of 107 over the next few days.
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