Yesterday was one of the slowest days for foreign exchange and equity markets in a while however by contrast, commodities were active with Gold, Silver and Oil rising sharply.The world is a happier place generally with US Economic data improving and growth elsewhere stabilising. Global monetary policy is very accomodative which is positive for risk. Of great concern however is the rise in oil prices which remains one of the biggest risks to a self sustaining US recovery.
S&P 500
The S&P has had a nice move down to 1358 where I will to take profit and then wait to see how we trade at the 1350 level before taking a new position. Building value below this level is bearish. I want to sell again in front of 1370 with a 1375 stop.
Dax
We got our sell extreme from the 7000 level and I am looking to short from 6900/6920. I also want to buy on any dip to 6780/6800.
Bund
The Bund is at a critical level of 137.70/138.00 which has so far helped this support. A break below will lead to a test of 136.50.
Gold
Gold had a huge rally off 1705 and we are now testing 1763, a break upwards will lead to a test of the 1800/1820 level.
USD/JPY
Japanese Yen continues to weaken so I am moving my planned buy area for the USD/JPY up to 79.50.
Recent Comments