Lack of clarity on any debt deal saw the NADSDAQ 100 lead yesterday’s declines. The NDX ended Tuesday with a loss of 1.24%. The across-the-board sell-off saw the VIX end the day with a gain of 7.50% at a price of 18.63. President Joe Biden and House Speaker Kevin McCarthy left Monday’s meeting without striking a deal, but both struck positive tones in their comments to the media. McCarthy described the tone as the best it’s been in negotiations. Meanwhile President Biden said that it was a ‘productive’ meeting. Earlier in the day, Treasury Secretary Janet Yellen, again confirmed that her department would run out of cash in early June and stressed the importance of a deal this week. Federal Reserve Bank of St. Louis President James Bullard said that he saw a realistic scenario that would call for two more rate hikes. Bullard noted that a higher terminal rate would be required to put enough downward pressure on inflation to return it back to its target within a timely manner. Federal Reserve Bank of Minneapolis President Neel Kashkari said that the banking system needs to see an influx of capital and that requirements to enforce these higher capital levels needs to be discussed. He asserted that this was the only feasible solution to prevent future financial institutions against distress. Ford (F) announced several sourcing deals with battery-material producers as it continues to solidify its footing within the electric-vehicle (“EV”) market. The partnerships include deals with the world’s two largest producers of lithium, Albemarle (ALB) and SQM. This move should better position the car company in its growth position within the EV market as competition begins to heat up in the space. U.S. semiconductor firm, Applied Materials (AMAT), announced plans to spend up to $4 billion on a research and development centre in Silicon Valley. The new initiative is aimed at improving manufacturing efficiencies and production processes for semiconductors. The new facility is expected to produce $25 billion worth of research over the first decade with the collaboration efforts of several chipmakers such as Intel (INTC), Taiwan Semiconductor Manufacturing (TSM), and Samsung. European Markets closed lower. European Central Bank Governing Council member Pablo Hernandez de Cos said that the central bank still has progress to make in its fight against inflation and that it expects further rate hikes. He added that whatever the terminal rate ends up at, would likely be the rate for a prolonged period to keep inflation from re-accelerating. Euro-Zone business growth moderately slowed as the Region’s services industry lost some of its recent momentum and the downturn in manufacturing continued to worsen. While data still shows a growing economy, economic activity appears to be slowing and forward-looking indicators are pointing towards a sustained slowdown in 2023. In Asia, a Chinese Tabloid said there is no basis for a long-term Yuan depreciation. The Japanese Nikkei reversed earlier gains, closing lower by 0.42%. Elsewhere, Oil rose 1.19% while Gold closed flat after a volatile session.

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The S&P 500 closed 1.12% lower at a price of 4145.

The Dow Jones Industrial Average closed 231 points lower for a 0.55% loss at a price of 33,055.

The NASDAQ 100 closed 1.28% lower at a price of 13,672.

The Stoxx Europe 600 Index closed 0.58% lower.

Yesterday, the MSCI Asia Pacific closed 0.60% lower.

Yesterday, the Nikkei closed 0.42% lower at a price of 30,957.


The Bloomberg Dollar Spot Index closed 0.32% higher.

The Euro closed 0.4% lower at $1.0771.

The British Pound closed 0.2% lower at 1.2416.

The Japanese Yen fell 0.1% closing at $138.61.


Germany’s 10-year yield closed 2 basis points higher at 2.47%.

Britain’s 10-year yield closed 9 basis points higher at 4.16%.

U.S.10 Year Treasury closed 1 basis points higher at 3.72%.


West Texas Intermediate crude closed 1.19% higher at $72.91 a barrel.

Gold closed 0.10% higher at $1973.10 an ounce.

This morning on the Economic Front we have U.K. CPI, PPI and the Retail Price Index at 7.00 am. This is followed at 9.00 am by the German IFO Business Climate Survey. At 12.00 pm we have U.S. MBA Mortgage Applications and a speech from Fed Member Waller at 5.10 pm. Finally, at 7.00 pm we have the FOMC Minutes.

Cash S&P 500

Still not an easy market to analyse. At least we had no buy levels in the S&P as the market is now trading 65 Handles lower from where I marked prices 24 hours ago. Frustratingly the S&P missed yesterday’s sell range and I am still flat. Bulls have to be worried as yet again the S&P has found resistance at its Monthly 20 MA with potential now for a Double Top of consequence. Perhaps rising Bond Yields, a rising Dollar and severely overbought readings are beginning to matter. I still maintain that if we get a debt deal it will get sold into. The S&P has support from 4095/4110 where I will be a buyer with a 4079 ‘’Closing Stop’’. I will now lower my sell level to 4180/4195 with a 4211 ‘’Closing Stop’’.


The Euro traded lower to my 1.0770 buy level. I am still long with a now lower 1.0820 T/P level. I will add to this position at 1.0700 while leaving my 1.0635 ‘’Closing Stop’’ unchanged.

June Dollar Index

I am still flat as the Dollar. As I am now long the Euro, I will raise my Dollar sell level to 103.90/104.60 with a higher 105.05 ‘’Closing Stop’’. If I am taken short, I will have a T/P level at 103.40. I still do not want to be long the Dollar at this time.

Cash DAX

Finally, we saw some profit-taking in the DAX yesterday. I used this sell-off to exit last Friday’s 16270 short position at my revised 16163 T/P level and I am now flat. The DAX has resistance from 16200/16300 where I will again be a seller with a lower 16405 ‘’Closing Stop’’.


No Change. I am still flat the FTSE. With Gilt Yields back above 4% I have no interest in chasing the FTSE higher. Therefore, I will continue to be a buyer on any dip lower to 7630/7690 with the same 7585 ‘’Closing Stop. Despite rising rates and a slowing economy I still do not want to be short the FTSE at this time.

Dow Rolling Contract

The Dow hit an early morning high at 33405 before falling over 350 points into the close. This move lower has me long at 33060. I will add to this position at 32850 while leaving my 32695 ‘’Closing Stop’’ unchanged. This is the fifth consecutive down Tuesday. It has not mattered as all the previous lower closes were reversed by the end of the week. I will have a 33150 T/P level on this long position. If any of the above levels are hit, I will be back with a new update for my Platinum Members.

Cash NASDAQ 100

The NDX finally saw some profit-taking yesterday after a relentless succession of higher closes for the month of May. I am still short at an average rate of 13495. Although I expect lower prices given how overvalued the NASDAQ is trading, I will leave my 13625 exit level on this position. If executed I will look to resell the NDX again at a higher price. If any of the above levels are hit, I will be back with a new update for my Platinum Members.


Unfortunately, the Bund missed my initial 133.50 buy level by four points before having a nice 50-point rally. Today, I will raise my buy level to 132.90/133.60 with the same 132.35 ‘’Closing Stop’’.

Gold Rolling Contract

My Gold plan worked well as the market traded lower to my 1958 buy level before rallying to my 1970 T/P level and I am now flat. Today, I will again be a buyer on any dip lower to 1943/1958 with the same 1933 ‘’Closing Stop’’.

Silver Rolling Contract

No Change. I am still long at 23.40 with the same no stop. I will continue to look to add to this position on any further dip lower to 22.70. I will leave my 24.20 T/P level unchanged. If any of the above levels are hit, I will be back with a new update for my Platinum Members.