ES Futures:
Listless sideways action, likely a consolidation.
News:
Jobless claims up 14,000 to 281,000. Yey, bad news, maybe the Fed won't act. Wait, why are futures heading down on the news.
FX:
AUD today's standout higher. USD still rather firm. EUR pattern remains the opposite.
Treasuries:
Prices among the entire complex continue to build buying pressure, imo.
Energy:
Crude trying to find its feet after getting slammed. Still holding above 50, but more important level is 47.05 -- must hold there.
NG closing in on new lows. Would be a buyer there.
Metals:
Gold back below 1200. Emotional market.
S&P Outlook:
Across the equity markets, wedges are everywhere, and almost each one suggests higher prices while tests lower cannot be ruled out.
Here are the break points as I see them:
Dow Industrials
17037.76
Nasdaq Composite
4547.31
NDX 100
4078.85
Russell 2000
1134.51
New York Composite
10495.71
Wilshire 5000
20523.73
S&P 500
1980.90
The S&P's current pattern over the last few days suggests a higher resolution, but what it does above 2089.81 is anyone's guess. The daily chart is still too much in the middle of the range for a higher odds outlook at this time. That is why I continue to be patient for a material break lower or higher.
No comments:
Post a Comment