S&P 500 at key support, gains downside momentum

SPX gained downside momentum after breaking its 50 day avg and is now near its .618 retracement from October low. A break of 1158 would likely test its .786 potential reversal area of 1121.50. NDZ has traded well technically and has gained downside momentum after settling below its 2301 closing major pivot level last week. It is now testing its .618 retracement support area in the emini NDZ.

NDZ short term upside pivot area is 2172/78* and remains negative below. NDX has 2115 as its .786 retracement from the year’s low which seems likely to be tested soon. DJI has 11,122 as its .618 retrace and likely target for today. A break here tests its .786 at 10,800. R2000 futures are testing its .618 from Oct low at 662 area. A clean break of this level seeks 633 area*.

Eurostoxx futures have 2049* as pivotal support. EUR/USD weekly charts shows continued weakness and may soon test the .618 of the major move at 1.3048 (see pg 2). US$ Index is breaking above a short term key resistance and is at a weekly momentum inflection pt today. It seems likely to test the 81 area… Treasuries are off even with the weak equity markets as Bunds continue to lead lower after poor auction this week.

CONTRACT / SECTOR

THEME POS / NEG

POSITION STAGE

TARGET / KEY PTS

STOCK INDICES US

Negative

SPX 1121.50 (.786)**

NDZ 2139* .618

US TREASURIES

Mixed/Negative

Lagging Bund

TYZ 129-23* pivot

CRUDE OIL WTI

Negative

Held key support

95/95.30* pivotal

BRENT CRUDE

Negative

106.46* s/t pivot pt

102.83 target*

US $ INDEX

Positive

At wkly momentum pt

80.70/81.16* res

EUR/USD

Negative

Breaks key support

1.3048 next support

David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).

About the Author
David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).
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