Treasuries versus equities (30 yr versus SP) are holding below the key 200 day average. This keeps the theme positive for stocks. SPH held its short term broken trend line nicely and seems likely to at least test the first real key resistance of 1283 area. Ultimately the next major test should be 1307 in SPX. For now, short term pivot is 1271 area in SPH (hourly key).
NDH has its first real key resistance at 2345/2350 area. R2000 has been a laggard and has 753.30 as its short term key resistance, and 759 as its 200 day average which held Tuesday. Upside swing potential above 768*. FTSE Index needs to stay above 5600 pivotal support.
Crude Oil lost its momentum and WTI needs a settle above 103.88. Brent did not have momentum above the 114.10 area as expected and settled on its 200 day avg using rolling front month chart. 111 is key support. XLE continues to hold below its 200 day avg of 71.22 and would gain above trend line resistance of 71.40.
XHB gained above pivotal resistance (.786) Wednesday and is positive above it; 17.71. XRT held its 200 day avg and would gain momentum with a settle above 53.39 closing trend line. XLF has 13.65 as its .786 key resistance. KBE has 21.50 target; 200 day avg. KIE nearing its 200 day avg of 38.41*. CAT hit 200 day avg on high.
Market Sentiment
|
CONTRACT / SECTOR |
THEME POS / NEG |
POSITION STAGE |
TARGET / KEY PTS |
|
STOCK INDICES US |
Positive |
SPH holds trend line |
SPX 1307 - .786* |
|
US TREASURIES |
Negative |
TY/SP below 200 day |
USH 141-28** pivot |
|
CRUDE OIL WTI |
Mixed/Negative |
Stl above 103.88 swing |
106.26 target |
|
BRENT CRUDE |
Mixed |
114.10 * pivotal ** |
110.25 close tl* |
|
US $ INDEX |
Mixed |
80.70 close key* |
80.028 (.382) pivot |
|
EUR/USD |
Negative |
1.2766 s/t key |
1.25.32** |
David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).
