On Thursday, SPH traded first support and first resistance in the same old fashion of ignoring any type of bad news, but this could change. EU failed to approve austerity package weighing today. SPH has 1330/31 as initial key support with a break here testing .382 of the year at 1317*. XLF pausing at its .618 retracement as expected.
VIX above its key trend line now without any momentum just yet. NDH has had 10 straight days of advances in relentless fashion with little pullback as it has held above its 5 day avg on closes all year. A close below 2536 would be first sign of potential turn. R2000 continues to hold below its target top of 832.50 area and has potential for a real turn in momentum below 813.00 with break of 805 area building momentum. TY/SP is back above its 200 day average and will need to be on guard for momentum. TYH managed to close above its closing pivot of 130-23; see pg 2. USH failed at first resistance yesterday and gained downside momentum when it broke 141-22 testing next key support of 140-16/21*.
Bonds actually rallied after a poor auction as shorts covered and still covering today. USH is testing a key resistance area of 142-30* in overnight trade. Bunds are back above its closing pivot pt, now at 138.00*. TYH held its closing pivot pt yesterday and is firming from it today.
US $ holds first key support area and stochs were very depressed giving upside potential to test 79.80 in futures. AUDJPY is back testing its broken trend line of 82.52*. AUDUSD has been good gauge of equities for a while and is breaking hard today, negative with close below its 10 day avg of 1.0720*. March AUD future has a key trend line at 1.0589 that should prove pivotal; neg with closes below 1.0664 in the future. CAD futures negative as it could not settle above its 200 day avg after several tries. GBPUSD is negative as it could not settle above 1.5916 closing pivot pt. Look for a test of 1.5713.
Gold is negative as it settled back below its 5 day moving average which has been pivotal on closes; see page 3. Remains negative with closes below 1740 in GCJ. Silver is holding it short term .786 support and would likely turn momentum lower with a break of 33. Copper had one day settle above its .618 pf 3.95, but will remain negative with settles back below it, downside momentum likely below 3.76 and close below 3.73 extends to 3.58 at least. WTI faltering from top of channel line of 100.08 and has 97.70 as target buy. 95.30 is very pivotal support.
David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).