Trend Developments Worth Noting

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: watch 158.50.

Pivot:159.30

Our preference:

Short positions below 159.30 with targets at 158.70 & 158.50 in extension.

Alternative scenario:

Above 159.30 look for further upside with 159.50 & 159.70 as targets.

Comment:

As long as the resistance at 159.30 is not surpassed, the risk of the break below 158.70 remains high.

EURUSD

EUR/USD Intraday: the upside prevails.

Pivot:1.1505

Our preference:

Long positions above 1.1505 with targets at 1.1565 & 1.1585 in extension.

Alternative scenario:

Below 1.1505 look for further downside with 1.1485 & 1.1465 as targets.

Comment:

The RSI is bullish and calls for further advance.

GBPUSD

GBP/USD Intraday: further advance.

Pivot:1.3315

Our preference:

Long positions above 1.3315 with targets at 1.3390 & 1.3410 in extension.

Alternative scenario:

Below 1.3315 look for further downside with 1.3295 & 1.3270 as targets.

Comment:

The RSI calls for a bounce.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (K6)‎ Intraday: look for 97.20.

Pivot:93.30

Our preference:

Long positions above 93.30 with targets at 97.20 & 98.10 in extension.

Alternative scenario:

Below 93.30 look for further downside with 91.90 & 90.50 as targets.

Comment:

The RSI has just landed on its neutrality area at 50% and is turning up.

GOLD

Gold Intraday: range.

Pivot:5025

Our preference:

Short positions below 5025 with targets at 4965 & 4945 in extension.

Alternative scenario:

Above 5025 look for further upside with 5045 & 5065 as targets.

Comment:

Intraday technical indicators lack momentum.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: the bias remains bullish.

Pivot:24930

Our preference:

Long positions above 24930 with targets at 25140 & 25260 in extension.

Alternative scenario:

Below 24930 look for further downside with 24840 & 24740 as targets.

Comment:

The RSI is mixed.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: consolidation in place.

Pivot:6810

Our preference:

Short positions below 6810 with targets at 6745 & 6718 in extension.

Alternative scenario:

Above 6810 look for further upside with 6835 & 6850 as targets.

Comment:

As long as 6810 is resistance, expect a return to 6745.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: consolidation in place.

Pivot:47520

Our preference:

Short positions below 47520 with targets at 47140 & 47020 in extension.

Alternative scenario:

Above 47520 look for further upside with 47780 & 48010 as targets.

Comment:

The RSI is bearish and calls for further decline.