Two markets are strong, six are declining. Focus accordingly.

MARKET ANALYSIS

USDJPY

USD/JPY intraday: intraday support around 159.75.

Pivot:159.75

Our preference:

Long positions above 159.75 with targets at 160.10 & 160.30 in extension.

Alternative scenario:

Below 159.75 look for further downside with 159.55 & 159.35 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EURUSD

EUR/USD intraday: the downside prevails.

Pivot:1.1625

Our preference:

Short positions below 1.1625 with targets at 1.1590 & 1.1575 in extension.

Alternative scenario:

Above 1.1625 look for further upside with 1.1640 & 1.1655 as targets.

Comment:

As long as the resistance at 1.1625 is not surpassed, the risk of the break below 1.1590 remains high.

GBPUSD

GBP/USD intraday: under pressure.

Pivot:1.3440

Our preference:

Short positions below 1.3440 with targets at 1.3405 & 1.3385 in extension.

Alternative scenario:

Above 1.3440 look for further upside with 1.3460 & 1.3480 as targets.

Comment:

The RSI advocates for further downside.

CRUDE OIL

Crude Oil (WTI)‎ (N6)‎ intraday: the bias remains bullish.

Pivot:94.20

Our preference:

Long positions above 94.20 with targets at 97.00 & 97.70 in extension.

Alternative scenario:

Below 94.20 look for further downside with 93.20 & 92.20 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GOLD

Gold intraday: key resistance at 4470.

Pivot:4470

Our preference:

Short positions below 4470 with targets at 4422 & 4400 in extension.

Alternative scenario:

Above 4470 look for further upside with 4495 & 4520 as targets.

Comment:

As long as the resistance at 4470 is not surpassed, the risk of the break below 4422 remains high.

DOW JONES

Dow Jones (CME)‎ (M6)‎ intraday: look for 50560.

Pivot:50970

Our preference:

Short positions below 50970 with targets at 50560 & 50440 in extension.

Alternative scenario:

Above 50970 look for further upside with 51070 & 51160 as targets.

Comment:

The RSI has broken down its 30 level.

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ intraday: under pressure.

Pivot:30580

Our preference:

Short positions below 30580 with targets at 30290 & 30220 in extension.

Alternative scenario:

Above 30580 look for further upside with 30670 & 30800 as targets.

Comment:

The RSI shows downside momentum.

S&P 500

S&P 500 (CME)‎ (M6)‎ intraday: expect 7505.

Pivot:7563

Our preference:

Short positions below 7563 with targets at 7517 & 7505 in extension.

Alternative scenario:

Above 7563 look for further upside with 7587 & 7595 as targets.

Comment:

The RSI has broken down its 30 level.