USDJPY and the Dow remain stable amidst market declines.

MARKET ANALYSIS

GBPUSD

GBP/USD intraday: the downside prevails.

Pivot:1.3230

Our preference:

Short positions below 1.3230 with targets at 1.3180 & 1.3160 in extension.

Alternative scenario:

Above 1.3230 look for further upside with 1.3250 & 1.3270 as targets.

Comment:

A break below 1.3180 would trigger a drop towards 1.3160.

USDJPY

USD/JPY intraday: the bias remains bullish.

Pivot:161.35

Our preference:

Long positions above 161.35 with targets at 161.75 & 161.90 in extension.

Alternative scenario:

Below 161.35 look for further downside with 161.15 & 161.00 as targets.

Comment:

Technically the RSI is above its neutrality area at 50.

EURUSD

EUR/USD intraday: under pressure.

Pivot:1.1415

Our preference:

Short positions below 1.1415 with targets at 1.1360 & 1.1340 in extension.

Alternative scenario:

Above 1.1415 look for further upside with 1.1435 & 1.1460 as targets.

Comment:

The RSI calls for a new downleg.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (Q6)‎ intraday: under pressure.

Pivot:74.05

Our preference:

Short positions below 74.05 with targets at 72.50 & 71.40 in extension.

Alternative scenario:

Above 74.05 look for further upside with 75.00 & 76.20 as targets.

Comment:

A break below 72.50 would trigger a drop towards 71.40.

GOLD

Gold intraday: the downside prevails.

Pivot:4145

Our preference:

Short positions below 4145 with targets at 4060 & 4030 in extension.

Alternative scenario:

Above 4145 look for further upside with 4170 & 4195 as targets.

Comment:

The RSI advocates for further downside.

S&P 500

S&P 500 (CME)‎ (U6)‎ intraday: 7360 expected.

Pivot:7488

Our preference:

Short positions below 7488 with targets at 7395 & 7360 in extension.

Alternative scenario:

Above 7488 look for further upside with 7525 & 7550 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (U6)‎ intraday: look for 29490.

Pivot:30000

Our preference:

Short positions below 30000 with targets at 29490 & 29300 in extension.

Alternative scenario:

Above 30000 look for further upside with 30345 & 30554 as targets.

Comment:

A break below 29490 would trigger a drop towards 29300.

DOW JONES

Dow Jones (CME)‎ (U6)‎ intraday: bullish bias above 51970.

Pivot:51970

Our preference:

Long positions above 51970 with targets at 52260 & 52420 in extension.

Alternative scenario:

Below 51970 look for further downside with 51790 & 51680 as targets.

Comment:

A support base at 51970 has formed and has allowed for a temporary stabilisation.