S&P 500 Eminis June 60mins:
S&P 500 Eminis June 15mins:
The Nasdaq 100 also had a strong session, reversing off the 2290/2300 support level cited yesterday. Price is once again retesting the downward trendline. Look for breakout trades here.
Nasdaq 100 Cash 60mins:
Volume was rather light once again at 800mln shares on the NYSE. Neither did we see a notable pick up in advancing issues. Thus we do need to be rather cautious calling for a new blowout rally here currently. However, these low volume readings of late reflect the uncertainty still in the market given the recent volatility we have seen. We must also bear in mind we are coming into month end and there was Quad witching last Friday. Like everything, volume will undergo expansions and contractions. When volume really does expand, we will be in the midst of a "3 of 3" move either up or down and no doubt most traders will be too late to capitalise on this. Follow this trend for now and these higher lows. Only breaks of 1300/1295 would jeopardise the bullish scenario and this is now my marker. blowout
The EUR sold off right at my downward trendline shown yesterday. I actually think we are building a bullish flag pattern here but until 1.4150 breaks to the upside, there is no confirmation. Thus, there are a few setups here I am following:
i) Buy at 1.4020/1.400 at support with a tight stops. If this level breaks, get short and join the momentum down
ii) Buy above 1.4150 for the flag breakout targeting 1.430
EUR 60mins:
AUD continues to consolidate in a range from 1.02 to 1.03. I think some more sideways movement will ensue in the coming days and then I am looking to get long for a strong breakout
Thanks
Austin
