S&P500 in giant wedge: Trendline resistance @ 1113. Trendline support @ 1058. Worries: DJ Transportation index is down 6% in the past three trading days.
Calendar
Economic Data Releases
|
|
Country
| Time (GMT)
| Name
| Expectation
| Prior
| Comment
|
US
| 12:30
| Chigago FED Nat. Activity Index (SEP)
| -
| -0.9
|
|
US
| 14:00
| Dallas FED Manf. Activity (OCT)
| -0.5%
| -6.4%
|
|
|
|
|
|
|
|
Earnings Releases
|
|
Country
| Time (GMT) (G(GMT)(GMT)
| Name
| EPS exp.
| EPS prior
| Comment
|
GE
| -
| Merck
| 1.242
| 0.500
|
|
US
| 16:30
| Verizon Communication
| 0.590
| 0.630
|
|
What's going on?
· USD making new lows and 10-year rates are higher. That indicates that optimism is continuing this week (so far). Our stance today is “buy-on-dips” as we are still close to our mid-term target of 1121 in S&P500.
· S&P500 in giant wedge: Trendline resistance @ 1113. Trendline support @ 1058. Worries: DJ Transportation index is down 6% in the past three trading days.
· This week offers lots of interesting data points: US Consumer Confidence, Durable Goods Orders and Q3 GDP among others.
FX
FX
| Daily stance
| Comment
|
EURUSD
| 0
| N/term res still at 1.5075-00 area. Abv targets 1.5160, else stuck in 1.4980 – 1.5080 range
|
USDJPY
| 0/+
| Break abv res at 92.20 will target 92.70, then 93.25 else we stay in a 91.70 – 92.20 range
|
EURJPY
| 0
| Break abv 138.30 res targets 138.70 else we stick to a 137.30 – 138.30 range
85-00 seen holding for a retracement
|
GBPUSD
| 0/-
| Sell rallies abv 1.63 for break below 1.6250 to target 1.62. stop abv 1.6375
|
AUDUSD
| 0
| Look for consolidation below 0.9275. Below 0.92 targets 0.9160 else 0.92 – 0.9275 range
|
Equities
Equities
| Daily stance
| Comment
|
DAX
| 0/+
| Buy on dips towards 5728 and target 5780. Stop below 5705.
|
FTSE100
| 0/+
| Buy on dips towards 5232 and target 5280. Stop below 5208.
|
S&P500
| 0/+
| Buy on dips towards 1079 and target 1090. Stop below 1075.
|
Nasdaq100
| 0/+
|
|
DJIA
| 0/+
|
|
Futures
Commodities
| Daily Stance
| Comment
|
Gold
| 0/+
| Buy on dips towards 1048 and target 1058. Stop below 1042.
|
Silver
| 0/+
| Buy at the break of 17.80 and target 18. Stop below 17.65.
|
Crude Oil
| 0/-
| Sell on rallies towards 81.50 and target 79.00. Stop above 82.30.
|
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