• Futures are up moderately to start the morning off
  • /ES looking to take new highs at 1337
  • No major economic reports due out today
  • EUR/USD showing a nice breakout from the cup and handle pattern – moving pass 1.424 – now looking at the downward trendline at 1.431
  • GBP/USD also broke out at 1.628 and now selling off a bit – see if it recovers and moves higher here
  • USD/JPY continues to impress and move up over resistance levels – support at 84.77 – resistance at 85.82
  • TNX showing a strong move and breaking resistance at 34.93 – see if it can hold over 35 and it should help boost equities
  • Small POMO today shouldn’t move the market
  • Market is going through a consolidation which is why we see the drop in volume
  • As of late, consolidations like this have resulted in continued pushes higher
  • Bulls look to break out of the 1338 level and continue this market climb
  • Bears will need to break down below this consolidation at 1328

 

Stock Watch

 

 

USA showing a nice consolidation pattern at the top of its run here.  Strong resistance forming at 5.30 so set a buy stop at 5.31.  A good stop-loss would be under the consolidation so look for 5.25 as a stop-loss.

 

NKE is coming back from a major gap-down which I believe was because of earnings.  It is starting to form a nice bottom here so look for a break of 78.65.  Going to catch some overhead resistance here with the moving averages so what how it reacts to those.

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