Earning season
has got good start with #JPM and #WFC earnings and on the top retail sales came
better than expectation which helped boost markets although sell-off Monday,
it’s noteworthy that no serious technical damage has yet taken place. The broad
stock market, as measured by the Standard & Poor’s 500 IndexSPX +1.08% held above
support. For SPX, that support is at 1,810. It was a triple resistance area
back in November and December (2013), and once it was broken on the upside (as
a result of the positive Fed “tapering” announcement in December), it became
support — and remains support until broken. There should now be resistance in
the 1,830-1,840 area, now that the market has broken down from there, but the
more important level is the 1,810 support.
Following are trade calls for today,
- Usd/Jpy at 104.65 stop above 105.20 target 103.90
- Buy Gbp/Usd at 1.6390 stop below 1.6310 target 1.6510
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