From My Analyst Desk…


Summary

The Dow Future has slid 135 points to 20434. The US Dollar Index trended lower by 0.796 points to 99.504. Gold has gained 6.400 dollars to 1290.685. Silver is trending lower 0.06350 dollars to 18.34150. The Dow Industrials trended lower by 113.64 points, at 20523.28, while the S&P 500 moved lower 6.82 points, last seen at 2342.19. The Nasdaq Composite retreated 5.15 points to 5851.64.  

 

 

Currencies

Currencies Snapshot

Symbol

Last

Change

%

U.S $ INDEX

99.504

-0.796

-0.79%

POWERSHARES DB US DOLLAR INDEX

25.70

-0.21

-0.81%

US Dollar/Canadian Dollar

1.338845

+0.005515

+0.41%

Euro/US Dollar

1.072955

+0.008020

+0.75%

JAPANESE YEN Jun 2017

0.009245

+0.000030

+0.33%

SWISS FRANC Jun 2017

1.0076

+0.0083

+0.83%

US Dollar/Hong Kong Dollar

7.774520

+0.002385

+0.03%

The June Dollar closed lower on Tuesday as it extends the decline off April's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends today's decline, March's low crossing at 98.67 is the next downside target. Closes above the 50-day moving average crossing at 100.65 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 101.66. Second resistance is March's high crossing at 102.19. First support is March's low crossing at 98.67. Second support the 62% retracement level of the 2016-2017-rally crossing at 97.41. 

The June Euro closed higher on Tuesday and above the 20-day moving average crossing at 107.40 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, the 38% retracement level of the May-January-decline crossing at 109.34 is the next upside target. If June renews the decline off March's high, March's low crossing at 105.48 is the next downside target. First resistance is the 38% retracement level of the May-January-decline crossing at 109.34. Second resistance is the 50% retracement level of the May-January-decline crossing at 110.91. First support is the reaction low crossing at 105.75. Second support is March's low crossing at 105.48. 

The June British Pound closed sharply higher on Tuesday and posted its highest close since last October. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 25% retracement level of the 2014-2017-decline crossing at 1.3260 is the next upside target. Closes below the 50-day moving average crossing at 1.2453 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.2929. Second resistance is the 25% retracement level of the 2014-2017-decline crossing at 1.3260. First support is the reaction low crossing at 1.2388. Second support is March's low crossing at 1.2138. 

The June Swiss Franc closed higher on Tuesday and above the 20-day moving average crossing at 1.0047 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends today's rally, March's high crossing at 1.0242 is the next upside target. If June renews the decline off March's high, March's low crossing at 0.9892 is the next downside target. First resistance is March's high crossing at 1.0242. Second resistance is November's high crossing at 1.0448. First support is last week's low crossing at 0.9945. Second support is March's low crossing at 0.9892. 

The June Canadian Dollar closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Today's close below the 10-day moving average crossing at 74.90 would temper the near-term friendly outlook. Closes above last Thursday's high crossing at 75.68 would open the door for a larger-degree rally during April. First resistance is last Thursday's high crossing at 75.68. Second resistance is the reaction high crossing at 76.72. First support is the 87% retracement level of the December-January-rally crossing at 74.16. Second support is December's low crossing at 73.71. 

The June Japanese Yen closed higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when the Wednesday's night session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 50% retracement of the August-January-decline crossing at 0.9323 is the next upside target. Closes below the 20-day moving average crossing at 0.9071 would confirm that a short-term top has been posted. First resistance is Monday's high crossing at 0.9271. Second resistance is the 50% retracement of the August-January-decline crossing at 0.9323. First support is the 20-day moving average crossing at 0.9071. Second support is the 50-day moving average crossing at 0.8943. 


 

Energies

Energy Snapshot

Symbol

Last

Change

%

CRUDE OIL Jun 2017

52.71

-0.40

-0.75%

NY HARBOR ULSD HEATING OIL Jun 2017

1.6263

-0.0158

-0.96%

NATURAL GAS Jun 2017

3.239

-0.012

-0.37%

RBOB GASOLINE Jun 2017

1.7074

-0.0187

-1.08%

POWERSHARES DWA ENERGY MOMENT

45.78

+0.09

+0.20%

UNITED STATES GASOLINE

27.380

-0.180

-0.65%

May crude oil closed lower on Tuesday amid concerns about further growth in U.S. output, but signs that Saudi Arabia and Russia are sticking to their pledge to cut crude production kept losses in check. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are overbought but are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 50.46 would confirm that a short-term top has been posted. If May renews the rally off March's low, the reaction high crossing at 54.29 is the next upside target. First resistance is the reaction high crossing at 54.29. Second resistance is the reaction high crossing at 55.32. First support is the 50-day moving average crossing at 51.87. Second support is the 20-day moving average crossing at 50.46. 

May heating oil closed lower due to profit taking on Tuesday as it consolidates some of the rally off March's low. The mid-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 157.92 are needed to confirm that a short-term top has been posted. If May renews the rally off March's low, the reaction high crossing at 169.58 is the next upside target. First resistance is last Wednesday's high crossing at 166.61. Second resistance is the reaction high crossing at 169.58. First support is the 50-day moving average crossing at 159.68. Second support is the 20-day moving average crossing at 157.92. 

May unleaded gas closed lower on Tuesday as it consolidates some of the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 169.01 would confirm that a short-term top has been posted. If May resumes the rally off March's low, the reaction high crossing at 179.46 is the next upside target. First resistance is last Wednesday's high crossing at 176.60. Second resistance is the reaction high crossing at 179.46. First support is the 50-day moving average crossing at 170.41. Second support is the 20-day moving average crossing at 169.01. 

May Henry natural gas closed lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 3.084 are needed to confirm that a short-term top has been posted. If May renews the rally off February's low, the reaction high crossing at 3.507 is the next upside target. First resistance is the reaction high crossing at 3.507. Second resistance is December's high crossing at 3.603. First support is the 50-day moving average crossing at 3.084. Second support is the reaction low crossing at 2.943. 


 

US Stock Index

Indexes Snapshot

Symbol

Last

Change

%

DJ 30 INDUSTRIALS

20523.28

-113.64

-0.55%

NASDAQ COMPOSITE INDEX (COMBINED)

5851.64

-5.15

-0.09%

S&P 500 CASH

2342.19

-6.82

-0.29%

SPDR S&P 500

233.96

-0.61

-0.26%

iShares RUSSELL 2000 INDEX

135.415

+0.125

+0.09%

The June NASDAQ 100 closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at 5358.05 would open the door for a larger-degree decline during April. If June renews this year's rally into uncharted territory, upside targets will be hard to project. First resistance is April''s high crossing at 5481.25. Second resistance is unknown. First support is the 50-day moving average crossing at 5358.05. Second support is March's low crossing at 5315.00. 

The June S&P 500 closed lower on Tuesday and the low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below March's low crossing at 2318.00 would open the door for a larger-degree decline near-term. If June renews the rally off March's low, the reaction high crossing at 2388.40 is the next upside target. First resistance is the reaction high crossing at 2388.40. Second resistance is March's high crossing at 2395.00. First support is March's low crossing at 2318.00. Second support is the 25% retracement level of the November-March-rally crossing at 2313.96. 

The Dow closed lower on Tuesday as a number of weak corporate earnings reports weighed on the broader market. Goldman Sachs Group Inc. declined by 4.86%, which after the investment bank's first-quarter results fell short of Wall Street expectations. Johnson & Johnson also fell by 3.48% after the company reported a drop in sales that offset stronger-than-expected profits. Netflix Inc. also fell by 2.91% due to worries about the company's ability to attract and retain new users. The firm reported late Tuesday that it had added fewer subscribers than expected during the first-quarter. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month's decline, the 25% retracement level of the November-March-rally crossing at 20,356.83 is the next downside target. Closes above the 20-day moving average crossing at 20,635.21 are needed to confirm that a short-term low has been posted. First resistance is the reaction high crossing at 21,000.11. Second resistance is March's high crossing at 21,161.72. First support is the 25% retracement level of the November-March-rally crossing at 20,356.83. Second support is the 38% retracement level of the November-March-rally crossing at 19,920.56. 


 

 

Precious Metals 

Metals Snapshot

Symbol

Last

Change

%

GOLD Jun 2017

1291.7

-0.2

-0.02%

SPDR GOLD SHARES

122.8100

+0.5700

+0.47%

SILVER May 2017

18.290

-0.224

-1.22%

PALLADIUM Jun 2017

771.00

-17.55

-2.23%

DIREXION DAILY GOLD MINERS BEA

25.44

+0.53

+2.13%

POWERSHARES DB PRECIOUS METALS

38.9899

-0.2001

-0.51%

June gold closed slightly higher on Tuesday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off March's low, the 87% retracement level of the November-January-decline crossing at 1319.30 is the next upside target. Closes below the 20-day moving average crossing at 1261.40 would confirm that a short-term top has been posted. First resistance is the 75% retracement level of the November-January-decline crossing at 1293.10. Second resistance is the 87% retracement level of the November-January-decline crossing at 1319.30. First support is the 20-day moving average crossing at 1261.40. Second support is the 50-day moving average crossing at 1244.60. 

May silver closed lower due to profit taking on Tuesday. The high-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought, diverging and are turning neutral to bearish hinting that a short-term top might be in or is near. Closes below the 50-day moving average crossing at 17.899 would confirm that a short-term top has been posted. If May extends the rally off March's low, November's high crossing at 19.065 is the next upside target. First resistance is Monday's high crossing at 18.655. Second resistance is November's high crossing at 19.065. First support is the 20-day moving average crossing at 18.126. Second support is the 50-day moving average crossing at 17.899. 

May copper closed lower on Tuesday as it extended this month's decline. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral signaling that sideways to lower prices are possible near-term. If May extends the decline off February's high, the 38% retracement level of the 2016-2017-rally crossing at 250.69 is the next downside target. Closes above the 50-day moving average crossing at 266.18 would confirm that a low has been posted. First resistance is the reaction high crossing at 271.70. Second resistance is March's high crossing at 276.85. First support is today's low crossing at 251.55. Second support is the 38% retracement level of the 2016-2017-rally crossing at 250.69. 


 

 

 

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Courtesy of ino.com

 



All news, trades, patterns, charts, systems, etc., discussed in this message and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author and do not necessarily reflect those of the publisher.