Please enable javascript in your browser to view this site!

Break of overnight lows a minor negative to Short-term trend

Last hours break below overnight lows is a Technical negative to the short term trend.. and means we likely can test yesterday's lows of 2340 , with important overhead resistance at 2352-5.   2 important levels on the downside-  Yesterday's lows- 2340 and then 2317-20.  Until yesterday's lows broken initially, its right to buy into this pullback a few ticks lower.. but under 2340 would turn trend bearish and argue for an immediate test of 2317-20..  so holding yesterday's lows will be important-   Dollar moving higher, but not vs YEN. and Yen strength is coinciding with Gold rallying as yields have also been falling, largely in Europe.. but 2.30% is very important for TEN-yr TREASURY YIELDS and if broken. would lead yield and Financials lower-overall the next couple days will be key to see if indices can overcome this minor weakness, or whether this turns into a larger selloff-  Pay attention to yesterday's lows-   early movers:   PRTK, GALE, RNN, CONN, TXMD, FCX, TEVA. and on downside-  KATE, URBN, NVDA, DRYS, BAC, ALV, COOL-   Let me know if you have questions