Yesterday, the day was spent largely short covering after sellers sold into the hole on news of the European election results. This returned levels back to almost unchanged.
Overnight, we’ve slumped back again as market observers attempt to recalculate the French/German dynamic. Merkel doesn’t seem eager to renegotiate austerity measures. Gold just fell through daily support at 1626 and traded as low as 1611 as stops were hit. As far as a news item to trigger the selling, I can’t find it.
Week of May 07 - May 11
Date
|
ET
|
Release
|
For
|
Actual
|
Briefing.com Briefing.com
|
Prior
|
Revised
|
|
|
|
|
|
|
|
Forecast
|
Consensus
|
|
From
|
May |
15:00 |
Consumer Credit |
Mar |
|
$10.0B |
$11.0B |
$8.7B |
|
07 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
07:00 |
MBA Mortgage Index |
05/05 |
|
NA |
NA |
0.9% |
|
09 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
10:00 |
Wholesale |
Mar |
|
0.6% |
0.6% |
0.9% |
|
09 |
Inventories |
|
|
|||||
|
|
|
|
|
|
|
|
||
May |
10:30 |
Crude Inventories |
05/05 |
|
NA |
NA |
2.840M |
|
09 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
08:30 |
Initial Claims |
05/05 |
|
365K |
365K |
365K |
|
10 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
08:30 |
Continuing Claims |
04/28 |
|
3300K |
3288K |
3276K |
|
10 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
08:30 |
Trade Balance |
Mar |
|
-$49.5B |
-$49.9B |
- |
|
10 |
|
$46.0B |
|
|||||
|
|
|
|
|
|
|
|
||
May |
08:30 |
Export Prices ex-ag. |
Apr |
|
NA |
NA |
0.5% |
|
10 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
08:30 |
Import Prices ex-oil |
Apr |
|
NA |
NA |
0.5% |
|
10 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May
|
14:00
|
Treasury Budget |
Apr
|
|
NA
|
NA
|
-
|
|
Date
|
ET
|
Release
|
For
|
Actual
|
Briefing.com Briefing.com
|
Prior
|
Revised
|
|
|
|
|
|
|
|
Forecast
|
Consensus
|
|
From
|
10 |
|
|
|
|
|
|
$40.4B |
|
May |
08:30 |
PPI |
Apr |
|
0.1% |
0.0% |
0.0% |
|
11 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
08:30 |
Core PPI |
Apr |
|
0.2% |
0.2% |
0.3% |
|
11 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
May |
09:55 |
Mich Sentiment |
May |
|
75.0 |
76.2 |
76.4 |
|
11 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
MARKET PLACE
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
Legend
U is Up
D is Down
PRD is Potential Reversal Day
S2 is Weekly strong support
S1 is Weekly good support
DS is Daily Support
DR is Daily Resistance
R1 is Weekly Good Resistance
R2 is Weekly Strong Resistance
Levels are for the most active futures contract
|
|
|
|
|||||
|
|
|
Daily Support and Resistance |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
Trend
|
WS2 |
WS1 |
DS |
|
DR |
WR1 |
WR2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
D
|
1328.50
|
1347.00 |
1348.75
|
|
1376.50 |
1395.0 |
1428.50 |
|
|
|
|
|
|
0 |
|
||
ES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
U
|
2540.50
|
2597.50 |
2599.25
|
|
2661.00 |
2710.0 |
2795.00 |
|
|
|
|
|
|
|
|
||
Nasda
|
|
|
|
|
|
|
|
|
q
|
|
|
|
|
|
|
|
|
June
|
D
|
123.46
|
124.35 |
124.90 |
|
125.50 |
125.87 |
126.50 |
|
|
|
|
|
|
|
|
||
Yen
|
|
|
|
|
|
|
|
|
June
|
D
|
129.47
|
130.18 |
129.84 |
|
130.95 |
132.23 |
133.57 |
|
|
|
|
|
|
|
|
||
EC
|
|
|
|
|
|
|
|
|
June
|
U
|
131.17
|
132.03 |
132.15
|
|
132.29 |
132.03 |
133.07 |
|
|
|
|
|
|
|
|
||
10
|
|
|
|
|
|
|
|
|
Year
|
|
|
|
|
|
|
|
|
June
|
U
|
141.09 |
142.16 |
143.12 |
|
144.12 |
144.11 |
144.31 |
|
|
|
|
|
|
|
|
||
30
|
|
|
|
|
|
|
|
|
Year
|
|
|
|
|
|
|
|
|
July
|
D
|
14.28
|
14.53 |
14.57 |
|
14.76 |
15.07 |
15.37 |
|
|
|
|
|
|
|
|
||
Soybea
|
|
|
|
|
|
|
|
|
ns
|
|
|
|
|
|
|
|
|
July
|
U
|
5.88 |
6.04 |
6.14 |
|
6.27 |
6.35 |
6.50 |
|
|
|
|
|
|
|
|
||
Corn
|
|
|
|
|
|
|
|
|
June
|
D
|
1601.9
|
1622.5 |
1626.6 |
|
1644.6 |
1668.0 |
1692.9 |
|
|
|
|
|
|
|
|
||
Gold
|
|
|
|
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
July
|
D
|
28.85 |
29.58 |
29.34 |
|
30.44 |
31.25 |
32.18 |
|
|
|
|
|
|
|
|
||
Silver
|
|
|
|
|
|
|
|
|
July
|
D
|
360 |
366 |
362
|
|
381 |
382 |
392 |
|
|
|
|
|
|
|
|
||
Coppe
|
|
|
|
|
|
|
|
r
|
|
|
|
|
|
|
|
July
|
D
|
92.36 |
95.70 |
96.54
|
99.34 |
104.50 |
110.10 |
|
|
|
|
|
|
|
||
Crude
|
|
|
|
|
|
|
|
|
|
|
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|
