Trading with point and figure

[Dentalfloss]

23950 area is first rez

 

[Dentalfloss]

23900 needs to hold on p/b after 23950 break
then 24K/round is rez

 

[inzimam]

23900 needs to hold on p/b after 23950 break
then 24K/round is rez

genius! :clap:

 

[Dentalfloss]

Supp

 

[Dentalfloss]

24032 got dumped
pivot 23950...will it hold?

 

[Dentalfloss]

1 min
shows 2 down moves

 

[Dentalfloss]

red horizontal....then dump...big time
a break of red horizontal pulled back and it became rez...bears went crazy

 

[Dentalfloss]

supp/rez

 

[Dentalfloss]

bulls need to et 24K as supp on p/b

 

[Dentalfloss]

i missed the whole down move...was out shopping

 

[Dentalfloss]

i knew something bearish was comin as price stayed below green

dow updated

 

[Dentalfloss]

price went int our pivot/rez area and stalled...was easy to pick off....
gotta blame the missus.....lol

 

[Dentalfloss]

also ...our 6650 supp broke

 

[Dentalfloss]

Finally out at 58 for +14

 

[cantagril]

Morning all,

EG looking shaky ahead of ECB tomorrow. Trend support broken but I'm not convinced so far.

Long .8741 Target .8763

 

[Dentalfloss]

Morning folks

 

[Dentalfloss]

from Marc Ostwald


- Very sparse data and events schedule has slightly better French Consumer
Confidence to digest ahead of Polish Unemployment, Brazil Current Account
and Turkey rate decision; further deluge of earnings, US to sell 5-yr
T-note and 2-yr FRN

- Turkey rate decision: markets seeing slightly more stable TRY as allowing
TCMB to deliver more modest 50 bps Late Lending Rate hike

- US 10-yr yield chart: 3.0% level more a case of 'big figure-itis', credit
spreads and issuance volumes hardly indicative of a rout, let alone a
looming financial crisis

- Charts: USD TWI vs. Asia FX index; US 10 yr Yield and US 2/10 & 5/10 yr
yield spreads; IG, HY, EM Credit spreads; MOVE and Vix Volatility Indices

..........................................................................

********************
** EVENTS PREVIEW **
********************

Today is unsual for the fact that there are no major data items on the rest of the day's agenda, even if Poland's Unemployment and Brazil's Current Account & FDI data will be domestic points of interest, and French Consumer Confidence to digest. The events schedule is hardly teeming with market movers with the day's three ECB speakers talking about macro-prudential / regulatory issues rather than monetary policy, which is unsurprising given tomorrow sees the ECB council meeting, while Turkey's TCMB is expected to hike its 'back door' Late Lending policy rate by 50 bps to 13.25%. The US continues its refunding exercise with $17.0 Bln of 2-yr Treasury FRN and $35.0 Bln of 5-yr T-Notes. Corporate earnings highlights for the us include AMD, AT&T, Boeing, Dr Pepper, eBay, Facebook, Ford, General Dynamics, Hess, Northrop-Grumman, Twitter, Viacom & Visa, while Europe looks to Credit Suisse, GlaxoSmithKline, Linde, Lloyds Banking, Nordea, Norsk Hydro, Statoil and Whitbread. In respect of the TCMB rate decision, governor Cetinkaya's comments at the weekend that the central bank will deliver further policy tightening 'if needed' prompted markets to wind back expectations of a Late Lending rate hike of 100 bps back to 50 bps, as the Lira attempts to stabilize ahead of the June elections. That said, the relentless rise in oil prices will not only pressure inflation but also the Current Account, suggesting that the TRY remains very vulnerable, with 'real' rates in negative territory, the ongoing deterioration in public sector finances, and the likelihood that the election will see the AKP govt returned to power.

In the absence of major data and news flow, markets will inevitably become rather introspective, with a good deal of hyperbole already being applied to the test of the key US 10-yr yield, see various charts attached. The fact remains that for all that the level is psychologically important, which looks to be a nasty case of 'big figure-itis', the key levels are just above at 3.03% (closing high from end 2013), and thereafter the congestion area around 3.25/3.30. For all that Credit spreads are widening, and are in many cases above 100 and in some cases 200 day moving averages, this is at the current juncture not a rout. This is all the more so given the fact that in addition to the hefty volume of US Treasury Bill and Note supply this week, we have has $21.0 Bln of US$ IG credit this week, which brings the month to date issuance total for IG Credit to a very sizeable $105 Bln. Concessions have had to be made for some of the sales, e.g. yesterday some issues were priced at initial spread indications against a more typical 5-25 bps tightening, but it is largely being placed, even if some issuance tranches have been withdrawn. More importantly average spreads are not even vaguely close to levels seen in the middle of 2017, which were tight by any historical standards. Per se, complacency and a deep seated reach for yield remain very much in place, and are a clear and present vulnerability. As previously EM currency pressures due to a firmer USD remain the more immediate threat.

 

[Dentalfloss]

cable
1.4000 a real dog...we marked it a few days ago

 

[Dentalfloss]

eurusd in supp

 

[Dentalfloss]

dow wants to pop 24K