Slow-mo action as S&P500 attempts a breakout

The US$ is a bit weaker but the S&P500, Oil, the A/U, E/U and Kiwi are all bit higher in what appears to be general slow-motion activity whilst the S&P500 carves out new 2016 highs. There is CNY Trade Balance data out today that might shake things up though so keep an eye on this during the Asian session.

S&P500 weekly: I still consider this to be a good barometer of broader-based risk appetite and the index is trying to carve out a Flag trend line breakout above the key psychological 2,100 S/R level. We will need to see where the index closes after Friday to assess whether a weekly chart breakout is successful but, for now, it’s slowly trying to carve out this break and it seems that other trading instruments are in slow-motion whilst this index takes center stage for its attempted breakout. I’ve posted two weekly charts and the second, expanded chart better show the attempt on this Flag trend line. Any weekly close and hold above this Flag trend line and 2,100 level will bring the 2,135 level back into focus:

S&Pweekly

S&Pweekly

Oil: any weekly close above the $50 level will bring the $60, $70 and $80 levels into focus as, apart from being whole numbers, they are key fib levels too:

Oil weekly: watch the $50, $60, $70 and $80 levels:

OilWeekly

Oil daily: higher on the day and above $50:

OilDaily

USDX weekly Cloud: it isn’t the first time this year that price has dipped below the Cloud but the last time gave no follow through. Watch for any follow through IF there is a weekly close below the Cloud this time around:

USDXweeklyCloud

USDX daily: lower again so watch the 92.50 support level in coming sessions:

USDXdaily

Gold 4hr: not doing too much at the moment:

Gold4hr

TC Signals: the E/U has done little but the A/U has rocked on. Watch today with CNY Trade Balance data though:

E/U 4hr: pretty flat ahead of tomorrows ECB Draghi speech.

EU4

A/U 4hr: has given up to 150 pips now but watch with today’s CNY Trade Balance data:

AU4

Other FX:

EUR/AUD 4hr: getting back down to a recent support level. Watch with today’s CNY data for any make or break of this region:

EA4

NZD/USD: this is getting up to near the major 0.70 level that I have been emphasising to watch with Thursday’s RBNZ rate news:

Kiwi4 KiwiWeekly

GBP/USD: this is hanging near the 1.46 S/R level but I’m preferring to wait until after the Brexit vote and watch the weekly chart’s Flag trend lines for any make or break activity:

GU4 GUweekly

Yen pairs: the Yen strengthened overnight sending these pairs lower:

U/J 4hr: watching for any test of 105.5:

UJ4

E/J 4hr: heading back to the trend line?

EJ4

A/J 4hr: still chopping around either side of the 80 level:

AJ4

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