Optimism with discipline. The upside is there – so are the safety nets

MARKET ANALYSIS

USDJPY

USD/JPY Intraday: further advance.

Pivot:

159.30

Our preference:

Long positions above 159.30 with targets at 160.00 & 160.20 in extension.

Alternative scenario:

Below 159.30 look for further downside with 159.10 & 158.90 as targets.

Comment:

The RSI calls for a bounce.

EURUSD

EUR/USD Intraday: the downside prevails.

Pivot:

1.1705

Our preference:

Short positions below 1.1705 with targets at 1.1665 & 1.1650 in extension.

Alternative scenario:

Above 1.1705 look for further upside with 1.1720 & 1.1740 as targets.

Comment:

The RSI advocates for further downside.

GBPUSD

GBP/USD Intraday: under pressure.

Pivot:

1.3490

Our preference:

Short positions below 1.3490 with targets at 1.3445 & 1.3425 in extension.

Alternative scenario:

Above 1.3490 look for further upside with 1.3510 & 1.3530 as targets.

Comment:

The RSI calls for a new downleg.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: further advance.

Pivot:

94.40

Our preference:

Long positions above 94.40 with targets at 98.20 & 100.50 in extension.

Alternative scenario:

Below 94.40 look for further downside with 92.40 & 91.00 as targets.

Comment:

The RSI is bullish and calls for further advance.

GOLD

Gold Intraday: target 4643.

Pivot:

4725

Our preference:

Short positions below 4725 with targets at 4667 & 4643 in extension.

Alternative scenario:

Above 4725 look for further upside with 4745 & 4770 as targets.

Comment:

The RSI is bearish and calls for further decline.

DOW JONES

Dow Jones (CME)‎ (M6)‎ Intraday: choppy.

Pivot:

49680

Our preference:

Short positions below 49680 with targets at 49090 & 48830 in extension.

Alternative scenario:

Above 49680 look for further upside with 49770 & 50000 as targets.

Comment:

The RSI is around its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: choppy.

Pivot:

27140

Our preference:

Short positions below 27140 with targets at 26850 & 26780 in extension.

Alternative scenario:

Above 27140 look for further upside with 27300 & 27400 as targets.

Comment:

The index currently faces a challenging resistance area at 27140.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: choppy.

Pivot:

7180

Our preference:

Short positions below 7180 with targets at 7100 & 7075 in extension.

Alternative scenario:

Above 7180 look for further upside with 7200 & 7220 as targets.

Comment:

The RSI is around its neutrality area at 50%