Home > Uncategorized > 2012/04/10: Quick Post: Weekly Calendar and Perspective Now Available

2012/04/10: Quick Post: Weekly Calendar and Perspective Now Available

© 2012 ROHR International, Inc. All International rights reserved.

The full calendar is available through the link in the right hand column. The focused comments below it are already available as well in the calendar section this week as Summary Perspective on Key Influences. We hope you find that useful as well.

For those of you who have not already seen it, there was also a fresh post yesterday on some of the factors that might in fact buffer the current ‘crisis’ risk-off atmosphere to some degree. It cites the interesting combination of both the ECB and the Fed likely being a bit more willing to provide accommodation if equity markets continue to deteriorate. And in spite of the current rhetoric, it is still unlikely there will be any overt military reaction to Iran’s continued nuclear program intransigence.

It’s another critical mid-week decision horizon this week. Not to say that there are no important influences at the end of the week as well. Especially the extensive Chinese economic data on Friday will likely still provide an important influence into the weekly Close. However, with tomorrow’s Federal Reserve Beige Book and government bond auctions, and Thursday’s Portuguese Parliamentary vote on ESM, it must be allowed that some significant market decisions might be made prior to Friday. Especially with the current heightened volatility.

General Market Observations

June S&P 500 future has violated the 1,375-67 support, and already dropped down to near the more prominent congestion from last summer in the 1,350-38 range. Much below that area it is more decidedly back down into the lower range from last summer. That would reestablish those areas as resistance above the market, with further significant interim support not until back down in the 1,300 area.

EXTENDED TREND IMPLICATIONS

June T-note 129-20/130-00 has put them back in a more bullish mode. It is already above its interim 131-00 resistance, seemingly on the way to the all-time high at 132-10 from back in February.

On the whole foreign exchange remains quite a bit more subdued. Even weak sisters like Australian dollar are only progressing in an orderly fashion in their slide. AUD/USD back below 1.0400-1.0335 has held to top of its 1.0258-1.0184 next support. Similarly the recent reversion to strength in Japanese yen has only seen USD/JPY slip below its 82.00 support to the 81.00 area. Yet the US dollar is the strong sister, with the Australian dollar, euro, and British pound all that much weaker against the yen.

The one interesting exception is the April Gold future, which was previously headed down with equities. That was ostensibly on a loss of ‘inflation premium’ which had assisted bouts of strength in the yellow metal in March. However, after getting slammed on equities weakness last Wednesday, it rebounded from major 1,615-00 support (Fibonacci, December’s Negated DOWN Break, hefty congestion and gaps) on Thursday even as equities weakened further; and remains firm on a seeming renewed ‘crisis’ bid.

Thanks for your interest.

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