A general comment the markets are in waiting mode for the next big headline about the debt ceiling crisis.
Sometimes it’s better to be out then to be on the wrong side of the trade.
Any outcome or news item related to the crisis will give a kneejerk reaction to the market.
Below we give both scenarios as a day as today it can really go either side.
We are out of the market and await the next move.
E-Mini S&P 500 (ES-JUN)
On Friday, the ES reached our next upside target of 4223 and the next target to watch is 4231.
Trading range for today 4181 – 4214.
Above 4214 we can see the move to 4231 and possible a little higher.
Below 4181 we get a first downside target of 4167.
Note that we hold no position and await the next move in the ES.
This can be both ways, so we give both scenarios:
Long above 4214 with a tight sell stop below 4207.
Short below 4181 with a tight buy stop at 4189.
VIX (Cash)
The VIX stays on a buy signal so long as there is no close below 15.90.
Gold (JUN)
Gold made a nice bounce on Friday as closed above 1983 which technically gave again a short term buy signal.
The signal gets cancelled on a close below 1968.
Projected upside target is 1992, then followed by 2008.
We hold no position and want to give Gold one day to choose direction.
If gold falls below 1968 then we want to go short again with a suggested buy stop at 1975.
Support is still at 1942.
Silver (JUL)
Silver bounced too and gave a short term buy signal above 24.05.
First upside target is 24.85.
The buy signal gets again cancelled on a close below 23.70 which re-elects a short signal.
Copper (JUL)
Copper is still holding within its range: 3.67 – 3.76.
Below 3.67 we get 3.61 as a next downside target.
Above 3.76 we get a next target of 3.82.
However, as for now we stay one more day on the side-lines to see the next direction.
Crude (JUN)
The trading range in Crude is getting tighter.
It is now 70.50 – 73.50.
Crude cancels its sell signal short term above 73.50, and below 70.50 we see the continuation to the downside with a next target of 67.30.
Bitcoin (BTC/USD)
BTC/USD came again close to our 26435 target, and we still get a next downside target of 25700.
The sell signal from 28600 gets cancelled short term on a close above 27950.
Have a successful week!
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