Market Overview

Crude Oil up to $98 Today on Syria

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The Thomson Reuters/University of Michigan June preliminary index of consumer sentiment fell to 82.7 from a final reading of 84.5 the prior month, while U.S. industrial production was unchanged in May and wholesale prices climbed in May.

 

Equities: The JUN13 emini SP 500 futures are down 6 points to a key market profile magnet level of 1630. This market seems like it is trying to figure out whether to spend more time in the 1500′s, or whether it is still at very attractive buying levels for the longer term picture. We believe the market is still in a very bullish trend, but may experience some sideways action in the short term, especially because the FOMC meets next week and discloses their policy statement, which all major financial markets await with great interest. Overall, we believe that the 1617 level can be looked at as a line in the sand. If the market can hold above this level, it could rally up through 1650 and head higher. If the market can get back below 1617, which could happen on a more hawkish Fed next week, we believe the market could head to 1575.

 

Bonds: The bond market and eurodollar futures are trading up today, likely for two main reasons: 1) short-covering in anticipation of a possible dovish FOMC statement next week, and 2) the escalating conflict in the Syria region. The SEP13 30yr bond futures are up 30 ticks to 140’21, and the MAR16 Eurodollar futures are up 12.5 ticks to 98.65. We believe these markets are in a very short term correction in the overall downtrend.

 

Currencies: Today, the major currencies seem to be taking a breather from the recent uptick in volatility. The Yen continues its strength against the US dollar, trading up 19 ticks, while the Euro, Aussie, and Pound are all down slightly. 133.18 is the first market profile support level for the Euro, and the Euro has a potentially bullish profile formation, with a 1.35 upside target. We believe 133.18 is the key pivot level for the Euro. The next support level below in our analysis is 132.74.

 

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The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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