Divergence is direction. Oil rallies, Dow corrects – read the signals.

MARKET ANALYSIS

GBPUSD

GBP/USD Intraday: aim @ 1.3570.

Pivot:1.3485

Our preference:

Long positions above 1.3485 with targets at 1.3540 & 1.3570 in extension.

Alternative scenario:

Below 1.3485 look for further downside with 1.3460 & 1.3440 as targets.

Comment:

The RSI is bullish and calls for further advance.

USDJPY

USD/JPY Intraday: bullish bias above 159.30.

Pivot:159.30

Our preference:

Long positions above 159.30 with targets at 159.80 & 160.00 in extension.

Alternative scenario:

Below 159.30 look for further downside with 159.10 & 158.95 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

EURUSD

EUR/USD Intraday: watch 1.1750.

Pivot:1.1690

Our preference:

Long positions above 1.1690 with targets at 1.1730 & 1.1750 in extension.

Alternative scenario:

Below 1.1690 look for further downside with 1.1675 & 1.1660 as targets.

Comment:

The RSI advocates for further upside.

CRUDE OIL (WTI)

Crude Oil (WTI)‎ (M6)‎ Intraday: the bias remains bullish.

Pivot:98.70

Our preference:

Long positions above 98.70 with targets at 100.40 & 101.80 in extension.

Alternative scenario:

Below 98.70 look for further downside with 97.80 & 97.00 as targets.

Comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GOLD

Gold Intraday: key resistance at 4615.

Pivot:4615

Our preference:

Short positions below 4615 with targets at 4555 & 4530 in extension.

Alternative scenario:

Above 4615 look for further upside with 4635 & 4660 as targets.

Comment:

As long as the resistance at 4615 is not surpassed, the risk of the break below 4555 remains high.

DOW JONES

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

Pivot:49430

Our preference:

Short positions below 49430 with targets at 49230 & 49160 in extension.

Alternative scenario:

Above 49430 look for further upside with 49550 & 49690 as targets.

Comment:

The RSI is below its neutrality area at 50%

NASDAQ 100

Nasdaq 100 (CME)‎ (M6)‎ Intraday: target 27020.

Pivot:27300

Our preference:

Short positions below 27300 with targets at 27020 & 26870 in extension.

Alternative scenario:

Above 27300 look for further upside with 27390 & 27500 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 27300.

S&P 500

S&P 500 (CME)‎ (M6)‎ Intraday: target 7150.

Pivot:7185

Our preference:

Short positions below 7185 with targets at 7150 & 7125 in extension.

Alternative scenario:

Above 7185 look for further upside with 7208 & 7223 as targets.

Comment:

The upward potential is likely to be limited by the resistance at 7185.