deBrinks doMain

Friday, June 22nd

On today’s economic calendar:-

10:15 Fed Outright Treasury Coupon Purchases up yo $2.25 billion

Overnight action fairly muted, with a low made at the opening of the session at 149’01, and a high at 149’12.  The 30 minute trend chart remains bullish, requiring a close below 148’23 to flip it bearish.

Yesterday’s advance was halted right at the the 78.2% retracement level at 149’23. 

Assuming the 149’23 level is overcome, than 151’02 is a reasonable target level. Immediate price resistance lies at 150’10.

Should we break to the downside, then 144’18 remains a level to look for.

To sum up, we are stuck in a range between 150’09 on the upside and 147’19 on the downside. The 30 minute chart would indicate that we move higher. With no economic stimuli, expect trading to be confined within this range.