Today was a 'Risk Off' day...
S&P Down 8pts, -.68%
The following is a daily S&P chart, with the circles showing an inverse head and shoulders pattern. This is a bullish pattern however today's price action, closing price, has broken this pattern. The next support levels are 1265 and 1246. The current 200SMA is 1251 which will be a strong support level as well.
Oil down -1.4pts, -1.4%; Gold +3.5pts, +.23%; Silver +.67pts, +1.85%
Commodity Currencies flat for the day: AUDUSD, NZDUSD, and USDCAD oddly flat considering risk off in equities
GBPUSD, EURUSD: biggest losers amongst majors down 54 pips and 66 pips respectively
Carry trades, against, YEN all lower
Cross currencies: GBP/AUD biggest decliner, down 57 pips
Macro News of the Day:
Canada building permits fall to -21%
Canada Ivey PMI: 69.1 actual vs. 59.1 forecast vs. 57.7 previous
Australia RBA Decision - June 7 12:30AM EST, expectations to keep interest rates unchanged at 4.75%
Look for 'risk off' to continue during both Asian and European sessions.