Equity futures retreated as Intel and IBM, two of the computer industry's biggest bellwethers, posted the slowest sales growth in years as the European (SXXP) slump weighed on orders last quarter. Nineteen companies in the S&P 500 are scheduled to report results today. European shares fell for the first time in three days after Bank of England policy makers said inflation may be higher than forecast.

The S&P 500 has risen 11 percent in 2012 amid better-than- estimated economic and corporate data. While S&P 500 per-share profit growth will accelerate to 8.6 percent during all of 2012, it slowed to 1.7 percent during the first three months of the year.

Intel, the largest semiconductor maker, slumped 2.8 percent after forecasting gross margin that was lower than some analysts predicted. IBM, the biggest computer-services provider, dropped 1.7 percent as sales missed forecasts. Berkshire Hathaway Inc. (BRK/A) Class A shares slid 1.8 percent as Warren Buffett was diagnosed with stage 1 prostate cancer. He said in a letter to investors that his condition is not remotely life threatening.

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Crude Oil (Jun 12) intraday: further upside.

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Pivot: 103.90
Our Preference: LONG positions above 103.9 with targets @ 105.5 & 106.
Alternative scenario: The downside breakout of 103.9 will open the way to 103 & 102.3.
Comment: the RSI lacks downward momentum.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced width=1


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GOLD (Spot) intraday: rebound in sight.

/Pivot: 1634.00
Our Preference: LONG positions above 1634 with 1654 & 1663 as next targets.
Alternative scenario: The downside breakout of 1634 will open the way to 1631 & 1620.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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EUR/USD intraday: under pressure.

/Pivot: 1.314
Our preference: Short positions below 1.314 with targets @ 1.3065 & 1.304 in extension.
Alternative scenario: Above 1.314 look for further upside with 1.316 & 1.318 as targets.
Comment: the pair is breaking below its support and should face further weakness.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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GBP/USD intraday: rebound.

/Pivot: 1.592
Our preference: Long positions above 1.592 with targets @ 1.5995 & 1.6015 in extension.
Alternative scenario: Below 1.592 look for further downside with 1.5895 & 1.586 as targets.
Comment: the pair has validated a bullish flag and is challenging its resistance.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CAD intraday: key ST resistance at 0.9935.

/Pivot: 0.9935
Our preference: Short positions below 0.9935 with targets @ 0.9855 & 0.9825 in extension.
Alternative scenario: Above 0.9935 look for further upside with 0.997 & 1.0025 as targets.
Comment: as long as 0.9935 is resistance, look for choppy price action with a bearish bias.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/JPY intraday: the upside prevails.

/Pivot: 81.05
Our preference: Long positions above 81.05 with targets @ 81.65 & 81.85 in extension.
Alternative scenario: Below 81.05 look for further downside with 80.85 & 80.55 as targets.
Comment: the pair has rebounded on its new support and remains on the upside.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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AUD/USD intraday: turning down.

/Pivot: 1.0385
Our preference: Short positions below 1.0385 with targets @ 1.0305 & 1.027 in extension.
Alternative scenario: Above 1.0385 look for further upside with 1.0415 & 1.045 as targets.
Comment: the RSI broke below a bullish trend line.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced


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USD/CHF intraday: under pressure.

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Pivot: 0.92.
Our Preference: SHORT positions @ 0.9175 with 0.9115 & 0.9085 in sight.
Alternative scenario: The upside breakout of 0.918 will open the way to 0.921 & 0.925.
Comment: the pair is posting a rebound but stands below its resistance.

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Opinion published is an intraday view. Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced

Shayne Heffernan

Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.

Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service