The S&P 500 has lost 2.1 percent in April after the biggest first-quarter rally since 1998. The gauge rose 0.6 percent last week after corporate profits beat estimates and a report showed German business confidence unexpectedly increased for a sixth month in April, adding to evidence that Europe's largest economy can weather the sovereign-debt crisis.

The International Monetary Fund's spring meetings ended yesterday in Washington, raising more than $430 billion in pledges to help safeguard the global economy. Managing Director Christine Lagarde fell short of her original $600 billion goal as the U.S. declined to participate and Canada proposed making it harder for Europe to tap aid.

Futures on the Standard & Poor's 500 Index expiring in June declined 1 percent to 1,362.1 at 11:02 a.m. in London as a Chinese purchasing managers' index showed manufacturing in the world's second-biggest economy contracted for a sixth month in April. Contracts on the Dow Jones Industrial Average dropped 115 points, or 0.9 percent, to 12,873.

Eleven companies in the S&P 500 are due to release earnings today, including Xerox Corp. and ConocoPhillips. Heffcap Research shows of the 94 index members to have posted results since April 10, 80 have beaten analyst estimates for per-share profit.

In China, the 49.1 preliminary April reading of a PMI from HSBC Holdings Plc and Markit Economics compared with a final 48.3 in March. A number below 50 points to a contraction.

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Crude Oil (Jun 12) intraday: the downside prevails.

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Pivot: 103.85
Our Preference: SHORT positions below 103.85 with 102.65 & 102.3 as next targets.
Alternative scenario: The upside penetration of 103.85 will call for 104.45 & 104.9.
Comment: the RSI advocates for further downside.

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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: key ST resistance at 1640

/Pivot: 1640.00
Our Preference: SHORT positions below 1640 with targets @ 1626 & 1620.
Alternative scenario: The upside penetration of 1640 will call for a rebound towards 1654 & 1663.
Comment: the immediate trend remains down and the momentum is strong.

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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: 1.318
Our preference: Short positions below 1.318 with targets @ 1.3105 & 1.3065 in extension.
Alternative scenario: Above 1.318 look for further upside with 1.323 & 1.328 as targets.
Comment: the pair is breaking below its support and remains under pressure as the RSI is badly directed.

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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: caution.

/Pivot: 1.607
Our preference: Long positions above 1.607 with targets @ 1.612 & 1.615 in extension.
Alternative scenario: Below 1.607 look for further downside with 1.6035 & 1.6 as targets.
Comment: the pair is pulling back on its support, caution.

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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: bullish bias above 0.9925.

/Pivot: 0.9925
Our preference: Long @ 0.997 with targets @ 1.001 & 1.003 in extension.
Alternative scenario: Below 0.9925 look for further downside with 0.99 & 0.9875 as targets.
Comment: the RSI calls for a new upleg.

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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 downside prevails.

/Pivot: 81.25
Our preference: Short positions below 81.25 with targets @ 80.85 & 80.6 in extension.
Alternative scenario: Above 81.25 look for further upside with 81.4 & 81.65 as targets.
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

 

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AUD/USD intraday: the downside prevails.

/Pivot: 1.032
Our preference: Short positions below 1.032 with targets @ 1.0275 & 1.025 in extension.
Alternative scenario: Above 1.032 look for further upside with 1.035 & 1.0385 as targets.
Comment: the break below 1.032 is a negative signal that has opened a path to 1.0275.

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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: rebound.

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Pivot: 0.9095
Our preference: Long positions above 0.9095 with targets @ 0.9175 & 0.921 in extension.
Alternative scenario: Below 0.9095 look for further downside with 0.907 & 0.905 as targets.
Comment: the pair should post further advance as the RSI is well directed.

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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