Today is the first of a two day run with announcements and data. We began this morning with the BOE easing as they restarted bond purchasing. After commodities and equities were trading off of their highs from Tuesday, this news jump started the day as we see gold back through 1620 and the S&P back through 1370. The ECB as expected, cut rates. Since this was priced in the emphasis will be put on the follow up press conference. Also this morning we have ADP jobs data followed by non-farm tomorrow. Gold has been strong and I do not see that changing. If this market can punch through resistance at the 1640 area, a ton of stops will be hit and should allow another $20 move higher. The S&P faces light resistance at these levels. The announcements and data will ultimately move this market but my target remains 1411.
Important to see a close above 1618**
Resistance -1631-33, 1639-42***
Support –1609**, 1602***, 1589***, 1582.5-85, 1573-78**
Resistance – 1371-72,1396-97.5, 1400, 1411***
Support –1363.50, 1350***, 1333-32***, 1325**, 1316*, 1304-06.5*