"The market is cheering, not so much that the banks are on the mend, but that they are not going to die," - Les Satlow, portfolio manager of Cabot Money Management.
Overnite during US session, improved risk appetite put pressured on the Dollar and Yen.
U.S. stocks ended mixed optimism about bank earnings offset by falling oil prices, a profit warning by Boeing Co and worries about GM; Dow Jones industrial average .DJI ends down
25.57 points, or 0.32 percent, to 8,057.81. Nasdaq Composite Index inches up just 0.77 point to 1,653.31, while S&P 500 adds 2.16 points, or 0.25 percent, to 858.73.
Goldman Sachs posts higher-than-expected first-quarter earnings after the close while it was reported in The New York Times that U.S. Treasury tells General Motors to prepare for
bankruptcy filing by June 1.
Nikkei future at SGX open higher but it is expected that Nikkei to moved lower as it is at overbought position.
From the opening asian session at 23:00 GMT, USDJPY moved upward passed the daily pivot.
I am expecting by 24:00 GMT (Tokyo stock market open), USDJPY will meet resistance.
S/R Level:
1. Previous day 24:00 GMT line-100.42
2. Weekly pivot-100.34
3. Spud fibo 61.8% retracement-100.38
My entry:
1. Sell at 3:23 (0:25 GMT)-MACD divergence, Blue lag cross 85, CCI 21 cross 30 sma.
Target price: The red lag moving below 85, with expectation support at 200 ema and daily pivot at 10.21
2. Sell at 3:54 with blue lag moving below 85 and extreme hook of CCI 21.
Target price at spud fibo 38.2%-100.16 and 23.6%-100.95
With two trades I achieved my target of 30 pips per session.
