Another up day in the S&P 500 and we have now rallied very strongly off that low of 1261 on Friday last week. A few things that I want to point out. We have 50% Fibonacci retracement of the 1361 to 1252 move comes in at 1307, which is now the next resistance level. See S&P 500 emini daily chart below.
The 60min chart below looks pretty overbought and I don't think much has really changed the last few days. The Greek austerity vote is of course positive, but the upside from here is probably a bit more difficult than the bounce we have seen from 1250 area a few times now. I see chance for a pretty quick dip towards 1292 support over the next few sessions. A daily close below 1292 would be bad news for the bullish momentum. I am positioned for a dip in the options structure I have on in the S&P, so I don't want it to go above this 1307 resistance.
Trading wise I closed out the corn structure for a total of 837,50 USD in profit. The reason is simply that we have the USDA Acerage report out before the open tomorrow and I see the risk for a pretty big move in either direction, so not interested in playing that joker card as I have no strong bias on the outcome of that report.
Crude oil rallied strongly following DOE crude inventory data showed a larger than expected draw and got well above 94.07 gap we had on the daily chart. Next key resistance is the 96 level.
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