DAY HAGAN TECH TALK
Given the influence the U.S. dollar has on the direction of commodities, the U.S. Dollar Index continues to be a main focus for Day Hagan Asset Management.
P. Arthur Huprich, CMT
June 14, 2016
PDF COPY OF ARTICLE
The U.S. Dollar Index failed to rise above a declining trend line. The falling/neutral trending U.S. dollar has aided in putting a bid under a various list of hard commodities (those that are mined—please refer to Tech Talk report, dated 6/7/16), and soft commodities (those that are grown—see below).
Given the influence the U.S. Dollar has on the direction of commodities (and commodity-related equity markets), the U.S. Dollar Index continues to be a main focus for Day Hagan Asset Management. Consistent with this and given the potential ramifications of the “Brexit” vote on June 23, it is imperative that any type of aggressive short-term non-equity correlated positions be coupled with a stop-loss strategy.
S&P 500 (SPX) – Tactical support: 2040 (closing level) and 2026 (intraday). Resistance: 2121, 2133 to 2135.
Have a great week.
Art Huprich, CMT
Chief Market Technician
Day Hagan Asset Management
— Written 06.14.2016
Disclosure: The data and analysis contained herein are provided "as is" and without warranty of any kind, either expressed or implied. Day Hagan Asset Management (DHAM), any of its affiliates or employees, or any third party data provider, shall not have any liability for any loss sustained by anyone who has relied on the information contained in any Day Hagan Asset Management literature or marketing materials. All opinions expressed herein are subject to change without notice, and you should always obtain current information and perform due diligence before investing. DHAM accounts that DHAM or its affiliated companies manage, or their respective shareholders, directors, officers and/or employees, may have long or short positions in the securities discussed herein and may purchase or sell such securities without notice. DHAM uses and has historically used various methods to evaluate investments which, at times, produce contradictory recommendations with respect to the same securities. When evaluating the results of prior DHAM recommendations or DHAM performance rankings, one should also consider that DHAM may modify the methods it uses to evaluate investment opportunities from time to time, that model results do not impute or show the compounded adverse effect of transactions costs or management fees or reflect actual investment results, that some model results do not reflect actual historical recommendations, and that investment models are necessarily constructed with the benefit of hindsight. For this and for many other reasons, the performance of DHAM’s past recommendations and model results are not a guarantee of future results. The securities mentioned in this document may not be eligible for sale in some states or countries, nor be suitable for all types of investors; their value and income they produce may fluctuate and/or be adversely affected by exchange rates, interest rates or other factors.
Investment advisory services offered through Day Hagan Asset Management, an SEC registered investment advisory firm. Securities offered separately through Harbor Financial Services, LLC (member FINRA, SIPC). Accounts held at Raymond James and Associates, Inc. (member NYSE, SIPC). None of the entities listed here in this disclosure are affiliated.