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The silver markets tried to rally during the course of the day on Monday, but found the 17.50 level to be far too resistive. Because of this, it appears of the market is ready to drift back down towards the 16.50 level, and perhaps even lower than that. If we can get below the aforementioned 16.50 level, we feel that this market should then head to the 15.50 level. If we get above the 17.50 level, we then feel that the market is going to head to the 18.50 level.
The EUR/USD pair tried to rally above the 1.10 level during the course of the session on Monday, but then turned back around completely. By doing so, it appears that anytime we have a short-term rally we should be looking at buying puts. We believe ultimately this market goes to the 1.0750 level, and then the 1.05 level after that.
The S&P 500 had a very positive session on Monday, testing the 2080 handle. If we can get above the top of the range for the session on Monday, we feel that the market then heads to the 2100 level and probably higher than that. A pullback from here should offer call buying opportunities as we believe there is plenty of support below and that the S&P 500 is most certainly still in a strong uptrend. We have no interest in buying puts, as the S&P 500 will more than likely continue the uptrend over the longer term as well.
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