The S&P/ES, Dow/YM, Nasdaq 100/ENQ and Russell 2000/TF all traded into Key Reference Areas in Sunday night Globex trading, then began to sell off and by the day session open had round-tripped the entire Globex session. The indices closed at (S&P/ES) or just below (Dow/YM, Naz 100/ENQ and Russ 2000/TF) very critical short term Key Reference Areas (potential support). If the indices cannot hold these levels overnight then last Wednesday’s entire range may be retraced, and rather dramatically.

July Crude (CL) has traded up and down a four dollar range and took out last weeks lows at the close. There is nothing between Monday’s lows and the lows of last October, which are only about three dollars away (7800).

Gold (GC) is trying to rally and must trade above 1640 (basis August) before trading below 1556 to be confident about taking intermediate term longs. Trading between those two levels has been quite volatile. Silver (SI) has to stay above 2791 (basis July) to suppert any bullish bias. A trade below 2791 puts July Silver in danger of a dramatic collapse to below 2700.

The Euro currency(EU6) has an almost identical pattern to the US stock indices, and like the US stock markets, it needs to hold near Monday’s close to avoid the probability of a collapse back to near 1.2300.

The US 10-yr Note and 30-yr Bond traded into lower Key Reference Areas in Globex and rallied strongly as stock collapsed. It is probable that if stocks cannot hold present levels the 30-yr will revisit the highs near 15200, and Notes should trade back to its recent highs near 13428.

This should prove to be a really interesting week with no end in sight of the kind of volatility we saw today.