Greetings once again, Everyone!

We are right at the NYSE Open… where Equity Futures are  Well-Bid up about 106 and the S&P 500 up about 14… so clearly the whole General Motors situation is obviously expected and “Priced-In” in this case.

( Dow and S&P now open… a bit lower than the Futures Bids above… )

The Dow will remove GM and CitiGroup from the Average… to be replaced by Traveler’s and Cisco on June 8th… so much for NO Market Manipulation, right?       

Seriously… this is one Reason we look to the S&P 500 for more of an “Accurate” Gauge of Sentiment and Health.

( While both Indices certainly assist us in the FX World… we always have to deal with the “Changing” Aspects of the 30 Companies being added and removed in the Dow for the overall Integrity of The Index Itself…)

The Queen continues Her Deep Ascent, as we see a larger the larger Daily Uptrend Channel still being effective on the Hourly… with the Upper Trend Line providing Dynamic Support of this recent Upleg. 

An Initial Correction here will arrive with Probability to the 1.6200 Handle at the “Transitive Rollover”… as our Highlighted Area is the larger Weekly Confluence of Support, Resistance and Fib Variants that may find the larger Correction in the near-Term.

Here is the Hourly View with levels of Reference for you, and Post-Time is right at the NYSE Open of 13:30 GMT.

Gold also is in a similar Strongly-Trending Climate,  ( as is Crude… ) and we have a few more Confluence Levels of Probability with our Fib Variants that may come into View… although in the Near to Mid-Term.

Give the Capture a Click as well for Levels of reference here from an IntraDay Perspective.

Surely I will have more Updates for you to come as this overall Price Behavior continues on, so please join me again, as always!