S&P futures trade 1,490 on $IBM & GOOG results
|15 min ES_F|
Today’s trend was pretty smooth if you ask me, no funny business beyond the standard opening hour drip into 1475 which was quickly purchased and converted into 1480 support. (red line on chart with red arrows under is 1475)
Once the 1480’s which were the middle of the 1484.50 / 1475 channel, converted to support the S&PS did not look back until 1485’s were bought into the last hour as anticipation of IBM and GOOG raised the tape.
To the downside 1485-1480 now gathered weight below = 75’s like a stair step only backwards.. over 1500 for $SPX = 1,520.26 target of ES_F 1,511.50
What appears to be a perfect storm leading us into 1490 was Apple coming up off lows while google maintained 700 while the XLF broke out and bonds remaining calm.
The Russell 2000 traded 899.24 with 900 in the sights. Before you initiate anything new we need to see how RUT reacts to today’s closing come tomorrow open.
|1 hour ES not the 1491’s coming up into the uptrend green line… which is seen below. trending up from the 1147.50|
|weekly ES note the uptrend from 1147.50 covering with 1491’s .. which means a PINCH over green could be violent|