Market summary for Monday February 11, 2013
|ES 5 min Zig|
Today the S&P consolidated in sideways fashion over the 1510 level with the immediate resistance @ 1515 with the new 2013 high being 1517. The idea for tonight is 1512 level has quite a bit of weight over it as the level shifted between support and resistance throughout the regular session.
|NQ 5 min Zag|
IF the 1512 fails, it probably will; 1510 will be the last line of defense before regular session lows of 1509.75 is on deck there is not much support until 1505-1500. Under 1500 = 1490.25. Below that means splat. ES OVER 1515 means we meander back to highs, over 1517 its 1525.
The NQ also saw a tight range thanks to AAPL and GOOG duking it out holding the index hostage. The range to watch going into tomorrow is 2780 – 2760 .. Below it breaks into 2745 over 2800 its 25 points of buy stops if all the NDX components line up. Currently the NQ is hugging 2770 like a sloth.
|5 min CL|
Crude oil remains near the 97 level at 96.84 down .20% on the overnight session with 96.75 as immediate support and under that its just reverse the move up today and you will have your levels for the move down.
Obviously 96.50 will be supportive but 96 is fairly magnetic. Over 97.13 the price stands a good chance of moving into 97.50.
Gold and silver futures are heavy with GC making a new low of 1643 with the line in sand being 1640 before it dorps back to 1600 in a flash smash like fashion. maybe.
Silver line in sand is 30. the low for this evening is 30.71 resistance is 30.85.
The dollar is strong this evening up .014% @ 80.505.. the buyer is patient yet the 30 year bond future remains down a quarter percent @143’17. The line in sand for ZB is 143 markt 14 with a move into 143’02 likely if it fails with conviction..
|4 hour DX note the downtrending resistance converging with price|
The DX has been up 6.5 sessions in a row when including this overnight session gains… Hmm.