|5 min ES|
The S&P 500 consolidated under the 1505 level providing us with no fresh data to build upon for tomorrow beyond the fact 1500 was regained and is currently support on the 5 min.
The nasdaq failing to hold 2740 this morning was a good indicator the index would be offered today, and that it was; until the 2700 level traded and held on a test in the early afternoon. Following the 2700 test and hold the NQ moved back to 2720 where it remains currently. Thus over 2720 means we could move slowly back to 2735 sometime this evening. Support is @ 2715 with with a failure of 2700 equalling 2680.
As for the ES support remains @ 1501.75 which is the Cyan line in the 5 min chart above, resistance is @ 1506.50, with pinch potential increasing up into 1508; over 1508 means 1510. A move over 1511.50 could signal a broad reversal back to the 1520 scene of crime/breakdown area from Wednesday.
ON the downside if ES 1500-1499.25 fails again its back to 1495 easy with 1490.25 still remaining as the ultimate line in sand. Under 1490.25 we could easily correct into 1450-70 in short notice.
|15 min ZB|
The 30 year bond future traded as high as 144’07 up from a low of 143’03 Wednesday evening, this sharp up move into the 30 year tips auction today this afternoon coupled with DX rising into 81.40 was enough to break the equity bid.
The bond/DX equity tug of war will remain on the tape tomorrow as their will be another 3.5$bil pomo… UNLESS we see bonds relent and the dollar cool off after a 15 day rally from of nearly 3 points before Friday’s open. CL support is 92.80 and resistance 93.10, a trade and hold over 93.10 could convert into move back into 93.50+.
|5 min CL|
Crude oil futures tumbled once again trading as low as 92.63 before bouncing back to the 92.95 level where they currently reside as of this writing. Support is 92.80 and resistance 93.10, a trade and hold over 93.10 could convert into move back into 93.50+.
Remember Wednesday morning CL was trading for 97.50, thats a very big 48 hour drop thus a retrace would not be unhealthy.
As for gold, the AM low was 1554.30 which in hindsight looks like nothing more than a stop run under the 1560 level due to the fact GC melted higher throughout the entire session to trade as high as 1585 before settling back into a 1575-79 range.
|5 min GC|
Currently GC is positive by 1.30 points to 1580 with overhead resistance at 5185, over this level could mean a wick and dip; or perhaps a squeeze back to 15890.
Wal-mart shares added over 1.5% to close @ 70.26 today despite the ‘leaked’ email from last Friday. hmm..