S&P 500 futures retreated to 1500 as bond yields fall
|5 min ES_F note support a 1500 pink line|
S&P 500 futures have little information to report for you this Wednesday morning beyond the fact 1510.25 traded and failed into 1505 which then failed into 1500.50. Currently the ES is down 4.50 points to 1501.50 with 1500 as the last line of defense before the spooz falls back to 1495 resistance turned support from Monday.
Nasdaq futures are lower by 11.50 points or -0.42% at 2737.75. Support is now 2735 which was resistance yesterday, under 2735 its back to 2712 support from monday morning. NQ under 2712 means 2700 test, under 2700 you dont want to catch the knife, over 2750=squeeze back to 2759.
|Our take on ES from last evening via TFP insider|
Much of what is pushing equity prices lower is the fact the 30 year bond future is higher by 0.44% to 144’14 after the 143’21 level held throughout Monday night. IF you look at the ES pattern the last month each time bond prices are on highs ES_F is on lows or near lows.
This is rotation out of risk into risk averse products. If the 30 year pushes over 144’20 it will put further pressure on ES to fail the 1500 level.
|5 min ZB. not crescendo|
Our take: if bonds continue to push higher into US open the ES will fail 1500 into 1495 with 1490.25 being the lower line in sand. If bonds hold their current highs ES has chance to melt right back up to 1505. Sellers at this point seem in control ahead of the ECB meeting tomorrow.
Crude oil futures are lower by 1.44 percent after the 96.60 level we had been mentioning on the TFP Insider twitter feed as a level which sell stops will lurk below. Sure enough .60 failed and so so did 95 which now puts the low to watch for further buy stops below is 95.18. Under the .18 low = 95.
|5 min CL|
The DX is notably higher as it pushes into 79.93 resistance looking for a 80 test, the contract is currently up 0.44% to 79.875. I find this interesting because the 30 year bond is also up 0.44%.
Gold futures are higher by 4 points to 1677.50 with 1679 being resistance with 1685 as the upside target if weakness ensues under ES 1500. Copper futures are lower by 0.74% to 3.7425 with 3.733 being the low.
Shares of apple are lower once again to 454.50 after closing @ 457.84 which leaves 460 still as resistance with 450 support.
Financials stocks are lower with BAC profit taking dominating the pre-market tape. watch the XLF under 17.45 for a test of 17.35.
Shares of Time Warner TWC are higher after the company reported better than expects EPS. Watch for a trade into 88.50 resistance with 89 target if 88.50 converts to support.
Shares of Disney are higher after the company reported a positive EPS. The pre-market high is 56.90 and currently is trading for 55.71 thus support is 55.50 with resistance 56.50. under 55.50 its a quick drop into 55, over 56.50 means test of 57.
Shares of FCX could be weak as copper future weakness will weight on its tape. Is a short under 35.34 into 34.90.
24 other S&P 500 companies report EPS today FYI.