S&P 500 futures trade 1520 following Comcast’s bid to buy GE’s stake in NBC
|5 min ES|
Following last nights uneventful state of the union speech by our president and chief the S&P500 future are higher to 1519.50 a gain of 3.25 points as support @ 1516 held throughout the morning. * correction 1520 just traded as i was writing this.
Nasdaq 100 futures are higher after the 2764 level held as support throughout the morning. 2770 remains resistance, over means test of 2800, under 2764 its a quick drop to 2745. Much of this is hinged on whether or not Apple is going to trade like filth today or actually trade constructively.
|ZB_F 15 min|
The bond market is lower with the 30 year bond under the 143 metric @ 142’24 currently with 142’19 being the low to watch for sell stops under if it were to break. Resistance is 142’20 in ZB and we know the drill with bonds, a overnight drop will likely mean a melt up of price into the cash session.
The DX continues its decline from yesterday down -.14% @ 80.05 though the 80.00 level remains support after the DX made a low of 79.915 and popped back over. Bonds and DX need to stay down to keep the equity trend in place, ie constructive smooth price action.
Yen weakness is helping to provide some footing for commodities it seems this AM as earlier in the AM strength YEN sent Japanese shares lower by a percent. Though currently 6J (Japanese Yen FX futures) is higher by 0.11% @ 10.707. The Aud/Jpy cross is also higher to 96.60 a gain of 0.25%.
|GC 15 min|
Crude oil futures are slightly higher by 35 cents to 97.86 with the high print being 97.97 thus new resistance is at this metric into 98, over night = 98.24.
Gold futures remain down by 2 points to 1647 as 1646 was slowly converted to support after GC price chopped over the level for hours. Under 46 means a test of yesterday’s lows of 1643 and or lower. over 11650 will get pinchy.
In my summation gold still losing the luster as bonds continue to meander lower and risk continues to become more in favor.
Shares of GE are higher to 23.50 following the sale of its stake in NBC to Comcast… The target off the open is 24.20 if momentum holds the next hour. 23.54 is resistance from Tuesday post market.
Comcast (CMCSA) shares are higher to 42.12 with 42.50 as resistance. 43 is a easy target over the 42.50 metric.
Shares of Apple are not doing much despite the fact the company said they are working on a ‘wristwatch’, currently shares are higher by a point @ 468.94 after closing at 467.90. Support line in sand is 465 resistance 480