|5 min ES.. note 1490 purple line|
The theme of today was consolidation over the 1490 level as the low this morning was 1491.25 following a disappointing weekly jobless claims which rose by 38,000. Due to the fact 1491.25 held further weight is now placed over 1490 which if it fails it means a trade into 1485, under 85 = 73.50.
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On the upside in ES we are looking at 1498.25 as immediate resistance with the 1500 level being max upside tonight.
We warned to start trimming profits Wednesday morning as we saw the market dynamic changing from buyers to sellers. This is indeed what happend wednesday afternoon and throughout today’s session.
Looking at the Nasdaq the support remains @ 2725-2720, below these metrics = 2707 post apple EPS low from last week. upside resistance = 2745.50. Much of the lackadaisical performance of the NQ can be related to AAPL remaining under 460 and sluggishly moving sideways throughout the past week. If Apple can covert 460 into support it has a good shot of test the 474 ledge from Monday.
|5 min CL|
Crude oil futures maintained support over 97.40 as it moved into pit close despite the very quick and unexplained drop into 96.84 lows in the minutes before US cash markets opened for trade.
CL’s price quickly climbed back over 97.25 which indicated the drop was nothing more than a stop hunting/harvesting mission following a marginal overnight melt up.
This pattern happens almost every single day. You can profit from it if you are up around 7 am eastern to catch the revering trend. For tomorrow in CL if 97.70 can be converted back to support its a good chance we see 98+ tomorrow. Under 97.40 means we could fall quickly back to Thursday morning lows when looking at the 5min CL chart on the upper right.
Gold futures rejected the 1665 level today but held 1660.. so thats the channel to watch.. Silver fell hard today with 31.12 being the low and 31.50 resistance, watch for a break up or down out of this channel to dictate your next trade.
Currently what is standing out this evening is the China PMI miss which caused some ripples across the risk complex though euro fx futures are making highs up 0.28% @ 1.3616 with resistance being 1.3627.
|5 min 6E|