Market summary for March 4th 2013
|4 hour zoom ES.|
Last night i could have sworn the world was burning, but today the US session held it together and ended up posting a gain of .50 on the SPOOZ with the high for the week in the ES_F now 1527.50.
|15 min ES|
This high was met after the ES traded into 1508.50 -10 points sunday evening, the 10 handle rule worked converting 1511 back to support which provided the framework for a move into 1520+.
Currently the spooz is trading for 1526.75 with support at 1524.50 and 1520, under its back to 1515. Simply reverse the levels we climbed to get your supports.
|1 hour ES|
On the upside 1530 is the 2013 ES high to watch for buy stops over as the last two attempts at 1524.50 failed following 1530 trading a week ago, this 3rd test maybe just what he doctor ordered for higher prices, perhaps 1544.25. Yep.
|30 min NQ. note cyan|
The Nasdaq mounted the 2655 CYAN resistance level and converted this metric into support for the move into 2764 after hours, where the NQ currently resides as of this writing.
The Nasdaq 100 added 11.78 points or 0.43% to close at 2759.53 largely helped NOT by AAPL which declined by 2%; but by Google which traded into a new ALL time high of 822.84. Remember the NQ is the Nasdaq 100 future and the NDX is the Nasdaq 100 cash index.
Apple looking like it wants to probe 400.. Though apple PE is now inline with its other large cap dinosaurs like INTC CSCO JNPR MSFT ORCL.
|30 min DX|
Oil made a fresh 2013 low this morning of 89.33 though has recovered exactly 1 point to sit currently @ 90.33 with 90.40 a break out level. Buy the dips, sell the rips… in that order.
What i think initially sank oil was fears of a continued slowdown with China as the epicenter, combine this with some sell stop probing under a very key technical and psychological of 90 and you get today.
|1 min TLT vs SPY .. not the price cross just after 12noon|
which is what lit the fires and kicked the tyres into highs.
The DX did relent today, though only sightly as 82.20 remains support with 82 under… Bonds double topped for the month at 144’29 this morning and sold off consistently throughout the session which help the risk complex higher.
144 remains support in ZB with 143’24 being the line in sand before a push lower into last weeks 143 area pre-squeeze during the YEN explosion upward that still yet to be explained.
Our idea from the TFP morning letter highlighted GOOG looking for a move into 810… well 810 straight away off the open and shares traded into a new all time of of 822.84. To receive this letter pre-market sign up here.