TFP Market summary for March 5, 2013
|1 hour ES. showing 1530 break out|
The SPX added 14.59 points or 0.96% to close at 1539.79 a new 2013 high. If you remember back to the Trade for Profit market summary for Monday we spoked about the 1544.25 level being of interest.
|GC and SI side by side 5 min. same pattern.|
The ES came close today though failed to hold over 1540 thus this makes 1540 resistance to lean against for a corrective move back into 1533 before a test of 1540 to covert the level into support for a move into 1545-1550.
On the downside 1530 is support as this was the break out (obviously) which a failure would mean back to the volume heavy area of 1524.50 then 1520. 1511 the line in sand before 1505. again.
Looking at the NQ the elusive 2800 level traded today, coincidentally after the CYAN resistance level was converted to support yesterday after the inverse H&S on the 1 hour chart blew up… as pictured in the chart to the right…
|CL 1 min showing break of high|
NQ Resistance is now 2800 up into 2803.75 and support 2790 with the break out neckline being 2777-80. OUR NQ target is 2830 by friday if 2780 is maintained.
SIDE note today’s NQ performance was helped by GOOG and AAPL rising 2%, apple can still influence the tape. thus if apple can can keep a bid tomorrow it will greatly help NQ stability given the extended nature of GOOG, my guess GOOG pops into 850 an then see’s profit taking which will rotate into AAPL?
|CL 15 minute . note resistance / air over 91.22|
Looking at Crude the 91 level has just been breached to upside after acting as resistance throughout today’s session.. if 91 can be converted into support the next level of resistance is 91.22 which could give way to a reversal back to 92.
The 30 year bond future held the 143’16 level throughout the session which means accumulation of sells tops have populated under the level, under would help stabilize the ES bid over 1535. DX continuing to cool off will help the CRUDE bulls.
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