Retail sales beat expectations lifting the S&P 500 futures out of RED
|5 min ES|
Following positive retails sales figures, the ES has moved off its lows of 1542 to 1547.50; Retail Sales 1.1%, Exp. 0.6% Ex Autos: 1.0%, Exp. 0.5%.
That being said 1548 was resistance though as of this writing 1548.25 has traded thus 1549.75 high of session becomes resistance before buy stops are triggered into 1551.
Over 1551 = 1555 in my summation though i would like to see the 1547 level converted to support before we make move into knew 2013 highs. A break under 1542 will surely mean at the very least 1540 fails into 1537.75 – 35 because after yesterday’s soft performance the chance of further profit taking increases.
Following the retail number the DX traded clear over 83 into 83.09 which makes for almost 20 straight sessions of green for the dollar, i will say it again; it is over extended because there is nothing supporting a stronger dollar than whatever program which keeps buying it over and over and over again.
Despite DX strength the 30 year bond fell from 141’29 highs to 141’09 lows, 141’06 iss support under – sell stops. That being said the longer the DX rises with equities the greater the potential becomes for a violent reversal
Nasdaq 100 Mini Future
|5 min NQ|
The nasdaq is higher by 1.25 points following retail figures up from 2791 which we will put as support with 2800 as resistance on the dot as 2800 held contained the 9 point move up off the 8:30 am CT number.
That being said if Apple does not sell off open the NQ could convert 2795 to support and attempt a mov over 2810. I would wait for a break over 2810 or break under 2785 to take a trade.
|5 min CL|
Again crude melted up all night/morning into 93 resistance only to fall to SESSION lows taking out sell stops under 92.52 before trading all the way back to make a higher of 93.06 for the session.
This pattern is getting very repetitive and increasing its manipulative power over the tape because whomever is behind this trade knows how to clear both sides of the bid/ask to get the pricce to where they want it.
Over 93.10 = 93.50 though under 92.50 = 92 .. The choice is yours, wait for a break is my thoughts.
As you would image luxury retail stocks are on the move this AM with shares of Coach higher to 49.95 with resistance to 50.05, if can hold as support 50.50 is not a far off target but i do not like it under 49.25.
Shares of Spectrum Pharmacutical SPPI are lower to 7.91 from a 12.43 close Tuesday after the company said sales of their caner drugs will fall short of expectations. A break under 7.40 means its back to Tuesday AH lows of 6.8 ..Over 8.30 could mean a squeeze back to 9 range.
|S1: 1548.75||S1: 2790||S1:92.50|
|S2: 1545||S2: 2785||S2: 92.10|
|R1: 1549.75||R1: 2803||R1: 93.06|
|R2: 1555||R2: 2810||R2: 93.50|