S&P futures higher following housing data
SP 500 E-mini Future
|5 min ES|
Not a whole has changed from last night with 1550 being immediate support and 1545 the line in sand before we move back to the 1540 level which was resistance turned support from sunday evening/monday.
Under 1540 the 1535 level is the last line of defense for buyers as 1535 is the event horizon which triggered the moe into 1529.75.
For further upside we have to break over 1551 to covert back into Monday highs for a test of 1555, over 55 it is 60. Of course all this depends upon the bond flows today, which has been positive thus far.
FX & T-Complex
|5 min ZB|
Echoing yesterday’s theme if we have a rising bond complex we will have a offered risk complex all while the DX continues to disconnect from the ‘carry trade’ of long equities short dollar.
Which means the better the data the less likelyhood of more QE out of the fed which means in the longrun, the dollar will not be as diluted.
Currently the ZB is higher by 0.26% to 143’02 with resistance to watch for buy stops over at 143’08.
142’16 is support from late Monday night, thus you can either remain market neutral between support and resistance in ZB or wait for a break up or down to dictate your next trade in the Emini.
The DX is lower marginally to 82.89 with resistance remaining at 83 and support 82.80, a break lower will probably give crude a further boost or at the least a more resilient bid over the 94 level. A break under 82.80 means 82.62 lows.
As for 6E (euro fx futures) it is unchanged at 1.2956 with support being right at the current level of 1.2923 being the line-in sand before 1.29 is tested from early Monday. I would like to see a retest of 1.30 today if all the stars align.
Nasdaq 100 Mini Future
|5 min NQ|
NQ futures are higher after the 2784 level held like a champ around 5 am converting into 2797. The NQ currently +9.25 points. @ 2797
The upside levels remain the same in the NQ with 2800 immediate resistance and for a break out we need to get over 2810 with conviction.
Much of what is driving the NQ is apple shares are higher to 460.43 in the pre-market up from a 455.72 close Monday. Resistance will remain at 460 until a trade over as well as hold over the metric increases confidence.
|5 min CL|
Oil made a new month high of 94.47 after the 93. 95 level held as support which we will put at 94 currently.
Resistance is going to be 94.50 before we see 95 based on momentum because if we get another upside move in CL like yesterday morning (unlikely) there will be a lot of eyeballs looking to get a piece of it.
93.53 is support under 93.90 with 93 being the last line of defense before Monday morning levels come back into play, which they can be seen above on left.
As noted earlier shares of Apple are higher to 460 pre-market up from 455.72 close. I would not get overly excited about this until Apple opens and holds the gains because we all know the nature of thee apple beast…..
455 is support and 450 is the break out ledge from Monday; so reverse how we rose Monday and you will get the downside today. over 460.50 = 465. be quick.
Shares of LULU are lower by 7 percent to 62.83 following the company cutting sales forecast on their ‘pants’. Under 62 means a retest of the 60 support level. under 60 = 58.03 low from Monday. over 65 LULU can reverse.
Shares of WAG (walgreens) are higher to 43.20 following a note the company is forming a partnership with AmerisourceBergen (ABC) which shares are higher to 51.50 with resistance at 52.
Walgreen shares are in new 2013 high territory thus first target is 44 into 45, support 43.10.
|R1: 1550.50||R1: 2797||R1: 94.20||R1: 946|
|R2: 1555.75||R2: 2800||R2: 94.47||R2: 950|
|S1: 1548||S1: 2810||S1: 94.10||S1: 943|
|S2: 1545||S2 2820||S2: 92.10||S2: 940|
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