SP 500 E-mini Future
|5 min ES|
The ES is higher to by 8 points to 1560 this Monday morning following a weekend of back and forth between Cyprus lawmakers and the EU which has resulted in a ‘bailout’.
Resistance is now 1562 with support at the 1555 level under 1557.50.
Much of the the move higher in risk has been contained to the equity indexes as the DX is higher by 0.25% while the ZB is down -.55% and ES is +.35%. Thus coming into cash open keep the bond/equity spread in mind when looking for direction. Correlations work till they do not.
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FX & T-Complex
|30 min ZB|
The 30 year bond broke below the 143 support level early Sunday evening to trade into 14223 low before finding support. Currently the ZB is trading for 142’30 with 153’03 as resistance.
I would say correlations are 100% intact today but they are not as the DX is higher by 0.25% to 82.73 after flashing lower into 81 (pictured on right) early Sunday evening.
I would like to see the DX move below 82.25 suppor which would help solidify crude oil up over the 94 level.
IN my opinion i doubt the DX will move below 82.25 as the resilience of the dollar continues to befuddle many. As for bonds, if they stay over the 142’23 low as the ES sits on highs of 1560.50 it is going to present a difficult trade to the upside, thus if you are a buyer i would not get greedy over 1560.
A break under the 142’20 low could mean ES 1560 converts to support and 1565 becomes resistance.
Nasdaq 100 Mini Future
|4 hour NQ|
Interesting to note with the NQ futures is the 2810 resistance level we have been referencing has been breached to the upside as NQ traded into a high of 2811.50.
Currently the NQ is +14 points or 0.50% to 2807.50.
Much of what is helping the NQ shares of Apple are higher to 465.74 up from a 461.91 close Friday.
If apple can move over 467 pre-market high the NQ stands a chance to convert the 2810 level to support, but i highly doubt it.
ON the upside 2817 is resistance with 2800 being support, above or below stops reside so keep in mind any breaks will be aggressive.
|15 min CL|
Oil futures are higher as the 94 level gave way to buyers early Sunday evening, the move into highs coincided with the DX breaking down slightly; though was more part of a overall risk complex.
Support in CL is 93.90 with resistance at the 94.67, a break over 94.67 means 95 is back in play.
Currently CL is trading for 94.35 with support at 94.30 before the price likely falls back to the 94 break out area. The DX continues to move higher now up .25% which means pressure for the risk complex, ie CL GC SI will struggle to gain ground against a strong dollar.
As noted above, shares of AAPL are up by about 3.5 points in the pre-market with 467 being the high to watch for buy stops over into 470. On the reverse side below 460 means back to 455.
Shares of BBRY are lower to 14.36 a share after the company’s shares were downgraded by Goldman. Pinch higher resistance is @ 14.50 with 15 the upside line in sand. This company cannot catch a break and the ranges are absurd in percentage terms, thus id stay away from this name.
Shares of Apollo Group (APOL) are higher to 18.50 up from a 17.04 close Friday after the company said its earnings will top estimates. Watch for buyers to come in over 19 with resistance @ 19.18.
|R1: 1559.50||R1: 2810||R1: 94.67||R1: 947|
|R2: 1565||R2: 2817||R2: 95||R2: 949|
|S1: 1555||S1: 2800||S1: 94.25||S1: 945|
|S2: 1547.50||S2: 2795||S2: 94||S2: 942|