Following the ‘surprise’ ADP employment print the S&P futures traded into a new high of 1544.75 though consolidated throughout the remainder of the session of 1538 and under 1543. In our effort to keep things simple, wait for a break under 1535 or a push over 1545 to dictate your next trade in the mini’s.
goog 1 min
When looking at the 5 min ES chart on the upper right, the pink average touching the support from last evenings flag creates a pretty algo centric area; thus below its quick to 35’s, under 35’s we have nothing into 1528.50.
The Nasdaq played possum today as AAPL played bird dog all the way into close from 434 to 425. ALso Google falling from a new all time ‘pinch’ high of 844 off the open into 829 did not help either. 830 is support in GOOG, 425 in apple; under either one of those levels will trigger sell stops.
15 min NQ
Our resistance @ yesterday’s NQ high of 280.25 held this morning as AAPL and GOOG pinched up and fell.. happens every time like this.. Index players probably front ran a large sell ticket coming to market in apple and goog.
NQ support is 2790 under = 2780, the failure to close over 2800 was not particularly pleasing to NDX bulls. The NDX lost 6.6867 points to close at 2792.5595 -.25% where the SPX closed +1.67 points of 0.11% if 2780 fails tonight we will probably see the express elevator taken into 2765, CYAN support is @ 2745. Noted on left.
1 hour DX
The 30 year bond held the 143’24 low throughout the session even after a bullish W formation failed to hold. Despite bond weakness in the face of POMO the DX rallied once again to make a new 2013 high of 82.64 +.60%.
Today marks the 17th GREEN session in the dollar out of the last 22; ie 1 month all while the equity indexes climb higher.. Big short setting up in DX or am i missing something?
30 min ZB
Crude Gold and Silver traded like nit wits today, primarily due to the ADP figure being positive (dollar positive historically) and DX strength. The being said prior to the Bearish EIA crude figure CL was already offered after 90.60 failed in the early AM.
1 min CL . note W pattern
The EIA number hit then CL fell into the new 2013 low of 89.55, of course CL rallied back to 90.60, it is currently 90.44. Great trading ranges if you are into that kind of trading.
My take. If currently divergent bond/Equity spread compresses into the evening we will see some downward consolidation in the SPX and other risk metrics. Crude under 90.20 means back to 89.60.. Bonds already a bit bid so take that for what its worth.