TFP Market Summary for March 7th 2013

S&P 500 E-mini

15 min ES

Despite hanging a new 2013 high @ 1545.75 on the march contract, the ES crept along on anemic volume today following a mix of bullish and bearish data this morning, primarily being a upbeat weekly jobless figure of 380k vs 440k (high for June ES is 1540.50, thus that is now resistance to break). Subscribe to the TFP Insider 

Currently the ES is offered down 1.50 points @ 1536.25 on the June contract with 1535.75 being support and the low thus far; under 30’s = 25 in quick order.

We do not have as much data for the June contract as far as price action goes thus tonight and the open will be interesting what strikes the volume had been hiding in for June.

Nasdaq 100 Future

15 min NQ

The active contract in the NQ also rolled to june thus we will now speak only about june levels going forward. Support is 2792 which held throughout the session into 2790, thus you can bet a plethora of stop reside just under the metric. IMO under 2780 the NQ does sawn dive into 2740 towards CYAN downtrending support.

15 min GOOG

With apple shares acting like a sick dog off the open the NQ looked to fail 2790, though Apple caught a gust of wind which carried the price into the 425 level; which we specified in the TFP morning letter as a area to play it long from.  Apple broke over 425 trading slightly over 430.

Side note, GOOG will get heavy under 830 with a quick target of 825 soon as 829.90 goes.  Thus Apple did Google’s legwork today meaning NQ cannot hold 2790 without one of these two horses pulling the cart.

Crude Oil Future 

15 min CL

The ‘W’ formation in CL over 90 yesterday converted into a decent gain today of 1.30% if you took your rip this morning. Resistance remains at 91.60 with the high to break @ 90.74 before the price stands a chance at a push into 92.

30 Year Bond Future

1 hour ZB

 The ZB contract made a of 142 on substantial volume following the positive job print, the new low is 141’25 to watch for sell stops under.

What happend today IMO was the downtrending support at 152’26 failed this morning trigger a good deal of stops.

15 min DX

The DX falling below 82 after initially spiking post job print helped keep push the ES into 1540.50 on the June contract, and the bond weankess kept us over 1535 on the March contract. Buyers need a similar scenario tomorrow if higher prices are part of their plans.

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