|5 min ES|
The S&P’s broke their ‘winning streak’ though the DJI (dow jones) managed to close at a new all time high; cheerlead the entire way but your usual twitterotti.
What stood out in my mind today was the persistent ZB strength up from the Monday evening low of 140’19 which carried into the Tuesday afternoon high of 141’24; this as the fed went about their open market operations.
From the get go the ES was offered as 1551 failed of the open into 1542 support as ZB & dollar took charge, it was not until the ‘dip’ buyers; ie arbitragers, stepped into the tape @ 1544 before the ZB became offered under 141’20 which set the range for the day. 1541.75 was the pinch low thus under = sell stops into @least 40 with 1537.75-35 the next defense for buyers..
|1 min ES|
Currently the ES Is bid into 1549.25 with 1550 remaining as resistance before yesterday’s high of 1551.75 is on deck for a smack out of the park into 1555. We will see. If bonds stay soft and DX continues to chill, risk should remain favored.
Nasdaq 100 Mini Future
One again the NQ struggled as ‘market leader’ Apple failed to sustain a bid during the first hour of trading (nothing new here).
The magnetism of the 430 level in AAPL drew the NQ Into the 2785 level where support was found and bounced into 2790 before failing to 2785 again.
The final bounce up off 2785 carried the NQ into 2798, this carved out a ‘W’ formation, which below you can see led to higher prices in CL last week.
|5 min NQ|
Currently the NQ is trading over the 2800 level @ 2702 +4.50pts or 0.16%. A break out over the 2803 level could easily trigger a move into Monday’s resistance of 2810 which if broken over we are into fresh territory for 2013 ie 2820+.
WE need apple to participate or it will be a struggle if it does attempt.
|1 min CL. note the 92.50 area|
From the 1 min chart on the right you should be able to draw the conclusion CL had a interesting range ahead of floor open @ 9 am ET.
What is worth noting is CL had a penchant to trade in 50c intervals ie..
As dictated below …..CL support held @ 91.50 throughout the night/morning which carried into 92 which broke into 92.50 which broke into 93 which broke into 93.47 the high for the session.
|30 minute CL|
Currently CL is higher by 18 cents to 92.72 after a brief stop harvest under 91.50 thus resistance is now 92.80 which is the apex of the triangle/wedge which the price spilled out of into the floor session close @ 2:30 ET.
This price action is fairly normal as day traders usually puke their longs which are profitable into floor close to avoid margin issues. If CL is down into floor close it usually squeezes higher a bit as traders cover for a profit.
My take this evening if 92.48 fails its back to 92.25-92 thus a break under 92 means 92.50. 100% inverse the this mornings move. Keep in mind a weak dollar is always a friend to the black stuff.
|S1: 1547.50||S1: 2800||S1: 92.50|
|S2: 1541.75||S2: 2785||S2: 91.25|
|R1: 1550.25||R1: 2810||R1: 92.75|
|R2: 1552||R2: 2820||R2: 93.13|