Per our morning letter thoughts, profit taking and distribution was the theme for today’s session as the ES remained under the 1551 level though over 1542.50; thus the range to watch into the night/morning is a break under 42.50 = 40 and over 51 = 55s. Patience
|30 min ES|
Currently the ES has a slight bid @1550.50 as a result of positive jobs data out of Australia (+71K for February & full time +18K).. That being said.. refer to the levels above for the roadmap…..
The bond complex became offered following the Aussie job # which is not surprising considering bonds have been offered since the 141’29 ZB level failed following positive retail sales figure this morning.
|30 min ZB|
Currently ZB is lower by 9 ticks to 141’09 with support line in sand remaining at 141’01… if this metric fails this evening 140’30 could become support further IMO solidifying the bid under the equity complex.
As for the DX it is on its own and for all intensive purposes has decoupled from the Higher dollar = lower equity and crude correlation…..
Nasdaq 100 Mini
|1 min NQ .. note the red TEX|
Once again Apple bid back over the 430 into the 435 resistance level mid morning today though failed to hold over into the close resulting in another red close by 0.08 cents or 0.02% @ 428.35…..
Because of the omnipresent offer in Apple shares the NQ still has a penchant to drop trow every now and then, this is dictated in the 1 min chart above. (note the red text)….
|5 min NQ|
Since the NQ price failed to break out over the 2810 level the price was pushed down below the uptrend or right side of the W, resulting in lower prices into 2790.
The sell stops were probed under the 2790 level into 2782.50 low before apple received the savor bid carrying the index back over 2800 though failed to close over 2800; not very bullish but 2790 remains support.. under = 2782.50
Over 2810 = 2820 .. under 2780 = 2755-65 where the CYAN downtrending support from 11 year highs back in august for the NQ.
|5 min CL.. note the 50c horizontal hashmarks|
Oil saw a bid into the NYMEX floor open placing a high of 93.40 before the buyer turned to a seller and took the price clear into a low of 91.91.
Much of the move below 92 was catalyzed by a bearish 10:30 am ET oil inventory report…though RBOB (gasoline futures) saw a bid after distillate inventories showed a larger than expected draw.
I expect nothing less from crude these days as most of 2013 has presented a choppy trade where you have take your quick scalps on small size or trade in longer horizon due to the sharp price reversals. Currently CL is offers down -.28% @ 92.27 with support @ 92 under 92.20… under 91.91 = 91.50 .. Crude again, as noted above traded between the .50 metrics the session…
ON a stock note, shares of BBRY climbed 8% in the last hour following a report the company received a order for 1mil blackberry 10 devices… thats a billion $.. Shares of BBRY traded over 16 briefly AH before setting @ 16.
|15 min BBRY|
|S1: 1546.50||S1: 2790||S1:92.25|
|S2: 1542.50||S2: 2782||S2: 91.91|
|R1: 1551.25||R1: 2800||R1: 92.35|
|R2: 1555||R2: 2809||R2: 92.60|