Futures are unchanged following ADP employment mix – morning letter
SP 500 E-mini Future
As of this writing the ES is unchanged at 1565 following a ADP employment figure miss (ADP +158K vs Exp +200), which clearly was leaked about 20 seconds before the rest of the market as bonds broke down into lows briefly before ripping into highs post number.
|5 min ES|
1565 remains support with 1567.5 resistance before 1568 gets tested, this wont happen if bonds keep getting bid up every other second. Down side remains the same, 1560 then 1555 then 1550.
My take on today is 100% hinged on what bonds do, they bid ES stays weak and will have a tendency to spike lower.. bonds relent we move back to 1568 and possibly break out. The levels remain laregely the same, it is up to you which direction to play the market.
FX & T-Complex
As stated above the bonds are currently on highs after making lows for about 20 seconds before ADP hit.
The ZB traded down into 144’06 for a few seconds before making a high of 144’24 only 6 minutes later, this market is pathetic and full of manipulation that goes unpunished every singel day.
If bonds keep going higher the ES will not hold 1565 or even 1560, funny thing is the dollar is on lows and bons are on highs. 82.934 is DX support…, which is afternoon resistance from tuesday, so pretty much zero new ground has been made, same crap different day.
Nasdaq 100 Mini Future
|5 min NQ|
NQ has not moved at all it is +1.75 at 2814.50 with 2820 being resistance and 2810 support…..
wait for a break up over or under for a trade idea.. in the middle you will get chopped.
|5 min CL|
Oil also has done nothing overnight but shop around over 96.50 support and under 97 resistance. currently CL is down 0.50% from the 97.44 high Tuesday afternoon.
Simple here as well.. a break under 96.50 means we visit 96.. a break over 97 means 97.44. Wait for your trade
|R1: 1568||R1: 2810||R1: 96.80||R1: 935|
|R2: 1570||R2: 2815||R2: 97||R2: 937|
|S1: 1565||S1: 2800||S1: 96.50||S1: 933|
|S2: 1560||S2: 2790||S2: 96||S2: 930|
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