TFP Morning Letter for April 19, 2013 | $SPX $IBM
SP 500 E-mini Future
|5 min ES|
Well well well the second after i sit down at my machine the futures complex bid falls off the page, not exactly sure what spooked the tape but the ES fell from 1546 to 1539.50 very quickly.
Currently the ES is higher by 0.47% or 7 points to 1541 with support at 1438. If you remember to last night we were targeting a 1540 break out, which occurred but has now been erased; profits when and *if you can is the only solution.
|15 min ES|
Resistance to watch for a pinch over is 1547 on the 5 min and 1543.35 on the 1 min, under 1538 means 35’s under means 30 which leaves the only line of defense 1529.75 which if fails its going to flash into 1 points of sell stops.
Gun to my head if apple starts making lows off the open again the S&P’s are not going to be able to keep the ship floating on its own, especially after soft IBM earnings yesterday.
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