TFP Market Summary for Wednesday January 30, 2013

 
ES_F 15 min (NOTE the PINK held @ 1495

Equity markets relented today after a *seemingly out of nowhere GDP miss* spooked investors into taking profits. The S&P 500 futures traded as high as 1506 before the GDP miss send a long tail down below 1500 into 1498.25.

The S&P meandered over the 1500 level up until the FOMC decision hit the tape @ 2:15 pm ET which left rates unchanged.

 Shortly after the FOMC the Spooz (ES_F) fell through the 1500 level and tumbled through the 1495 metric we highlighted in the morning letter before finding a bid following the regular session close at 1493.50. 

5 min NQ
In my opinion that was quite a bit more selling than i had bargained for due to the fact the majority of the slide occurred after the close when the most games are played in globex.

IF we break the 1490 level next support is 1498.50 below that is 1484.50. If the ES_F can get up above 1500 tonight that would be a victory for the bulls. But i think we see some selling into Friday’s Non-farm payroll # for January. Below 84 = perhaps 1470. 
The Nasdaq NQ fell as low as 2726.25 before bouncing back over the 2735 level where they remain currently. Amazon fading its entire post EPS pop into 290 today did not help the Nasdaq by any means, which puts support in the stock at the 265 level, currently it is 272.51 in the AH.

Shares of apple managed to close over the 455 level after trading into the buy stops over 460 pre FOMC. 

CL_F 5 min.. notice how much air is under that red
uptrending wedge 
Crude oil managed to trade higher as the S&Ps sold off closing higher by @ 98.10 after making a new 2013 high of 98.24.  
Overnight CL_F will get heavy under 97.90 into 97.70 support. over 98.15 means we could test Wednesday intra-session highs or perhaps 98.50. Pick your poison. 
The bears had a chance to take the ball into their court today, by some metrics they have reclaimed the tape. But one day does not define a trend. 

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