Market Summary for Wednesday February 13, 2013

5 min ES

In typical fashion the market meandered today between positive and negative territory with the median price being 1516. On the positive side of things you had the YM futures trade over 14,000 this morning placing a new high for the year @ 14,006 -

BUT that did not last long as the futures vommed all the way down to 13,920 before bouncing 40 points back to 13,949.

The fuel to todays fire was brought to you in part by the long bond weakness throughout the session, specifically catalyzed by the failure of the 143 metric in ZB. the 10 year auction spiked yields higher…
Monthly SPX 

After the 1514.75 level we were watching earlier in the session gave way a new low line in sand for the ES was created @ 1513. No worries though….

…in keeping with tradition the spike low was bought up and we closed on a green note. note in the chart above how the price interacted with the pink line on the 5 minute frame. The SPX closed green by .06% @ 1520.33. 

The Nasdaq traded like a sick dog once again today primarily do to the fact there is no CLEAR tech sector leader & AAPL (per usual) fell apart off the open then bounced 10 points then fell apart into the last few minutes of trading where 465 buyers stepped in.  
That being said there is something i need to point out about the current downtrending support in the nasdaq @ 2764. The chart below is a 1 minute of today’s action notice the price reaction when it touched the CYAN line and the bounces losing amplitude as the session progressed. 
15 min NQ 

Now take a look at the same NQ chart below but on a 4 hour time frame.. see how this line is resistance from the 5 year high of 2871.25 on  9/21/2012 ….. kinda interesting right? clearly below this line there is a hellacious amount of sell stops accumulated by home gamers. 

NQ 4 hour 
Crude oil is still chopping in the 96.50 – 98 range with the median price being 97.20… currently CL is trading for 97.14 with support @ 97.10 and resistance 97.30 …. over 98.24 means run to 100 .. under 96.50 back to 95.94. 
Gold remains softish.. i think it might flash down into 1620 while your are not looking.. especailly if bonds keep coming off.. 
 

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