Profit taking is the theme for this Monday | 1495 support

5 min ES

S&P 500 futures are lower this monday by more than 7.50 points to 1499 after the 1500 level failed early Monday morning, i blame the Drudge report for jinxing the market friday with his ‘bull run’ headline.

But the real reason is weakness in European stocks has preceded this down move in US equity futures which were and are ripe for
profit taking.

NQ 5 min

 The 1505 level was a important level to hold or not hold last evening, as you can see the level did fail and it converted into 1497.75 low.

The only chance the ES has to get back over 1500 is if it can trade back into 1503 and hold as 1503 was the ledge with proceeded the drop through 1500.

After weeks of gains and day’s of closing in the green these red candles are a welcome sight as a rotation down off record highs is healthy. Below the low of 97.75 we have 1495 as the next line before 1490 as profits will be quickly taken as there are many participants with profits to indeed protect.

The NQ level to watch for support is 2735, the ledge which failed was the 2750 level thus 2750 is now resistance and 2735 is support.. below means 2730-2725 for downside, 2755 resistance.

5 min ZB. note support

DX futures expectably higher to 79.51 +.47% as well as bonds led by the 30 year future up 0.25% to 143’06 after printing a low of 142’05. IF bonds keep pushing higher throughout today’s session equity index prices will continue to come in due the inverse correlation nature of bonds & equities.

Euro is giving up much of its gains from Friday. The theme today is going to be profit taking, Yen also strengthening IE aud/jpy declining will keep a lid on commodity upside today as well.

Commodities

CL 5 min


Crude is lower by 1.37% to 96.43 with its 5 min chart mirroring the ES_F as the 97 level gave way to lower prices. 96.20 is immediate support with 96 the last line of defense before we move back to last weeks low of 97.47, resistance will remain at 97.

Gold futures are off 5 points to 1665.60 with 1662.80 as support before 1660 becomes support, under 1660 its 1650. Copper is lower by 0.33% with support at 3.76 and resistance 3.7825.

Stocks

Shares of Apple are lower to 450.57 a share with Friday’s low of of 449.50 as the low to watch for sell stops under. If 448 fails its back to the 435 low following earnings as pressure will gain momentum indeed.

Google shares are holding 770 support with 775 being resistance, under 770 means 765 resistance from friday. Shares of XOM are lower to 89.40 with support being at the 89 level, under means 88.25 which will likely have pressure on the indexes due to its weighting if it were to fall below 90.

Oracle has purchased Acme Packet APKT for $1.7billion shares of ORCL are down over 1.5 percent pre-market.

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