Thursday, February 28, 2013

Market Summary for February 28, 2013 $TLT $SPY

What a difference a day makes... not really.. but the Spooz did belch lower through the all important 1510 level in the minutes before regular session closed today.

SPY vs TLT . note cross
 Around 2:40pm we the SPY TLT spread is compressing following the trade into 1524.50 (the exact high from monday before we collapsed 40pts).

1 min ES
Following the above tweet, the DX became increasingly bid all the way up into 82 which gave way into new 2013 highs which is now 80.075.

This bid was very well coordinated with a very aggressive offer in the ES which took the price into 1515.50 before squeezing into 1519 then the bottom gave out causing a flash as TLT SPY prices crossed all the way down into 1509.
NQ 15 min 

Was the DX and ZB being bid up to help break the ES's back into a sharp sell off? Sure seems like it.  BUT what do we know, we just sit here all day and watch the charts and report everything we see to you!. Also, will mention below as well; CL did give out into lows under 92 PRIOR to the ES failing 1524.50-1515.

Currently the ES offered 1509.75 after making a new low of 1507.50. Below this new low and 1505 we will see a vacuum into 1500. Under 1500 its 1494.75 as the last line before we revisit monday lows under 1485..Under 1481.25 its back to 70's. Lets hope this does not happen all at once though.

When looking @ the nasdaq, guess what line held as resistance? The CYAN line @ 2761.50, once this level failed on a wick up, coinciding with 1524.50 the NQ moved pretty much straight down into 2731.56. Currently the NQ is down 5 points to 2732 with 2730 being the line in sand and 2700 the event horizon.

1 min CL 
When looking at crude once again it foreshadowed what was to come on the equity side of the tape as CL failed 92 about 30 minutes before ES trade into 1524.50.

 Currently crude is trading down .47c to 91.58 a decline of .51% and it is not even 9pm ET yet. The new low for 2013 in CL is 92.43 on the April contract.

Remember from the TFP letter earlier in the week we said if 93 fail again it is 90. Well we are getting close, will get heavier the further it pushes below the 91.52 2013 low imo.
4 hour CL

Newer Post Older Post Home