Friday, March 15, 2013

Futures are little changed ahead of March Option Expiration

SP 500 E-mini Future

30 min ES
 The S&P's are essentially flat @ 1556.50 going into this March OPEX with the new high for 2013 being 1558.75. 

If you remember i had a limit to sell @ 1559 but ended up moving it down to take 58.50 this morning.

Support is 1553.25 with resistance at 1557 up into 58.75; over = 1560.  ON the downside it 1553 were to fail it is back to 1550 , under 1550 = 1546.25.

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FX & T-Complex
1 hour 6E
Currently the 30 year bond is unchanged at 141'10 after the 141'04 low held twice this early morning.

Resistance is 141'17.  Over 141'17 will trigger a move into Thursday's high of 141'21; below 141'04 sell stops should be triggered down into 140'30; with the line in sand being 140'24.

Currently the DX is lower by 0.62% to 82.34 which happens to be support from Wednesday. A move below i would like to see 82; further fueling upside in CL as well as equities.

6J is higher by 0.05% to 10.421 which has kept the aud/jpy below the 100 level but the cross did trade 99.964 with 100 still being our target. 3 years of buy stops lurk over this level you can bet. /

6E is higher by 0.71% to 1.3098 with pinch resistance being 1.314 which will carry the price into 1.32 , this will marke the first substantial positive day for the euro against the in a few weeks.

Nasdaq 100 Mini Future
5 min NQ
Fueled by a pre-market bid in AAPL the NQ is higher to 2804.25 up from a low of 2798. Apple shares are higher to 439.35 up from a 432.50 close Thursday thus 440 is resistance.

 If 440 can convert to support off the open the NQ stands a good chance of breaking over 2810 and running into the 2013 high of 2817.

ON the downside, below 2795 the index will fall back to 2788; below this it is 2782 line in sand.

Crude Oil
5 min CL
Oil futures are making highs of 93.73 as i type this which last night our target was 94 if the 93.41 resistance level was taken out.

This makes 93.50 current support with 93.95 being immediate resistance.

When looking at the chart above you can see the pinch into NYMEX close thursday helped to fuel this move.

A weak dollar is also helping keep CL bid so if you are a bull keep your eye on the dollar because if the dollar turns around CL will not rise as easily as the DX is down .62% and CL is up .63%.

Shares of banking stocks are on the move following the second round of stress tests which revealed BAC is in a 'healthy' position though JPMorgan and Goldman Sachs were asked to resubmit new capital ganes to regulators. Because of this BAC shares are higher by 4 percent to 12.58, resistance is 12.75.

Goldman upgraded the shares of FCX pre-market which send shares into 33.90 up from a 33.16 close Thursday. I like the shares over 34, stop 33.85. Copper strength is also fueling FCX Upside...

Do keep the 440 level in mind for Apple, perhaps we see 450 today if all goes correctly. But do not be alarmed if she drops 5 points off the open to clear the market on open order.

Good luck, today is March OPEX remember. Watch your just OTM upside call strikes for opportunity.

R1: 1557.50 R1: 2810 R1: 93.90 R1: 950
R2: 1558.75 R2: 2817 R2: 94 R2: 953
S1: 1555 S1: 2800 S1: 93.50 S1: 948
S2: 1540 S2: 2795  S2: 93 S2: 945

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