Thursday, March 21, 2013

Futures unchanged at 1549 ahead of existing homesales

SP 500 E-mini Future

30 min ES
All quiet on the homefront ahead of a multitude of datasets today starting with weekly Jobless claims @ 8:30 am ET, Flash PMI @ 8:58 am ET as well as existing homesales @ 10:00 am ET.

 Depending upon how the data plays out the ES should remain over the 1545 level and under 1555 making for a decent break our or break down play.

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Currently the ES is unchanged at 1549 with immediate support at 1548 with 1545-40 as the line in sand before we trickle back to 1535. ON the upside a break over 1551 means the ES should be targeting 1555.75 highs from Wednesday. Over 55.75 = 1560 which would complete the right side of a inverse H&S on the 30 in chart.

FX & T-Complex
30 min ZB
The bonds and currency complex are quiet with the DX down slightly @ 82.91 and the ZB down 0.13% @ 142'30 with 142'18 being the low to watch for sell stops under into 140 even.

Resistance in the 30 year is 143'02 into 143'08, if we get a break down ES should be firm vs a break out the ES will be soft.

The euro on the other hand is weaksauce with 1.2887 being the low from a high of 1.297, currently 6Eis down 0.25% @ 1.2925. 1.298 remains resistance before 1.30 1.288 is support before we are back to monday lows.

Following a better than expect PMI out of China Wednesday night the Japanese Yen jumped from 10.42 to 10.52 where it reisdes currently +.52%, this strength is keeping commodities at bay in my opinion as crude traded into a low of 92.80 as 6J traded into a high of 10.52741.

If the T-complex and currency market remains quiet we could see a very subdued day in the markets today, but this can change quickly with a break out of the ZB channel to upside or downside.

Nasdaq 100 Mini Future
15 min NQ
The NQ s lower by 3.25 points as of this writing with 2780 acting as immediate support and 2776 being the line in sand before we drop further into the red box we talked about in yesterday's market summary.

In my summation 2765 is the max we would see on NQ downside if 2776 were to fail.

Upside resistance is 2787 into 2790 with 2800 coming up next with will likely not trade unless Apple Goog and the likes rally due to the fact ORCL is down 7% @ 33.01.

Crude Oil
30 min CL 
Oil is rather quiet as well with 92.80 being the low and 93.48 being the high with 93.20 being the median price. I find 92.80 holding to be interesting because it is 30 cents over yesterday morning's swing low of 92.50.

Below 92.80 = 92.50 below 92.50 = 92 so on and so forth. On the upside a break and hold over 93.50 could provide the momentum to push into 93.60 resistance from Wednesday which if breached will take the price back to 93.80-94. 94.47 is the high for the week so over = squeeze/pinch into 95. Highly unlikely today.

Shares of Oracle (ORCL) are lower to 33 down from 35.765 following a weak quarterly report. Under 33 - 32.72, under = 32. ORCL stands to reverse over 33.50 back to 34.

Apple (AAPL) shares are unchanged at 452 with resistance at 453 into 458 from yesterday morning's pinch high off the open. 460-460.96 remains the upside line in sand. A break under 449.95-450 off the open will likely spell a cascade into 445.

Shares of Yahoo (YHOO) are higher to 22.50 after its shares were upgraded by Oppenheimer.  Resistance is @ 22.50 before 22.60 comes into play in the pre-market.

Watching shares of RadioShack (RSH) today for a break over yesterday's resistance of 3.87 for a move into 4 if 3.75 can hold as support off the open.

R1: 1550.50 R1: 2780 R1: 93.50 R1: 945
R2: 1555.75 R2: 2787 R2: 93.75 R2: 948
S1: 1548 S1: 2775 S1: 92.50 S1: 942 
S2: 1545 S2: 2765 S2: 92 S2: 940

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