Thursday, March 14, 2013

S&P futures are higher to 1554 following Australia job report

S&P 500 E-mini Future

5 min ES 
Currently the ES is higher by 4 points to 1554 after trading into a fresh new high of 1554.75 after the 1550 level converted to support following a positive job report out of Australia.

That being said if you remember our target was 1555 over 1551 which will probably be met here in a bit on the ES so watch for a reversal back to 1545 IF 1552.75 were to fail.

Helping to fuel the ES bid is the bond complex selling off, the ZB is lower by 0.51% to 140'24 though the DX is higher and making highs as i type this of 83.42 +0.32%.

Thus far the equity side of the tape is ignoring this but crude is not as it has fallen 1 point from 93 into 92 the last 3 hours as the DX bid to highs.  As of right now the inverse correlation between stocks and dollar remains broken until further notice..

Nasdaq 100 Mini Future
15 min NQ.. note W resistance finally taken out 
The NQ takes the pre-market cake as it is up 0.41% to 2805.74 following the conversion of 2800 to support at around 3 am.

The resistance still remains at 2810 ove the 2805.75 high and 2800 is support with 2790 the support if it were to fail.

Primarily what is fueling the upside in NQ is apple is up 7 points pre market to 433.50 up from a 428.35 close Wednesday.

 The high to watch for buy stops over is 434.66, under 432 its back to 430; though lets hope it can hol for change of pattern sake.

Over 2810 = 2820 .. under 2790 = 2782.

Crude Oil
5 min CL 
With the YEN weakening overnight and the DX rising like the phoenix oil is predictably unpredictable . Around 2 am a bid came into CL off the 92.20 level and carried it up to 93 resistance which held and the price fell all the way to 92 on the dot before bouncing to where it currently resides at 92.41.

Note in the chart about the significance of the 92 level, under = 91.50 over 93.02  = 93.40

As noted above shares of apple are higher to 433.50 with resistance being 434.66... IF apple can hold the gains into the open it should provide further fuel to keep building a base over 430 for a move higher through 440.  Patience.

ON the contrary side of things shares of Amazon are lower by 5 points to 270 down from a 275.10 close Wednesday following a JPMorgan downgrade of its shares this morning. Watch for sell stops under 268.33 for move into 265 based on capital rotating out into apple perhaps.

Shares of LinkedIN are higher to 184.27 following analyst upgrades which puts 185 as the resistance to watch before it moves into 190. stop 180 offer 188.

BBRY shares will be active following the last hour spike higher yesterday following a report the company had received a order for 1 million BBRY 10 devices. Subsequently shares moved into a 16.30 highs this morning though are well off this high at 16.72 is 15.60 and the close Wednesday was 15.65.

I like the shares over 16.30 into 17, but do not think it is wise to chase it here until it breaks out.
S1: 1549.50 S1: 2800 S1:92
S2: 1546.50 S2: 2790 S2: 91.91
R1: 1555 R1: 2810 R1: 92.50
R2: 1510 R2: 2815 R2: 93
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