Wednesday, March 27, 2013

TFP market summary for Wednesday March 27, 2013 |

SP 500 E-mini Future

The futures complex wiggled as historical correlations continued to break apart throughout Wednesday's session. Specifically speaking about the ES retracing 90% of the morning drop off 1560.50 into 1545.75 back up to 1558.50; all while DX & ZB rallied over 0.50%.

Historically the correlations goes as follows.. ZB DX up = ES CL down... Today was ZB DX CL ES UP - 6E down.  and 6E up = commodities and ES up.

Currently the ES is trading over the overnight low or 1551.25 @ 1552.25 which is now support after the ES ticked on 1557.50s and fell through 1555. This move is not coinciding with DX moving higher or 6E moving lower, they are actually inverse; though the ZB is higher by 0.11% @ 144'23.

1 hour ES .. 
IF the ES were to fail 1551 its 1550 and a repeat of repeat of last night with 1545 before 1540 before 1535.. I sound like a broken record but this is hot its going to go.

For upside we gotta get back over 1554 for a attempt to regain 1555.. just like during regular if we remain under 1555 the ES will be heavy as it approaches the low 1551.25.

PINCH = 1555.25. of course over 1560.50 means we approach 1586.50 all time highs.

Still no fresh news to account for the interesting action today, i still think this is all because of bonds ahead of a shortened fixed income session and END of Month.

FX & T-Complex
15 min ZB
The T complex is once again bid with the 30 year future now 2 ticks higher than the previously mentioned the quote above @ 144'24; so you can see how quick things move.

Break over 144'29 could cause the SPOO to drop below 1550 and the DX to likely, do nothing.

The eur/usd is higher by .001 @ 1.2792 with resistance at 1.28 which a break over will = a pinch into 1.285. there i said it.  BUT if 6E price remains under 1.28 for much longer we melt back lower.

The DX is lower to 83.345 from a 83.52 session high. stops reside under 83.34 but you have the guy holding the bid firm with a small refreshing order.  A retrace in the DX price vs the 6E is healthy for the  ebb and flow of the market....

Crude Oil
15 min CL
The oil pattern remains in tact, higher highs and lower lows as CL traded 96.84 a 2 month high during the NYMEX session today.

Currently CL is bid @ 96.69 +.11% .. resistance is @ 96.75 before 96.84 buy stops come into play, which will take us into 97.

SUpport is 96.65 with line in sand @ intra-day resistance turned support 96.50 to watch for sell stops on a break under. and only a break under not a penny above.

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