Thursday, March 28, 2013

TFP morning letter for march 28, 2007

SP 500 E-mini Future

The ES is higher this morning to 1558 up 2 points with support at the 1555 level with resistance remaining at 1560 into 1565. Overnight the ES traded up off the 1550 after falling unexpectedly early Wednesday evening. 

Currently the relationship between the ES and T complex is fairly in tact though both bonds and ES are red with 1556.50 trading but by only fractional perfect. The 1553.50 level is the pinch lower area with 1550 before 1545 as mechanical support.

Since today the Fixed income markets are closed for half day and tomorrow markets observing Good Friday, you can expect some end of month games; so be aware.

FX & T-Complex
6 E 5 min 
A bit of relief from the non stop buying of the T complex this week though early Thursday morning the ZB did make a fresh week high of 144'31 before falling off to 144'09. As of this writing the ZB is lower by 0.06% 5o 144'14 with sell stops under 144'08.

If the ZB can continue lower under 144'09 the ES bid should continue to firm up into 1560. The DX is lower to 83.30 up from a 83.20 low which hels to the penny. A break under 83.20 means 83.10 launch pad from Wednesday morning comes into play.

The Euro is high as well by 0.21% to 1.2809 afters eeing the 1.277 level hol early Thursday morning it gave me confidence in putting 1.276 as line in sand support before back to Wednesday low of 1.2758.

Crude Oil
CL 5 min 
CL traded up all night into a 96.94 high around 1:30 am CT though has relented and fallin from 96.66 to 96.28 in about 15m minutes as i write. Currently CL has leveled out around 96.47 with line in sand support at 96.28 you must watch the 96 leve for support under.

On the flip said the 96.60 level if converted back to suport will provide the launchpad into 97, especially if the DX falls off and 6E continues to retrace Wednesday's drop.

In order to take out highs 96.94 need to be lifted quickly after 96.85 an bids defended as price moves higher without a snap back.

R1: 1559.50 R1: 2805 R1: 96.50  R1: 449.50 
R2: 1565.75 R2: 2811  R2: 96.94  R2: 451
S1: 1553 S1: 2800  S1: 96.35  S1: 945
S2: 1549.75 S2: 2890 S2: 96 S2: 942 

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