SP 500 E-mini Future

15 min ES

I will chalk today's wonky action up to end of quarter adjustments coupled with a lighter than normal volume considering the Friday holiday and today is the first of the month.

Behind the surface of today's tape was a curiously strong T-complex on lower than average volume kept pressure on the large cap names, specifically AAPL which traded down some 3% to below 431, taking the nasdaq with it.


The 30 year bond traded into a two month high over 145'01 while the SPX ended the day down 0.45% @ 1562.17. Weakness in the small caps helped reinforce the end of quarter thesis as the dash for cash out of small caps into bonds seems to dictate the trend.

The NQ topped out at 2815.75 this morning in the pre-market falling all the way into 2784.25 before finding support into the close....For what it is worth, the entire session of NQ coincided to the second with AAPL weakness.

5 min ZB

When looking at ES technicals the 1550 level was held today as was the 1560 level in SPX so that will be mine line in sand with 1555 being a level of support which could be leaned on for a target of 1557-60.

30 min CL

My take is wait for a long over 1557.50 or a short under 1552.50 with the hopes of 1550 breaking into 1545.

This will depend upon bond strength throughout the evening, though on the dollar bear side you have good news as the 82.80 level failed as i type this to make a low or 82.75 to watch for further sell stop action.

Crude bulls should be excited to see the DX falling a bit as Sunday's gap into 97.80 was faded all the way into 96 before buyers sling-shotted the price back up into 97 resistance where it currently sits as of this writing.

5 min CL

A break below 96.60 means back to 96.25-50 area.. a break over 97 means 97.13 becomes resistance before a move into 97.50 pushes shorts from Sunday night a bit.





Want the TFP Morning Letter delivered to your inbox by 9 am ET? Subscribe Here for $25mo.

No content provided within the "trade for profit" or "TFP" morning letter & or market summary constitutes investment advice.  "Trade for Profit" is not a financial advisor & does not recommend the purchase of any stock, option, futures contract or offer advice on the suitability of any trade or investment. Actions you take as a consequence of any analysis, opinion or advertisement within this letter are your sole responsibility and at your discretion. Any Letter content is for educational purposes only.

Charts source: Think or Swim. TFP is not associated in anyway with TDAmeritrade or Think or Swim and makes no claims as such.  No REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL, OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE DISCUSSED WITHIN THIS LETTER. PRODUCTS AND SERVICES SHOULD BE USED AS A LEARNING AID. IF YOU DECIDE TO INVEST REAL MONEY, ALL TRADING DECISIONS ARE YOUR OWN.  PLEASE do not reproduce or re-transmit without explicite permission from TFP owners.