Wednesday, April 10, 2013

Market Summary for Wednesday April 10, 2013 | $SPX

1 min ES
The S&P 500 as you probably already know made all time highs today of 1589.07 shortly after every single media outlet fired off the "All time highs" alert.

The buying came in after a leaked FOMC minutes shocked the tape into 1564 lows 3 minutes before the scheduled 9:00 am ET release.

The 1564 level turned out to the head of a inverse H&S which we quickly identified and shared with TFP Insider subscribers via the twitter feed before the jump into 1572. Historical buy stops then did the rest of the leg work pushing the ES higher as the bonds fell off steadily.

15 min ES
Keep in SPX made a all time high though the ES futures did not, the ES futures all time high is 1586.75 established in October of 2007.

Individual stock speaking we had large caps running today, specifically large cap tech names; MSFT ended up 2.26%. We mentioned MSFT and CSCO strength monday and tuesday, but per usual; no one paid attention.
TFP alert - 

Morning letter excerpt 

The NDX added 1.94% today thanks to AAPL CSCO PCLN AMZN INTC; closing just shy of the 11 year high of 2878.38 at 2859.21.  If you refer back to our

 In morning letter we specifically mentioned 2810 as a level to watch for buying over; this turned into a 50 point trade depending upon where you scaled it.

Result of the beak out over 2810

Well all this being said i am watching the 1580 level as support, under = a greater chance of profit taking down into 75's; though currently the bonds are still offered with the 30 year older under 146. A move higher in bonds should be a signal to curtail a long or think about getting defensive overnight.

On the upside we could see see more buy stops over the 1584.50 high of the session which could carry the price into 1590 with 1600 being the target by friday IF supports remain in tact.