Monday, April 15, 2013

S&P 500 drops to to 1571.75 on poor Empire state survey

SP 500 E-mini Future

5 min ES
 The story of the night is commodities, which have for lack of a better word collapsed; gold specifically down 84 points or 5.60 percent to 1417 of this writing.

Also as of this writing the Empire manufacturing survey just hit the tape with a expectation of 9.2 but 3.1 printed.

This massive miss dropped the ES from 1578 down to 1575 which i will put as support though 1571.75 is the actual line in sand as that is the two week ES low and the overnight low.  On the upside a move over 1580 will surely push late shorts.

weekly GC note the two red lines under support
Beyond commodities weighing on the tape, you have the bond market pushing higher with the 30 year bond at highs of 148'02 up 0.10%.

The long stocks and bonds pair trade might be closing today due to the fact equities feel much different than the past few days.

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