Wednesday, April 10, 2013

TFP morning letter for Wednesday April 10, 2012

SP 500 E-mini Future

5 min ES 
 The ES is higher to 1567.75 after trading into yesterday's high of 1569 early Wednesday morning, thus over 69 = 72. Currently 1565 is support with 1559.25 being the line in sand before we are into Tuesday morning dip territory.

That being said we had a bond market that steadily sold off throughout the night and morning helping to keep the ES orderly; the 30 year bond is down 0.26% to 146'29 with 1446'10 being support of 146'10 to watch for sell stops under.

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Looking @ the NQ.. all i have to say is, over 2810 the index should find some momentum, if Apple keeps bidding and does not pull a about face dump off open. so keep in mind.

1 min ES
As of this writing the bonds are supporting along with the DX at 82.40 which pushed crude lower into 93.60 support from 94.15 highs.  82.30 is support in the DX and will likely need to break to point CL back in the upwards direction.

Japanese Yen futures are lower to 10.064 down 0.13% after though are over yesterday's low; which makes correlative sense because crude is still under yesterday's high of 94.48.  If the Yen can make a low a supportive big bid will likely move into CL, especially if 6E picks up some lost ground.

5 min NQ 
Currently the euro is lower by 0.14% to 1.3086 after making a weekly high of 1.3128 with 1.308 being support and resistance being high of the week. Over 1.3128 we the ES could quit possibly be over 1569 because the 1569 print this morning in ES coincided with the high print in 6E, just like yesterday.

CL 5 min 
My take Wednesday is stay in the buggy while being mindful of the upward drafting market, meaning dont short a dull market; but dont chase. If you are long from lower great, let it ride. But until we get some convicted movement over 1572 i think its not prudent to chase.

Apple shares are higher pre-market to 428 with 429.20 being resistance to watch for buy stps over into 430, over 430 apple should pinch up into 435 without problem. FB shares are higher as well to 27 a share from a close of 26.59 Tuesday, over 27.20 i am looking for 27.50+.

R1: 1570.50 R1: 2810  R1: 93.80  R1: 932.50 
R2: 1572.75 R2: 2830  R2: 94  R2: 935
S1: 1565 S1: 2800  S1: 93.60  S1: 927.50 
S2: 1559 S2: 2790  S2: 93.25  S2: 922

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