ECONOMIC CALENDAR8:30 AM Productivity-rev 10:00 AM Factory Orders10:00 AM ISM Services10:30 AM Crude Inventories
WEEKLY BULLS AND BEARS SENTIMENTBULLS 47%BEARS 46%
The indexes opened down and closed weak as the loss of leadership from the financial sector weighed heavily on the broader market. The markets gapped down at the opening and during the first 10 minutes of trading, the E-mini Nasdaq futures made the low of the day at 2052. What it looked like a strong downside move was immediately reversed as the index got back to 2068.00 while the E-mini S&P futures reached the 1470.50. A few attempts to break higher were rejected and both indexes traded on a small range. The E-mini S&P futures traded the first four hours between the 1465.00 low and the 1470.00 high. A break up attempt leaded by the E-mini Nasdaq futures took the markets to new daily highs, 2074.75 for the NQ’s and 1472.25 for the E-mini S&P futures. The lack of volume and uninterested traders gave us a “bored to death session” where we saw the time the E-mini S&P futures trading in a 5-point range 80% of the session. Finally, the indexes gave up during the last hour and closed near the lows of the day.
The retracement into the range created by last week move up has not been large and the daily ranges have been small. Yesterday move on the E-mini S&P place the index just above the 61.8% retracement from the 1406.75 low to the 1491.75 high, and as the index is struggling to go down with an almost non existent volume a strong move is near. The fact that the retracement is normal after the huge move up does not confirm the continuation of the rally; we have not seen a solid low. The weakness on the E-mini RUSSELL futures has been notorious as the index gave back more than half of its gains, but yesterday low was close to 747.30 gap and we can considered filled. After two days of low volumes and very narrow trading range, the upcoming economic numbers and next week FOMC decision expectations should increase the volatility and lead to a break on the triangle formations.
TODAY’S SUPPORT, PIVOT AND RESISTANCE LEVELS
S&P
Nasdaq
RUSSELL
Resistance 3
1479.50-1480.75
2095.00-2097.50
765.30-766.80
Resistance 2
1475.50-1476.25
2084.00-2085.50
759.60-760.50
Resistance 1
1469.50-1470.75
2072.75-2073.50
756.80-757.30
PIVOT
1465.50
2063.50
753.40
Support 1
1462.00-1460.75
2059.50-2056.75
751.10-750.00
Support 2
1458.50-1457.75
2051.25-2050.25
747.70-746.60
Support 3
1453.00-1451.00
2042.25-2041.50
743.50-742.20
Nasdaq
S&P
RUSSELL
FIBONACCI
FIBONACCI
FIBONACCI
2109.44
1488.68
774.88
2104.31
1486.32
772.52
2096.00
1482.50
768.70
2087.69
1478.68
764.88
2082.56
1476.32
762.52
2074.25
1472.50
758.70
2065.94
1468.68
754.88
2063.38
1467.50
753.70
2060.81
1466.32
752.52
2052.50
1462.50
748.70
2044.19
1458.68
744.88
2039.06
1456.32
742.52
2030.75
1452.50
738.70
2022.44
1448.68
734.88
2017.31
1446.32
732.52
DAILY PROJECTIONS
S&P
Nasdaq
RUSSELL
AS DAILY HIGH
1472.75
2079.00
758.80
AS DAILY LOW
1457.25
2057.00
746.00
Support, Pivot and Resistance levels courtesy of Arturo Stern . He authors the E-mini Daily trading advisory which gives technical analysis on all the major stock index futures contract. For more of his analysis go to www.theminitrade.com Arturo can be reached at HYPERLINK "mailto:arthur@theminitrade.com. " arthur@theminitrade.com.
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