Nasdaq propping up other stock indexes

NDH has not only held above its 10-day moving average every day since mid-December, it has only touched it once on closes… There is also a pretty clean trend line in NDH that comes in at 2610. It will be very difficult for major equity indices to correct with NASDAQ acting like this.

That said, the Russell 2000 continues to be the short of choice. R2 versus SP (IWM/QQQ) resting on its 50% retrace from 2011 low. XLF settled above its .618 retrace Thursday and is positive above it for now. XLE holding above a key trend line at 74.50 was helped by rally in crude oil. OIH held its 200-day avg of 43.54 and is positive until close below.

Transports climbed back above its closing pivot even though crude oil jumped… WTI climbed above $110 briefly and has 108.37 as first key support. Treasuries fell after touching key resistance Tuesday, but bonds held their closing key support again; 140-08*; see pg 3. USM has 140-23 as first resistance and 141-05 area as better. TYM has 130-26 as first key resistance. March 10 Yr is easier to chart since beginning of rollover; TYH held its s/t .786 support of 130-22 and use as pivotal pt. TY versus Bund broke a key trend line Thursday. 139.11 is Friday’s close in Bund and keys any decline today.

Market Sentiment

CONTRACT / SECTOR

THEME POS / NEG

POSITION STAGE

TARGET / KEY PTS

STOCK INDICES US

Positive

SPX 1381.50*

R2000 spot 811*

US TREASURIES

Positive/Mixed

USM 140-08 close**

TYM 130-26

CRUDE WTI/BRENT

Positive

Brent close 122.20*

April WTI 103.39

METALS

Positive

Gold 1690 key support

Silver $34.93 200day

CURRENCIES

EURUSD 1.3360*

US$ Index 78.30**

AUDUSD 107.26*

GRAINS

Corn Mixed

Wheat hits trend resist

Beans positive

David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).

About the Author
David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).
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