March 15th, 2010 Posted in Uncategorized
Good Morning
Equity index futures are lower this morning amid concerns that China will be tightening monetary policy. I'm sure similar trepidation exists with tomorrow's FOMC meeting decision. Interest rates are expected to stay the same however there is the possibility that some Fed governors will push for a change to the current 0% policy following last meeting's call from President Yellen.
News out this morning ... Empire State Survey came in at 22.86 (22.00 expected). This confirms signs of improving manufacturing conditions.
Trading Levels
As I mentioned, index futures are trading slightly lower is this morning following two strong week's of advances. Low volume advances have been typical in this latest uptrend. Expect that to change this week with tomorrow's FOMC decision and Quadruple Witching Friday.That being said, June (M) is the front month for equities.
Equities may be under pressure this week following a run that began nearly a month ago. ES M10 and TF M10 are both trading at resistance - approximately 1150 ES M10 and 680 for TF M10. However any close above these levels will certain be bullish.
If you have questions or comments please feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965.
| Daily Pivots | 3/15/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES M10 | 1154.50 | 1150.50 | 1146.25 | 1142.25 | 1138.00 |
| YM M10 | 10616.67 | 10594.33 | 10563.67 | 10541.33 | 10510.67 |
| NQ M10 | 1935.42 | 1929.58 | 1921.67 | 1915.83 | 1907.92 |
| TF M10 | 682.13 | 678.17 | 673.53 | 669.57 | 664.93 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM K10 | 84.54 | 83.03 | 81.97 | 80.46 | 79.39 |
| QG J10 | 4.51 | 4.45 | 4.42 | 4.36 | 4.33 |
| Weekly Pivots | |||||
| Starting | 3/15/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES M10 | 1148.23 | 1144.37 | 1139.33 | 1135.47 | 1130.43 |
| SPX | 1152.18 | 1148.57 | 1144.06 | 1140.45 | 1135.93 |
| SPY | 115.73 | 115.33 | 114.85 | 114.45 | 113.97 |
| OEX | 526.62 | 524.97 | 522.98 | 521.33 | 519.34 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM M10 | 10584.20 | 10552.20 | 10512.80 | 10480.80 | 10441.40 |
| DJIA | 10649.62 | 10616.89 | 10578.97 | 10546.24 | 10508.33 |
| DIA | 106.65 | 106.30 | 105.92 | 105.57 | 105.19 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ M10 | 1923.75 | 1916.25 | 1906.80 | 1899.30 | 1889.85 |
| NDX | 1925.45 | 1918.51 | 1909.21 | 1902.27 | 1892.97 |
| QQQQ | 47.41 | 47.23 | 46.99 | 46.80 | 46.56 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF M10 | 677.37 | 673.75 | 669.35 | 665.73 | 661.33 |
| RUT | 678.93 | 676.01 | 672.10 | 669.18 | 665.27 |
| IWM | 68.11 | 67.75 | 67.30 | 66.93 | 66.48 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM K10 | 83.69 | 82.89 | 82.05 | 81.24 | 80.40 |
| USO | 40.50 | 40.13 | 39.75 | 39.38 | 39.00 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG J10 | 4.59 | 4.54 | 4.49 | 4.44 | 4.39 |
| UNG | 8.36 | 8.26 | 8.16 | 8.06 | 7.96 |