Friday's Futures Market In 8 Charts

Following the Employment Report, we are looking for the short term .618 retrace that was broken yesterday to act as initial support in E-Mini SP 500 futures (ESH8). The 2759/62 area is the next key resistance and potential reversal area. 

Nasdaq futures (NQH8) have been a leader. It traded above its .786 potential reversal level yesterday and held above that level overnight.  We will use this area as support as long as the recent high is not breached. 

Small caps have been the market leader for a second straight week after iShares Russell 2000 Index (ETF) (NYSE: IWN) vs SPDR S&P 500 ETF Trust (NYSE: SPY) again held the major support level in the pair. Small caps leading has been an overall positive for the market as a whole. 

The Dow Industrials have been a laggard this week, as prior high-flyers such as Boeing Co BA have consolidated a bit. Boeing had only one day in all of 2017 where it traded below its simple 50-day moving average and is holding above that area this week. Momentum is about as depressed as it gets in BA.

Emerging markets are important to the global growth story, but have not been an outperformer of late. EM futures held the short-term .618 retracement support, and are now holding .618 resistance. Use this as a pivotal point today. 

This chart of 10-year yield was taken ahead of the employment report. 2.92 percent in yield is the short term pivotal resistance area.

April Gold has been losing some momentum, and after holding below its short term .618 retracement area we will look for the short-term .618 area (1316/1318) to act as initial support. 

The Spot US Dollar Index has been seeing some unwinding of recent weakness, but it continues to have a negative overall tone below the 2017 low.

Here is our table of short-term support and resistance levels for today in S&P futures, 10-Year futures (TYM8), Gold futures, Crude Oil futures (CLJ8) and March US$ Index futures. 

David Wienke is the editor of Keystone Charts. More than 30 years of experience providing technical analysis and execution services to institutional clients is now provided in a daily newsletter, The Daily Game Plan. Coverage includes equities, rates, currencies, and commodities. Dave is also an introducing broker with Capital Trading Group, LLLP (CTG); a Chicago based investment firm specializing in execution and account management for CTAs and individual investors. Charts are created using CQG, a top of the line trading and charting service. For a free trial of the Daily Game Plan newsletter email me at dave@keystonecharts.net or go to Capital Trading Group to subscribe. 

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