Market Overview

Just Another New Normal, Fed-Inspired Leg To The Upside


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Last Friday’s all-time record falls to the wayside today following yesterday’s comments by Draghi, needs to back up words as the European Central Bank continues to be perceived as dovish and friendly to the risk-on crowd … as all indications are the bank is preparing to cut rates –  forced efforts to combat low inflation and weak lending in the eurozone. Another Fed-inspired leg to the upside … Also, elections in some European countries as well as the Ukraine were within expectations and today’s economic data was mixed to better – depending on how you want to look at said data.

Snippets: william_blount  ):  FRIDAY PREMRKT COMMENTARY  “We are knocking on the door of new highs. Dependant upon whether you view 1902.17 cash, 1897.18 cash, or ‘1884’ the most critical price an EASY CASE can be made for NEW ALL TIME HIGHS early next week which target 1904-1907 CASH or 1910-1914 CASH”   FV -2.56. Today … william_blount (09:09) govern yourself accordingly – the deal is 1905 opening – WHO CONTROLS IT – below there is 1899-1901.5 – above there is 1910 roundy then 1915.5 spot in futures world.

The S&P hasn’t had 3 down days in a row since late January – Chance … there will be AT LEAST 1 GOOD DOWN TOMORROW – william_blount.

Today started with 195k ESM traded on Globex, trading range was 1906.00 – 1897.00. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1899.00 – 1891.20 before settling at 1896.90, up 6.7 handles.

Today’s RTH’s, pit session, gapped  8.5 handles higher to 1905.00 – 1905.20 while the [VIX] was – oddly  - up nearly 4% during the first 15 min as the S&P futures were trading in a tight 1904.00a – 1906.50 area. iceChat (08:45) 58.4 PMI services exp 55.0 Chicagostock (08:50) ES vol windows 1900×1910. iceChat (09:00)  83.0 consumer confidence exp 83.0 – highest level since 2008 – while the prior data was revised down from 82.3 to 81.7. The [IWM] and the [NDX] were both up about 1%, adding to last their gains from last week. Chatter making the rounds: A watchful eye is on these two sectors looking for near-term leadership to continue. The [DJIA] [DJT] were also helping lend support as the indices held above yesterday’s Globex session highs. Kathy (9:06) ES in sideways range between Swordlines 1906.75 & 1903.5, also value at 1906 … so caution about entering at value, better edge at extremes. The new all-time intraday high of 1909.00 printed at 9:49  before quietly fading back. Chance (10:08) no new high in [RUT]. william_blount (10:36) bears aint done crap on Nazdork til back through 3665 – 3614 committed, 3627 confirmed, 3665 NEXT HURDLE and it is now support — i dont do rigorous analysis on the Naz. william_blount (12:36) bulls need through 1914 cash, BEARS need to kill 1899 SPOO FUTURES.

PivotBoss Midday Video  Updated ADR Targets

The long, long … and quiet midday range was 1905 to 1907.50 area … Roger (14:09) Just another new normal day with bonds and equities both up … The MiM – MrTopStep Imbalance Meter started with a small to modest buy imbalance topping out at $225M and going into the cash close the imbalance faded to a small $50M. 1909.20 area traded on the cash close before settling at 1909.20, up 12.3 handles on a post-holiday, very light volume of 909k e-minis, while the [VIX] was up 15 ticks.
Eco calendars:

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

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