21
Apr
Wrap – Week Ended 4/19/13
Comments will be incorporated into the Monday post.
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Eld – did you have a link for that warmer than normal forecast you saw?
April 21st, 2013 at 2:50 pmS&P 500 Futures Long Term Levels Of Interest 4/20/13
Notes. Weak return to major volume pivot at 1548.75 after oversold move to the 2 month trading range lows. Major support/resistance 1526-1530/1569.50. Far CLVN and Trend line support at 1505. Treasuries at important resistance level (123.55). $USD in a trading range with support/volume pivot at 82.30/83.
Thoughts…..Market attempting to balance at the major volume pivot at 1548.75. Bears in control below that level with major support below at 1526-30. A break of 1526-1530 brings 1505 into the picture. Renewed demand volume above 1555 has short covering potential back to 1569.50.
S&P Futures Short Term
April 21st, 2013 at 5:42 pmhttp://www.charthub.com/images/2013/04/21/ES_Master_1304210444.png
S&P Futures Long Term
http://www.charthub.com/images/2013/04/21/ES_Master_1304210440.png
Corresponding SPY levels
SPY Short Term Support at 153.46, Far support at 148.52
http://www.charthub.com/images/2013/04/21/Stock_Master390_1304210436.png
$USD and Treasuries have been highly correlated to the S&P lately. Both at important levels.
April 21st, 2013 at 5:52 pmhttp://www.charthub.com/images/2013/04/21/Stock_Master_Weekly_1304210500.png
TLT
http://www.charthub.com/images/2013/04/21/Stock_Master390_1304210511.png
$USD
http://www.charthub.com/images/2013/04/21/DXY_Master_1304210516.png
XLE Attempting to find balance above support at 73.42. A break of this level targets 71 with far support at 69. Defined resistance at 76.68
April 21st, 2013 at 5:57 pmhttp://www.charthub.com/images/2013/04/21/Stock_Master390_1304211551.png
I think it came over reuters, but it was a statement by NOAA. If you go to there prediction site. It all looks warmer than normal.
http://www.cpc.ncep.noaa.gov/
April 21st, 2013 at 6:23 pmHave NGL’s responded to the rise in Nat Gas? what is a good place to keep track of their price action?
April 21st, 2013 at 6:24 pmre 6 – different end market so not much, and NGLs vary by region and by what’s in them, so hard to track as there is no standard barrel of NGLs. We take cues from propane prices but that’s only part of the frac spread.
April 21st, 2013 at 6:30 pmshould be interesting next week. should be a bull/bear struggle and who ever wins, that will be the direction of the market for near future. S&P looks on the edge of breaking down to the 1500 level and really needs to hold here if bulls want to come out and play this spring.
as for energy and technology, these two sectors have been decimated retreating to November levels having negated most if not all of the gains since then.
consumer staples, health care, pharmaceuticals and biotechnology have been the leading sectors since last fall.
yield continues to be the dominant theme among investors. 4% yield in many big cap names has become a vehicle to park cash for high wealth individuals. FCX now yielding 4.5% is mind boggling.
just some thoughts
April 21st, 2013 at 8:32 pm