Short Term Trading Week Starting: Tues 3rd Apr, page-284

US Market Update

Jumpy, nervous consolidation after yesterday's rebound as the bulls try to build a base at SPX 2650. Energy and Material sectors lead the way and Consumer Discretionary is strong. Defensive sectors are still getting their share of attention. Tech showed initial strength but has waxed and waned as FB headlines come over the wires. The NDX is strengthening again now and you can hear the bulls breathing as they look for another shot at the intraday ES/SPX 2672 area. The bears are shorting this but they might be careful of the buy programs.

Monthly jobs report is out tomorrow and expectations are slightly lower - 170K. Weekly claims came in higher than expected.

SPX/ES/SPY: 2667.28/2667.00/266.19
Yesterday's ES structure starts to become quite thin above 2600 and this makes it vulnerable as the futures contract tries to consolidate on Thursday in the 2650 area. Will it achieve balance there or go back to retest previous value area? There is OI support at 2630 now and resistance and little in the way of derivatives resistance until 2670. Other forms of resistance -hidden sell stops/overhead supply- is waiting at 2690.

Market Internals
Advance-Decline Lines: +1199. NYSE Breadth: +4.16:1, NASDAQ Breadth: +1.82:1. NYSE TICK: Cumulative TICK is subdued compared to yesterday but trending higher now. TRIN: .60
NYSE MOC: +491M. NYSE composite volume is similar to yesterday.

S&P Futures Now