XAO (ASX) Short Term Trading Week Starting: 9th Apr

Originally posted by Diver Dan ↑

US Market Update

Good morning traders,

Another day, another market moving tweet storm: the president says that they may strike Syria "very soon or not so soon at all". This caused an immediate spike in overnight futures, as you will see on the chart below. That early tweet was followed later by reports that the US is in the deliberative process and deciding on multiple targets - causing the SPX to pull back a bit from intraday highs. Another tweet expressed what some construe as confidence in the Russia probe. Everything is reversed for a day. The machines love it, but if the session's media flow is any indication, the humans are still wary.

The financial sector led the charge for the SPX, as bank earnings are now in play and there are expectations for more positive results from JPM, C and WFC tomorrow. Utilities and yesterday's buoyant real estate sector were abandoned for the day.

Even safe haven assets are becoming enmeshed in this volatile, tweet driven game. The 10 year treasury futures and gold were sold aggressively while the USD is retracing the last two session's losses.

Oil maintained the week's gains and CLK8 is now at 67.10 or +.42% on the session. The energy sector was flat today.

VIX is taking a relatively strong hit today, down -8.50% and headed toward the 18.00 area of 'support'.

An AM gap higher is on the bull's minds, but there was profit taking on the close as SPX backed off from the top of the wide range that traders now find themselves dealing with.

SPX/ES/SPY: 2663.99/2664.50/265.93
ES 2640/50 is becoming a balance area in a wide ranging but trendless environment and SPX spent time against an interim resistance point of 2670/75 on low volume. If bulls can break that area and then 2680, there is little in the way of resistance to 2700. Tomorrows options pin still centers around the very magnetic 2650 area.

Market Internals
Advance-Decline Lines: +268.00. NYSE Breadth: +1.37:1, NASDAQ Breadth: +2.52:1. NYSE TICK: Cumulative TICK was very flat all day. TRIN: .88

NYSE MOC: -8M on balance. NYSE composite volume 746255.

Implied Volatility
VXJ8:18.80, VXK8:18.70, VIX:18.49

Debt/Bond/Treasury
ZNM8 fell abruptly today -.34% while the 10 Year Treasury yield is up to 2.83%. This resulted in some steepening of the yield curve.

S&P Futures Now

View attachment 1056340

Expand

I get a horrible feeling that Trump is going to pull a lever in Syria. It’s a direct yet indirect target, he’s flailing in opinion ratings, he wants to show the World he can be strong. A few too many failed opportunities will push him over the edge.

Let’s pray it’s precise, measured, or better yet, that I’m completely wrong.

(20min delay)
Last 8,586.9		Change -23.500(0.27%)		Mkt cap ! n/a

Open	High	Low
8,610.4	8,644.8	8,585.3

Short Term Trading Week Starting: 9th Apr, page-225

Featured News

Featured News