Futures & Stock Daily Suggest


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Further strength in major indexes Thursday pushed all to new short and intermediate-term highs. Dow 30 and Value Line index closed at new all-time highs. S&P 500 was last 1.92 from equaling October 9, 2007 high (1565.15). NASDAQ Composite remains well below all-time high (5048.62 and intraday high at 5132.52) made March 10, 2000.

All cycles remain positive.

Market volume rose 7.6% Thursday.

S&P 500 must decline below lower edge of 10-Day Price Channel (1524.82 through Friday). Intermediate Cycle in S&P 500 becomes negative below lower edge of 10-Week Price Channel (1459.67 through March 15).

Daily MAAD rallied Thursday and was positive by 16 to 4, but indicator was last just below new short to intermediate-term high made March 11. Daily MAAD Ratio was “Overbought” at 1.97.

Daily CPFL, positive by 2.70 to 1 Thursday, rallied to new short to intermediate high and best level since August 15, 2011. But as measure of how CPFL has underperformed since then, S&P 500 was near 1200 on that date. Daily CPFL Ratio was moderately “Overbought” at 1.66.

Cumulative Volume (CV) in both S&P 500 and S&P Emini remains in synch with S&P 500 pricing in that both have moved higher since November lows, but long-term negative CV persists.


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Title: S&P 500 ST: the upside prevails
Summary: As long as 1645 is not broken down, we favour an upmove with 1770 and then 1795 as next targets.
Story: We move up our pivot point to 1645.

Our preference: As long as 1645 is not broken down, we favour an upmove with 1770 and then 1795 as next targets.

Alternative scenario: a downside breakout of 1645 would open the way to 1560 and then to 1535.

Comment: The daily technical indicators are bullish and do not show any reversal signs.

The RSI is above its neutrality area at 50%.

Trend: ST rise; MT bullish.

Supports and resistances:
1744 Last


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My ES pivots for today :
R3: 1795
R2: 1787
R1: 1780
PP: 1775
S1: 1768
S2: 1763
S3: 1756
Important FOMC at 2pm, so markets will probably be quiet till after the news.
Anyone wants to share his pivots for today?

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