A fast and furious push higher for these two future indexes out of the gate, settled down at this time after making their current highs shortly after 9:00 a.m.
The sad part about this open, it didn’t provide an opportunity to get long, leaving me out of breath on the first move. I expect to see a pull back at this time because the s&p did signal this possibility.
The s&p opened at 1667.70-1668.30, finding its current low of 1667.30 off that open. A move to test first resistance at 1672.80, stopped at an initial high of 1672.50. However, this future only managed a low of 1670.70 pit / 1670.50 mini, which led to new highs currently at 1674.20 / 1674.75 mini. Stopping short of the minor trend line of 1675.30, this future is looking to retest that last low of 1670.70 that took it to its highs. This future also signaled a bias to the long side, but warned of a pull back to the 1669.60 price. That level needs to hold the opening range to keep it in a positive trend higher. A move above the trend line targets the 1679.60 price. A move under the opening range should swing momentum for a push to test its upside # price of 1665.30, followed by its pivotal price at 1661.50.
The Nasdaq just flew up to its first two tests of resistance. Am open of 3169.00-3172.00 found a first high of 3178.50, a test of its upside # price of 3177.00. For nearly 10 minutes this future traded sideways, but could only find a low of 3175.75 in that time span. A move to test the 3182.00 price did hit that level spot on in the pit while the mini made a high of 3181.25. However, when a low of 3177.50 held its upside # price, it signaled another push to the upside, finding new highs currently at 3188.00 pit / 3187.50 mini. Wouldn’t you know it!! At this time this future went back and hit that same last low of 3177.50 from its high, which confirms its bias to the long side. I would expect new highs to seek next resistance at 3197.50 moving forward. If a turn of the 3177.00 price is made before new highs, this future targets a move to its pivotal price of 3161.50, key support still being the 3153.50 price.
The bonds opened at 132.12-132.14, splitting its downside # price of 132.13 on that open. It led to an initial low of 132.07. The jobless claims data did see this future jump straight to test its pivotal price of 132.19 which is its dead ass high for today. A move to new lows at 132.01 bounced to a high of 132.09. It followed with new lows at 132.00 and with that one tic new low, it rejected an extended move lower and has now followed with a sideways crawl of a trade. A high from the current low stalled at 132.06. This future was all about testing the 131.29 for support, but the charts show a better long at 131.26 moving forward, followed by a tough level of 131.13. Only a move back above the 132.09 price could change the current trend, but this future hasn’t done much lately after an early move.
As I write, the s&p is making new highs as it just hit spot on the trend line price of 1675.30 pit / mini high of 1675.75.