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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

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    PEAK ASSET: AFTERNOON WRAP 12 APRIL: Miners weigh as ASX sags with US futures | Fatfish Group makes acquisition ahead of South East Asia BNPL rollout | China, HK stocks fall on persisting worries of policy tightening |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 12 APRIL: ASX to rise | S&P 500 resets record high again | Arcadia looms large as an African lithium near-producer |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 9 APRIL: ASX to slip | Wall St poised to end higher | Thinking of getting into ASX water stocks? Here’s what the experts think |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 8 APRIL: ASX to rise | S&P 500 edges higher | Investors want quality copper stocks, Peak Minerals is on the radar |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 07 APRIL: ASX hits best close since COVID with 0.6% rise | Crowd Media calls on investee technology to produce ‘Digital Dom’ talking head | Indian shares rise after RBI holds key rates steady |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 06 APRIL: ASX adds 0.8% as travel stocks take flight | Golden Deeps widens Namibia drilling plan to include historic copper-vanadium mine | China stocks fall as healthcare, consumer companies weigh |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 6 APRIL: ASX to rise | Dow and S&P 500 reset record highs | These ASX explorers say ‘company makers’ still lurk in one of WA’s oldest, richest gold provinces |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 01 APRIL: ASX steadies after jittery start, up 0.6% ahead of Easter break | Creso Pharma launches three CBD-based tea products under cannaQIX brand | China stocks climb on consumer, healthcare boost; Hong Kong rises |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 1 APRIL: ASX to rise | Tech rally lifts S&P 500 to new high | Eagle Mountain gears up in pursuit of copper context |

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    Jason Sen: Gold, silver, WTI Crude

    GMTT / Chart of the Day / S&P 500 Index (JUN)  / April 12, 2021

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    Cabrera Capital Daily Game Plan

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    PEAK ASSET: AFTERNOON WRAP 12 APRIL: Miners weigh as ASX sags with US futures | Fatfish Group makes acquisition ahead of South East Asia BNPL rollout | China, HK stocks fall on persisting worries of policy tightening |

    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: MORNING WRAP 12 APRIL: ASX to rise | S&P 500 resets record high again | Arcadia looms large as an African lithium near-producer |

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Home Commentary MrTopStep

Stocks may pause before reaching 1700

MrTopStep by MrTopStep
Wednesday, July 24, 2013
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Stocks may pause before reaching 1700
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ES 09-13 (Weekly)  Week 15_2009 - Week 30_2013The Asian markets had a mixed close and Europe is mostly rallying on news of revival in the eurozone economy. Yesterday the Dow closed on a new all-time contract high, the NASDAQ broke its winning streak and the S&P closed fractionally lower. Whenever there is so much anticipation of a big figure (1700) there is a tendency for the S&P to pause as it closes in on the level. Believe it or not, traders tend to sell into these all-important levels. Sometimes it works and sometimes it doesn’t.

We have said it before and we will say it again: Some traders do not believe volume matters, but I think that’s crazy. When the total volume in the S&P 500 E-mini is under 1 million contracts during the day session, it means between 50% and 70% is some type of electronic program. 50% program volume would be considered low and 70+ would be on high. Either way, on a low volume day you at least know where the chop is coming from.  It’s even worse when you add in the Globex volumes. At the height of the Fed’s taper talk the  S&P was doing 2.5 to over 3 million ES a day. Today it’s one-third of that.

There is little doubt that the S&P is going to take out 1700. What the S&P needs now is a few days of pulling back. That gives it a chance to back and fill. There are stops from the high 1699s to 1706. Our view is that the S&P still wants to go higher but that you can’t rule out a few days of rest time. We said the S&P would not trade 1700 during the July expiration and we were right. So far there have been several two-day pullbacks, but there have yet to be three straight down days in the S&P futures so far this year. That said, we lean to buying weakness with tight stops. 1700  is just a number like 1300, 1400, etc., etc. …

  • It’s 8:30 a.m. and the ESU is trading 1693, up 4.75 handles; crude is down 38 cents at 106.85; and the euro is down 14 pips at 1.3221.
  • In Asia, 6 out of 11 markets closed higher (Shanghai Comp -0.52%, Hang Seng +0.24%, Nikkei -0.32%).
  • In Europe, 11 out of 12 markets are trading higher (DAX +0.98%, FTSE +0.81%).
  • Today’s headline: “U.S. Stock-Index Futures Rise After Apple Beats Estimates”
  • Total volume: 0.98mil ESU and 6.55k SPU
  • Economic calendar:  MBA Purchase Applications, PMI Manufacturing Index Flash, New Home Sales, EIA Petroleum Status Report, and 5-year Note auction
  • Fair value: S&P 1687.14; NASDAQ 3024.5
  • MrTopStep Closing Print Video: http://mrtopstep.com/2013/07/mrtopstep-closing-print-7-23-2013/

The S&P futures have closed higher 14 out of the last 16 trading days and are up 89 handles.

Date Close Net Change
7/1/2013 1606.75 7.5
7/2/2013 1607.25 0.5
7/3/2013 1609 1.75
7/5/2013 1627.25 18.25
7/8/2013 1635.5 8.25
7/9/2013 1645.5 10
7/10/2013 1648.5 3
7/11/2013 1670 21.5
7/12/2013 1670.25 0.25
7/15/2013 1677.5 7.25
7/16/2013 1671.25 -6.25
7/17/2013 1675.5 4.25
7/18/2013 1680.5 5
7/19/2013 1689.5 9
7/22/2013 1690.25 0.75
7/23/2013 1688.25 -2
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