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

    PEAK ASSET: AFTERNOON WRAP 28 JANUARY: | Worst session since September as ASX drops $40b | China stocks fall on policy tightening worries, Hong Kong tracks Wall Street lower | Venus Metals adds to growing Western Australia rare earths story

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

    PEAK ASSET: MORNING WRAP 28 JANUARY: | ASX to fall, Wall St sinks in broad sell-off | FatFish Group finds traction in Asia-Pacific insurance market as revenues surge |

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

    PEAK ASSET: AFTERNOON WRAP 27 JANUARY: | Iron ore miners sag as ASX drops 0.7% | China stocks dip weighed by policy tightening concerns; Hang Seng up|

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

    PEAK ASSET: MORNING WRAP 27 JANUARY: | ASX to fall, Wall St Struggles for direction | These billionaires believe green hydrogen will provide a carbon-free future for iron ore mining |

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

    PEAK ASSET: AFTERNOON WRAP 25 JANUARY: | ASX closes 0.4% higher at new 11-month high, Fatfish digital insurance subsidiary Fatberry records ‘explosive’ revenue results|

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

    PEAK ASSET: MORNING WRAP 25 JANUARY: | ASX to rise | Palladium supply is drying up. These Aussie stocks could open the floodgates |

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

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

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

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

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

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

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

    PEAK ASSET: AFTERNOON WRAP 28 JANUARY: | Worst session since September as ASX drops $40b | China stocks fall on policy tightening worries, Hong Kong tracks Wall Street lower | Venus Metals adds to growing Western Australia rare earths story

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

    PEAK ASSET: MORNING WRAP 28 JANUARY: | ASX to fall, Wall St sinks in broad sell-off | FatFish Group finds traction in Asia-Pacific insurance market as revenues surge |

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

    PEAK ASSET: AFTERNOON WRAP 27 JANUARY: | Iron ore miners sag as ASX drops 0.7% | China stocks dip weighed by policy tightening concerns; Hang Seng up|

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

    PEAK ASSET: MORNING WRAP 27 JANUARY: | ASX to fall, Wall St Struggles for direction | These billionaires believe green hydrogen will provide a carbon-free future for iron ore mining |

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

    PEAK ASSET: AFTERNOON WRAP 28 JANUARY: | Worst session since September as ASX drops $40b | China stocks fall on policy tightening worries, Hong Kong tracks Wall Street lower | Venus Metals adds to growing Western Australia rare earths story

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

    PEAK ASSET: MORNING WRAP 28 JANUARY: | ASX to fall, Wall St sinks in broad sell-off | FatFish Group finds traction in Asia-Pacific insurance market as revenues surge |

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

    PEAK ASSET: AFTERNOON WRAP 27 JANUARY: | Iron ore miners sag as ASX drops 0.7% | China stocks dip weighed by policy tightening concerns; Hang Seng up|

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

    PEAK ASSET: MORNING WRAP 27 JANUARY: | ASX to fall, Wall St Struggles for direction | These billionaires believe green hydrogen will provide a carbon-free future for iron ore mining |

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

    PEAK ASSET: AFTERNOON WRAP 25 JANUARY: | ASX closes 0.4% higher at new 11-month high, Fatfish digital insurance subsidiary Fatberry records ‘explosive’ revenue results|

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

    PEAK ASSET: MORNING WRAP 25 JANUARY: | ASX to rise | Palladium supply is drying up. These Aussie stocks could open the floodgates |

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

    PEAK ASSET: AFTERNOON WRAP 22 JANUARY: | ASX up 1.3pc in huge week for Zip, Lynas | iCandy looks to double up in Chinese gaming market with Rocky Rampage launch |

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

    PEAK ASSET: MORNING WRAP 22 JANUARY: | ASX to fall, Apple lifts Wall Street | The tests ASX healthcare companies have upcoming in 2021 |

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

    PEAK ASSET: AFTERNOON WRAP 21 JANUARY: | ASX gains 0.8pc | Greenhouse study shows AVZ Minerals could achieve lowest carbon footprint at Manono lithium-tin project |

    Trending Tags

    • FEEDID-6
    • FEEDID-51
    • FEEDID-44
    • FEEDID-31
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    • FEEDID-16
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    • FEEDID-10
    • feedid-56
    • feedid-58
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    • feedid-62
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    • feedid-65
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    PEAK MORNING WRAP 28 September: Tech Event… Who is the standout? | US Stocks Rally

    PEAK ASSET: AFTERNOON WRAP 28 JANUARY: | Worst session since September as ASX drops $40b | China stocks fall on policy tightening worries, Hong Kong tracks Wall Street lower | Venus Metals adds to growing Western Australia rare earths story

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

    PEAK ASSET: MORNING WRAP 28 JANUARY: | ASX to fall, Wall St sinks in broad sell-off | FatFish Group finds traction in Asia-Pacific insurance market as revenues surge |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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

    PEAK ASSET: AFTERNOON WRAP 27 JANUARY: | Iron ore miners sag as ASX drops 0.7% | China stocks dip weighed by policy tightening concerns; Hang Seng up|

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

    PEAK ASSET: MORNING WRAP 27 JANUARY: | ASX to fall, Wall St Struggles for direction | These billionaires believe green hydrogen will provide a carbon-free future for iron ore mining |

    The Cotton Row Journal, week of 18-22 Jan

    Cabrera Capital Daily Game Plan

    Cabrera Capital Daily Game Plan

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    Cabrera Capital Daily Game Plan

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    OP: Rotation Sensation

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    GMTT 14 Day Trial Square

    Global Macro Technical Thoughts – Jitschak Nager – Where are the trades?

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    GMTT / Chart of the day / Apple / Oct 27, 2020

    GMTT / Chart of the day / Apple / Oct 27, 2020

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Corn, What Changed Today?

    NASDOG.com: Stocks Getting Serious; Quick Word on Beans

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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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