Lots of movement, little results
The Market:
Today was a yet another choppy session but for day traders there was a great deal of opportunity. The S&P 500 emini ultimately moved 40 points between support and resistance while the S&P 500 cash index only managed to close down roughly a point for the day. Starting with Sunday evening’s trading the ES contract lost ground over night finding support at the $1868ES pivot and then rallied pre-market to the $1878ES pivot. Playing Pivot Pinball the ES tested the $1868ES support after the open to yet again hold and rally back toward the pre-market highs of $1878ES where the trading day finally ended.
It will be interesting with clear support and resistance levels which way the index decides to break.
This week’s economic calendar is not as packed as last week’s but there will be some key items to watch for like the JOLTS Job Openings Tomorrow, Retail Sales & Unemployment claims Thursday and PPI Friday.
Reporting EPS 3/11/14 Pre-Market:
Analyst Comments:
Chart of the Day:
Today’s chart comes courtesy of Nomura which upgraded US Steel (X) to Buy. After making a 52 week high on 1/2/14 highs of $31.15, X has pulled back due to concerns regarding steel prices. X may need more downside to complete the pullback which started on 1/2/14 but we believe that the pressure on the stock is decreasing and giving way to opportunity.