Emini Futures Trading / QE3 Anyone?

E-Mini S&P 500: Earnings take us over the top!

We have about 35% of the earnings reports in according to Thomson Reuters and 76% so far are better than analysts anticipated.  UPS rose 1.2% to $74.49. Shipping companies represent the barometer of business as they deliver goods internationally. 3M rose 1.9% to $95.94.  Ford Motor Co. was up 3.1% to $16.03. Looking forward to Federal Chairman Ben Bernanke’s commentary on the meeting tomorrow, we have some concern that any potential stimulus withdrawal may have a negative effect on the Stock Market. We are expecting the US Central Bank to finish the $600 billion stimulus program on June 30, however we also hang on the Fed’s “extended period” commitment and anticipate continued support.  The Consumer Confidence Report today stated that the Index rose 65.4 in April, revised from 63.8 in March. The Consumer Labor part of the report showed the jobs portion eased while inflation concerns were down slightly. Yes, now it is all eyes on the Fed and what they release tomorrow. We may show higher expectations, but feel that any profit-taking may precede the announcement.    

Wednesday, we look forward to Advance Durable Goods at 7:30 AM CST and Fed Chairman Bernanke’s statement at 1:15 PM CST.

BETWEEN the LINES

We often get the question,
"Can your indicators be used for on longer time frames?"

Let's take a look...

ES / Hourly Chart

YM / Hourly Chart

TF / Hourly Chart

Euro / Hourly Chart

Silver / Hourly ChartThe White Candle in case you're wondering... indicates a potential trend change.

"But does it work on shorter time frames as well?"

Come back tomorrow night and we'll take a look.

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Wednesday,  what to expect!  We are technically still in buy mode on the Daily Chart. The E-Mini S&P 500 has accelerated its break-out prompted by the earnings reports. Wednesday, we look for an inside to higher day! Today’s range was $1346.25 - $1328.00. The market settled at $1341.00. Our comfort zone or point of control for this market appears to be $1339.50. Our anticipated potential range for Wednesday’s trading may be $1348.75  -  $1325.25. The market stays bullish above $1325.25. The market may form a pennant before determining direction. The E-Mini S&P 500 is vulnerable to weakness at this point, but may have the ability to climb with some of the anticipated earnings forecasts. This market has broken through the $1337.75 psychological ceiling! We may find that the market may be en route to $1500.00 again.       

Best regards, 

Leslie Burton