New Market Levels To Know After Our Strong Close To The Week

Welcome back everyone! Happy Easter weekend! I hope it will be a safe and fun one for you. I want to go over some things on the stock and equities side. Whether you trade futures or you trade equities, these levels I’ve been telling you about are very important. We talked about from directional trading bias, breaking down through the accumulation bars that are up above the distribution bars. You can see on some of these key markets we did get through some of the accumulation bars that I mentioned to you. The DAX is still struggling to get through it. That would open it up to the downside if we do. If we break down the NASDAQ below the 5341 area, that would bode very well for further selling. If we get below the resistance on the Dow, which is just above the 2350 level, that could bode very well. We’re almost there as you can see. On the S&P, the key level to watch is the 2317 area. If we get down below there, there is room to grow. Initially, we’ll get a little speed bump around the 2310 area but below that it opens up. There’s a lot of opportunity to the downside. People need to be very careful if you take these trades aggressively beforehand. One thing is important to understand, if you’re looking to have the markets go your direction to push your favorite stock, then you want to be above or below these key levels. If you want to see the market go down, you want to get below these areas. Several institutions voted with their money to stop this market from going down then drove it all the way up. For a few weeks afterward, everytime we came into that area, it popped back off. Now, it dug a little deeper into that area with Friday’s close but make no mistake, it’s still within those key areas. If you get too aggressively short, you want to trade smart around it. If you were in our trading room, you watched it pop. You need to be smart about this and think directionally on an intraday basis until we break these big levels. We’re watching these key support levels that I just identified. This is important whether you’re an equity, options or futures trader. These levels are very important for you no matter who you are.

Crude oil continues to find resistance at these same areas I pointed out in the last few days as well as the last few months. The 5350 and now 5400 area, it’s a concrete wall up above us but the market’s going nowhere fast. If we break above that, we could see some big rallies. We’re watching the Middle East and the weekly reports to see if we can get some guidance.

On the Bonds, we have some very key levels that we’re looking at. Sure enough, we held those levels as of Friday. That’s on the futures side. If we can break above that, there’s a lot of room to grow to the upside. If we look to the bond ATF, you’ll see a very similar story here. Whether you’re a stock, futures or options trader, these things very much apply. We’re still struggling right now. We had doji star close so I do not consider this a decisive break. I’d like to see if we can hold this area right here just above the 123, hold that as support and take back off.

There’s some great things – something for everybody. We’re at some new key levels. In the meantime, take full advantage of this intraday trading and close out the week hard and strong. With that being said, we’re looking forward to jumping into it hard in the live trading room as well as in the nightly videos. Take care everyone!

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