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Massive move for natural gas.

 

2.20.2014

Top Day Market News

The dollar finally caught a bid after the release of the Federal Open Market Committee meeting minutes.

Yesterday’s other key feature was the massive move of natural gas. Even though the East coast is starting to warm up, natural gas stocks are now 27% below the 5 year average due to the drawdown of supply that’s occurred during this very harsh winter.

Gold and silver finally saw some profit taking as the dollar strengthened. Last night saw the release of a lower than expected Chinese Purchasing Manager’s Index. It came in at 48.3 versus an expected 49.5 and this immediately sent the Aussie dollar lower. The Nikkei was down 2.19% last night and this sent the Yen higher.

Today we get the delayed oil inventory numbers as well as continuing jobless claims, the Consumer Price Index, Philly Fed and Leading Economic Indicators.

Oil continues to be torqued by the expiration of March crude futures.


 

Week of February 17 - February 21

Date

ET

Release

For

Actual

Briefing.com Forecast

Briefing.com Consensus

Prior

Revised From

Feb 18

08:30

Empire Manufacturing

Feb

 

10.0

7.5

12.5

 

Feb 18

09:00

Net Long-Term TIC Flows

Dec

 

NA

NA

-

$29.3B

 

Feb 18

10:00

NAHB Housing Market Index

Feb

 

54

56

56

 

Feb 19

07:00

MBA Mortgage Index

02/15

 

NA

NA

-2.0%

 

Feb 19

08:30

Housing Starts

Jan

 

925K

964K

999K

 

Feb 19

08:30

Building Permits

Jan

 

975K

980K

986K

 

Feb 19

08:30

PPI

Jan

 

0.3%

0.2%

0.4%

 

Feb 19

08:30

Core PPI

Jan

 

0.2%

0.1%

0.3%

 

Feb 19

14:00

FOMC Minutes

1/29

 

 

 

 

 

Feb 20

08:30

Initial Claims

02/15

 

335K

335K

339K

 

Feb 20

08:30

Continuing Claims

02/08

 

2975K

2973K

2953K

 

Feb 20

08:30

CPI

Jan

 

0.2%

0.1%

0.3%

 

Feb 20

08:30

Core CPI

Jan

 

0.2%

0.1%

0.1%

 

Feb 20

10:00

Philadelphia Fed

Feb

 

8.0

7.4

9.4

 

Feb 20

10:00

Leading Indicators

Jan

 

0.4%

0.4%

0.1%

 

Feb 20

10:30

Natural Gas Inventories

02/15

 

NA

NA

-237bcf

 

Feb 20

11:00

Crude Inventories

02/15

 

NA

NA

3.267M

 

Feb 21

10:00

Existing Home Sales

Jan

 

4.75M

4.70M

4.87M

 


Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.

Legend U is Up

D is Down

PRD is Potential Reversal Day S2 is Weekly strong support S1 is Weekly good support DS is Daily Support

DR is Daily Resistance

R1 is Weekly Good Resistance and is calculated once a week on Sunday night

R2 is Weekly Strong Resistance and is calculated once a week on Sunday night

Levels are for the most active futures contract


Daily Support and Resistance

 

Trend

WS2

WS1

DS

DR

WR1

WR2

Mar ES

U

1767

1800

1810

1838

1853

1872

Mar Nasdaq

U

3509

3585

3626

3624

3702

3744

Mar Yen

U

96.91

97.57

97.47

98.51

98.53

99.06

Mar EC

U

135.05

136.02

137.21

137.95

137.56

138.13

Mar 10 Year Note

D

124.19

125.03

125.16

126.04

126.04

126.20

Mar 30 Year Bond

D

131.11

132.04

132.18

133.21

133.15

134.07

Mar Soybean

U

12.58

12.95

13.46

13.67

13.51

13.70

Mar Corn

U

4.27

4.35

4.49

4.56

1.49

4.55

Aprl Gold

U

1244.9

1281.9

1303

1331

1338

1358

March Silver

U

19.38

20.43

21.14

22.08

22.01

22.53

March Copper

U

318

322

324.90

330.50

328

331

April Crude

U

97.66

98.93

101.36

103.43

101.13

102.05