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Bonds surprised by drifting ever higher.

2.28.2014

Top Day Market News

Last night, Japanese CPI came in at 1.4% and household spending came in stronger than expected while Japanese Industrial Production came in at 4.0% versus an expectation of 2.8%.

Yesterday, Janet Yellen basically repeated her previous Humphrey Hawkins testimony. China continues to guide the Yuan lower. Many expect that China’s Purchasing Manager’s Index could slip to 50.1.

Bonds surprised by drifting ever higher even as housing numbers were better than expected as were Durable Goods orders.

Today we get the second estimate of GDP, Chicago Purchasing managers’ Index and University of Michigan Consumer sentiment numbers.


 

Week of February 24 - February 28

Date

ET

Release

For

Actual

Briefing.com Forecast

Briefing.com Consensus

Prior

Revised From

Feb 25

09:00

Case-Shiller 20-city Index

Dec

 

12.0%

13.6%

13.7%

 

Feb 25

09:00

FHFA Housing Price Index

Dec

 

NA

NA

0.1%

 

 

Date

ET

Release

For

Actual

Briefing.com Forecast

Briefing.com Consensus

Prior

Revised From

Feb 25

10:00

Consumer  Confidence

Feb

 

81.0

80.8

80.7

 

Feb 26

07:00

MBA Mortgage Index

02/22

 

NA

NA

-4.1%

 

Feb 26

10:00

New Home Sales

Jan

 

400K

400K

414K

 

Feb 26

10:30

Crude Inventories

02/22

 

NA

NA

0.973M

 

Feb 27

08:30

Initial Claims

02/22

 

335K

335K

336K

 

Feb 27

08:30

Continuing Claims

02/15

 

2975K

2975K

2981K

 

Feb 27

08:30

Durable Orders

Jan

 

-0.2%

-1.1%

-4.2%

-4.3%

Feb 27

08:30

Durable Goods –ex  transportation

Jan

 

-0.6%

-0.3%

-1.3%

-1.6%

Feb 27

10:30

Natural Gas Inventories

02/22

 

NA

NA

-250

bcf

 

Feb 28

08:30

GDP - Second Estimate

Q4

 

2.4%

2.6%

3.2%

 

Feb 28

08:30

GDP Deflator -  Second Estimate

Q4

 

1.3%

1.3%

1.3%

 

Feb 28

09:45

Chicago PMI

Feb

 

55.0

56.0

59.6

 

Feb 28

09:55

Michigan Sentiment - Final

Feb

 

82.0

81.5

81.2

 

Feb 28

10:00

Pending Home Sales

Jan

 

-1.0%

0.8

-8.7%

 

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

1804

1819

1839

1862

1846

1859

Mar Nasdaq

U

 

3614

3639

3672

3718

3682

3711

Mar Yen

U

 

96.41

96.98

97.03

98.66

98.38

99.21

Mar EC

U

 

136.36

136.91

136.60

137.44

137.84

138.25

Mar 10 Year Note

U

124.22

125.05

126.08

126.19

126.05

126.28

Mar 30 Year Bond

U

131.19

132.11

133.26

135.06

133.28

134.21

May Soybean

U

13.22

13.41

13.74

14.27

13.83

13.96

May Corn

U

4.39

4.46

4.506

4.606

4.58

4.63

Aprl Gold

U

1296

1311

1325

1337

1336

1347

May Silver

U

21.10

21.49

20.81

21.55

22.14

22.42

May Copper

D

319

322

317

321.50

330

334

April Crude

U

98.04

100.47

101.10

103.07

103.71

105.12