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Overnight, stocks are off their highs on profit taking in front of the consumer confidence number

Top Day Recommendations

3.27

Today is Case-Schiller and its snap shot of the housing market and Consumer Confidence. Yesterday the market had its typical Pavlovian response whenever the Fed Chairman uses the word “accommodative.” Immediately the market takes this as code for stimulus and liquidity and injections of ever more liquidity is the tide that lifts all asset classes.

Overnight, stocks are off their highs on profit taking in front of the consumer confidence number.

30
               
Date
ET
Release
For
Actual
Briefing.com Briefing.com
Prior
Revised
         
Forecast
Consensus
 
From
Mar
10:00
Pending Home Sales
Feb
 
0.5%
0.5%
2.0%
 
26
   
               
Mar
09:00
Case-Shiller 20-city
Jan
 
-4.0%
-3.8%
-4.0%
 
27
Index
   
             
Mar
10:00
Consumer Confidence
Mar
 
71.0
70.0
70.8
 
27
   
               
Mar
07:00
MBA Mortgage Index
03/24
 
NA
NA
-7.4%
 
28
   
               
Mar
08:30
Durable Orders
Feb
 
2.5%
2.5%
-3.7%
-4.0%
28
 
               
Mar
08:30
Durable Orders -ex
Feb
 
0.5%
1.0%
-3.0%
-3.2%
28
Transportation
 
             
Mar
10:30
Crude Inventories
03/24
 
NA
NA
-
 
28
 
1.160M
 
             
Mar
08:30
Initial Claims
03/24
 
350K
350K
348K
 
29
   
               
Mar
08:30
Continuing Claims
03/17
 
3400K
3385K
3352K
 
29
   
               
Mar
08:30
GDP - Third Estimate
Q4
 
3.0%
3.0%
3.0%
 
Date ET Release For Actual Briefing.com Briefing.com Prior Revised
          Forecast Consensus   From
29
           
Mar
08:30
GDP Deflator - Third
Q4
0.9%
0.9%
0.9%
29
Estimate
 
Mar
08:30
Personal Income
Feb
0.3%
0.4%
0.3%
 
30
             
 
Mar
08:30
Personal Spending
Feb
0.8%
0.6%
0.2%
 
30
             
 
Mar
08:30
PCE Prices - Core
Feb
0.1%
0.1%
0.2%
 
30
             
 
Mar
09:45
Chicago PMI
Mar
62.0
62.0
64.0
 
30
             
 
Mar
09:55
Michigan Sentiment -
Mar
73.5
74.3
74.3
 
30
Final
           

MARKET PLACE

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

R2 is Weekly Strong Resistance

Levels are for the most active futures contract

    Daily Support and Resistance  
               
  Trend WS2 WS1 DS DR WR1 WR2
             
               
June PRD (U) 1366 1380 1399 1430 1407 1421
           
ES              
June D 2677 2703 2744 2810 2751 2774
           
Nasdaq              
June U 117.7 119.51 120.10 121.32 122.61 123.90
0          
Yen            
             
June PRD(U) 130.7 131.73 132.39 134.83 133.35 133.96
           
EC   6          
             
June U 127.0 128.02 128.23 129.16 129.21 130.08
           
10   3          
             
Year              
June U 134.0 135.30 137.02 138.13 138.29 140.00
           
30   2          
             
Year              
May U 13.21 13.43 13.66 14.01 13.77 14.00
           
Soybea              
ns              
May D 6.14 6.30 6.24 6.50 6.69 6.92
           
Corn              
April PRD(U) 1610. 1635.00 1662 1716 1678 1695
           
Gold   3          
             
May U 30.12 31.16 32.20 33.48 33.16 34.12
           
Silver              
May U 365 373 382 396 390 399
           
Copper              
May U 102.4 104.60 105.71 107.50 108.80 110.85
5          
Crude            
             
               

N.B.: if you initiate a trade using ANY of these numbers use a STOP at least equivalent to 2 ½%.

Repeat: use Stops. Don’t think about using Stops.

Use Stops. Some find it appropriate to look at the margin requirement and use that as a Stop or if it’s a steep initial requirement, use half. But whatever you do, stop thinking about any other alternative and use Stops.

********************************************

Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment.

Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.

Charles Kespert

***********************

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN

HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, AL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETIOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.