05/02/2016 Live Update

[Cobra]

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generally this rebound should fail eventually.

[wanteasymoney]

Cobra are we in Bull Market today we close above 2100 ! I am all in

[fehro]

SPX opening near 20d SMA @ 2075ish, neckline retest 2083ish area, wedge break 2093ish. Take out Fri's LOD 2050ish, look for 2030. - 50d @ 2032ish

[fehro]

SPX pre-open - SPX opening near 2071ish * Fri's messy minor invs. H&S target 2085ish.

[Cobra]

members only update starts here: http://www.cobrasmarketview.com/2016/05 ... ay-update/

[daytradingES]

barcharts:
8:30 AM 5/2/2016

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.32%) are up +0.13% and European stocks are up +0.24% after a gauge of European Apr manufacturing activity was revised upward. Activity was subdued with markets in the UK and China closed today for May Day holidays. Mining stocks were higher with the price of gold (GCM16 +0.85%) up +0.86% at a 1-1/4 year high. Gains were limited as energy producers fell with the price of crude down -0.65% after Iraq reported its Apr crude exports rose +2.1% m/m to 3.36 million bpd, just below November's record high of 3.365 million bpd. Asian stocks settled lower: Japan -3.11%, Australia -0.18%, South Korea -0.71%, India -0.66%. Stock markets in Hong Kong, China, Taiwan and Singapore were closed for holiday. Japan's Nikkei Stock Index fell to a 2-1/2 week low as exporter stocks sold off after USD/JPY dropped to a fresh 1-1/2 year low, which reduces the earnings prospects of exporters. The slide in Japanese stocks boosted the safe-haven demand for government debt after the yield on Japan's 20-year note slipped to a record low of 0.24%.

The dollar index (DXY00 -0.21%) is down -0.18% at a new 8-1/4 month low. EUR/USD (^EURUSD) is up +0.24% at a 6-1/2 month high. USD/JPY (^USDJPY) is up +0.10%.

Jun T-note prices (ZNM16 +0.05%) are up +2.5 ticks.

The Eurozone Apr Markit manufacturing PMI was revised upward to 51.7 from the originally reported 51.5.

The China Apr manufacturing PMI unexpectedly fell -0.1 to 50.1, weaker than expectations of +0.1 to 50.3.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.32%) this morning are up +2.75 points (+0.13%). Friday's closes: S&P 500 -0.51%, Dow Jones -0.32%, Nasdaq -0.52%. The S&P 500 on Friday sold off to a 2-1/2 week low and closed lower mainly because of weaker-than-expected U.S. economic reports. Those reports included the +0.1% increase in U.S. Mar personal spending (weaker than expectations of +0.2%), the -3.2 point decline in the Apr Chicago PMI to 50.4 (weaker than expectations of -1.0 to 52.6), and the unexpected -0.7 point decline in the final U.S. Apr University of Michigan consumer sentiment to 89.0 (weaker than expectations of +0.3 to 90.0 and the lowest in 7-months).

June 10-year T-note prices (ZNM16 +0.05%) this morning are up +2.5 ticks. Friday's closes: TYM6 +3.50, FVM6 +3.00. Jun T-notes on Friday posted a 1-week high and closed higher on increased safe-haven demand with the sell-off in stocks and on the weaker-than-expected economic reports that included personal income, Chicago PMI and consumer sentiment.

The dollar index (DXY00 -0.21%) this morning is down -0.167 (-0.18%) at a new 8-1/4 month low. EUR/USD (^EURUSD) is up +.0027 (+0.24%) at a 6-1/2 month high. USD/JPY (^USDJPY) is up +0.11 (+0.10%). Friday's closes: Dollar Index -0.743 (-0.79%), EUR/USD +0.0099 (+0.87%), USD/JPY -1.61 (-1.49%). The dollar index on Friday slumped to an 8-1/4 month low and closed lower on weaker-than-expected U.S. economic reports. In addition, USD/JPY fell sharply to a 1-1/2 year low after the BOJ failed to implement new stimulus at its policy meeting. Meanwhile, EUR/USD rallied to a 2-week high after Eurozone Q1 GDP expanded at a faster-than-expected pace.

June WTI crude oil (CLM16 -0.02%) this morning is down -30 cents (-0.65%). June gasoline (RBM16 +0.24%) is down -0.0007 (-0.04%). Friday's closes: CLM6 -0.11 (-0.24%), RBM6 -0.0063 (-0.39%). Jun crude oil and gasoline Friday closed lower on the +484,000 bpd increase in OPEC Apr oil production to a record 33.217 million bpd and the slide in the S&P 500 to a 2-1/2 week low. Jun crude initially posted a 5-3/4 month high on Friday after the dollar index tumbled to an 8-1/4 month low.

GLOBAL EVENT CALENDAR05/02/2016
US 0850 ET Atlanta Fed President Dennis Lockhart delivers introductory remarks at the Atlanta Fed financial markets conference.
0945 ET Final-Apr Markit manufacturing PMI expected unch at 50.8, preliminary-April -0.7 to 50.8.
1000 ET Apr ISM manufacturing index expected -0.4 to 51.4, Mar +2.3 to 51.8. Apr ISM new orders, Mar +6.8 to 58.3. Apr ISM employment, Mar -0.4 to 48.1. Apr ISM prices paid expected +0.5 to 52.0, Mar +13.0 to 51.5.
1000 ET Mar construction spending expected +0.5% m/m, Feb -0.5% m/m.
1100 ET USDA weekly grain export inspections.
1600 ET USDA Weekly Crop Progress.
1730 ET San Francisco President John Williams speaks on a panel on Systemic Risk: Inevitable or Preventable? at the 2016 Milken Institutes Global Conference.
JPN 0100 ET Japan Apr vehicle sales, Mar -3.2% y/y.
GER 0355 ET Revised German Apr Markit/BME manufacturing PMI, preliminary +1.2 to 51.9.
EUR 0400 ET Revised Eurozone Apr Markit manufacturing PMI, preliminary -0.1 to 51.5.
1000 ET ECB President Mario Draghi delivers keynote speech at the Asian Development Bank meeting in Frankfurt at a seminar on The Future of Financial Markets: A Changing View of Asia.
UK n/a UK markets closed for Early May Bank Holiday.

[BullBear52x]

start the day with short term come2papa sell.

[wanteasymoney]

Boom !!!

[BullBear52x]

sell 64.75/es

[fehro]

mind the possible pullback in oil /CL ~ USOIL d/60m.. target $44.45ish (*should be 44.00 - pivot is 44.45) for craziness.. 20d 41.92

[fehro]

mind the minor SPX open gap 2065.30 - 2067.17, hourly candle looking a little sick. but 15m to go

[BullBear52x]

out 62 es

warming up

[wanteasymoney]

sqeeze !

[fehro]

SPX not quite a gap fil.. 0.60 ish short… mind the 2nd invs H&S SPY 20d SMA breaks to the upside .. looking for 209.25 SPY for crazy upside

[fehro]

DXY Daily.. dollar feeling some heat today.. new LOD, takes out last weeks lows

[BullBear52x]

sell 62.5 es

[daytradingES]

H/L est 2071.25 2053.25 18.00

[daytradingES]

Released On 5/2/2016 10:00:00 AM For Apr, 2016
Prior Consensus Consensus Range Actual
ISM Mfg Index - Level 51.8 51.5 49.5 to 52.5 50.8

[Cobra]

members only update at 10:02 am
http://www.cobrasmarketview.com/2016/05 ... ay-update/

[fehro]

INDEX days.. VIX trying to hold above it's 50d 15.71