morning update for 3-25-19

Last wee the es ade new recovery highs at 2866 only to reverse and make a new low on Friday of 2805.25 and around 2800 in the cash. This reversal in noteworthy and probably lead to more volatility and even more downside with clear resistance now at last weeks highs. The NQ was stronger last week making new highs at 7544.78 or 7513 in pit session ( cash 7505.41) and did not test its low of 7321 for the week bottoming at 7353.

Many sectors in the ES are trading near the bollinger band lows. The most notables are the XLF which dropped from a year high of 27.10 to a low 25.23. GS lead the way from a high of 206.45 to a low of 187.78. The XRT as well as the IYT are at the bllonger band lows. IYT still above the 180.45 pivot low,

The key to the market is with the NQ. The NQ even with the selling n Friday DID NOT test or takeout the low from last week of 7321 with a low of 7353. In the globex session it did take out the 7321 low with A 7290 print. We will see what happens during market hours. The SMH, XLK are the leadership with new highs and the keys to the nq and market in my view. IBB – has been weak and did not participate in the NQ move up last week. FANG – AAPL is still very strong working off overbought RSI – Fridays low is key 190.67. AMZN has also been on fire 1746-47 is a good area for support.

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