tells and outlook for 3-27-19

TIME TO BE TACTICAL

The ES topped out last week at 2866 and dropped to Monday lows of of 2789.5. It recovered to fail at 61.8% of that move at 2835 yesterday. We bottomed yesterday at 2808.5. My thinking is that we are going to have some back n forth and maybe some more downside.

LEVELS

2866 – HIGH

2842 – upside tgt

2835 yh

2831.75 – overnight highs

2814 – overnight low

2806-08 yesterday low and fib

2789.5 – weekly low

I will add downside and upside targets through the day.

The NQ topped out last week at 7544.75 and dropped to Mondays low of 7290. It recovered from those lows to topped out at 61.8% right at 7447.5. It bottomed yesterday at 7340.50 and was the weaker of the 2 indexes in the afternoon. I expect back n forth here as well and is looking slightly stronger than the es in the morning trade.

LEVELS

7544.75 – HIGH

7447.5 YH

7415 – upside tgt

7403.75- OVERNIGHT HIGH

7359.5 OVERNIGHT LOW

7340.5 – YL

7290 – WEEKLY LOW

will add levels during the day

TELLS

The banks have a very weak bounce after being decimated. The XLF had a high of 25.59 and low of 25.28. Will it test higher at 25.89 or restest the low of 25.08? Jpm was just pathetic and couldn’t find any legs 100.57 or 98.09?

Energy – crude made anew high above 60 at 60.38 and has come off. The 10;30 number should move this one. XLE had a high of 66.67 and low of 66.08. Will it test the failed breakout level of 67.42 or will it fill the downside gap of 65.61.

The semis tried to find traction with a high of 107.22 and low of 105.64. Will it make another run at 110.6 or retest the low of 104.58?

Xlk will it test yh of 74.11 and make a run to 75.22 or test lows of 72.53?

IBB – bios trying to find legs 100.41 high with 112 above or 109.13 low with a pivot low of 106.98.

AAPL- topped out at 197.60 and hit a low of 184.58 yesterday. The high of 192.88 is a critical sopt for it to regain footing. Below there is room to 181.

FB – showing some power with a high of 169.45 and low of 166.35.

AMZN – has had amjor run and might stall here. 1805 HIGH with 1773 low. It has a high of 1823 above and 200 day at 1733.

Good luck and stay flexible

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