ES/NQ QUARTER END MORNING NOTE 3-29-19

Es had a inside day yesterday.This week the ES held the prior pivot low of 2789.5 with a low of 2791.75. With this mornings open it is back to the weekly high 2835 area. The NQ is where the weakness this week has been where it took at prior 7290 low with at 7276 print earlier in the week. Currently, the NQ is in resistance and below key pivots of 7405.75 and the weekly high of 7447.50. To me the back n forth might not be the play today. It might be buy the dips. It depends on the NQ weather it plays catch-up or not. I will let the action dictate, but dont have strong conviction. That will change once I get more evidence by seeing what the market is actually doing.

Tells

The IWM is making a new high on the week preopen. There is res at 153.9 and I am watching 152.93 to see if it holds.

The XLF which has gotten beaten down held the prior low of 25.08 with a low this week so far of 25.3. Lets see if it still has some legs – res 26.17.

The XLE is approaching the weekly high of 66.89. It has a breakout pint at 67.42 above. Crude is back above 60 and had made a new year high so far this morning.

The semis have gotten hit this week. The SMH made a new weekly low of 103.99 yesterday Down 6 days straight. A bounce today could take the nq back to weekly highs. This is key today for the market in my view.

XLK – like the semis has gotten hit with a low of 72.34 There is res at 74.11.

The bios IBB are in a tight range. I am watching the low of 107.77 and 110.48 for some trend.

Xrt- made a new weekly high yesterday.

XHB – also very strong making a new weekly high yesterday.

IYR- has been extremely strong making new yearly highs.

The stock to watch is AAPL to see if it can get above 192.88 and stay above to give the market another leg. The recent low to watch is 185.58

GOOD LUCK AND STAY FLEXIBLE

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