Monday morning pre-open thoughts 4-15-19

So it looks like the market is going to test all time highs. Even if that’s the case as a trader it doesn’t mean you buy blindly. The key is to take one set up to the next and evaluate as we go. The ES lead buy the XLF and JPM had a great left taking the ES new yearly highs 2914.75 in the futures. The NQ also reached of 7665. Underneath the surface its sticking out to me the relative weakness in FANG types. The question is for this week is it a tell for the market? will they gain a bid? lets see how it plays out. On Monday mornings I prefer to let the action come to me as the week is brand new.

TELL

IWM – did what it had to and regained the 200 day but still shy of its year high at 159.5. It needs to hold the 157 area.

XLF- broke out above 27.10 to get to a high of 27.33. 26.9 is where it needs to hold. Watch GS and C how they act today.

CL and XLE – crude has come off from its high of 64.79. 62.2 is support. XLE broke out above 68.25 and reached 68.4 before reversing down. Watch 67.15 for support.

IBB- acting terribly. Needs to hold 10.72 and get above 112.77 to get its legs back.

SMH – right near all time highs of 114.5 area. Lets see if it can hold 112.38 upper support.

XLK – making new all time highs at 76.81. 76.11 Is the 8 day support area below.

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