Cornerstone316
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Hello Fellow traders
Hope you guys are doing well today. Well this week has certainly been a good week for the ES (Last 5 days all green.) The Dow and S&P are at their 5 year highs But are we getting a little long in the tooth up here and in looking at the options for April QQQQ. Seems to be more puts being bought then calls. So some caution needs to be looked at in here. Again I never like to rain on any parade but then again I just react to what happens in the market.
The CPI report was less then expected which in some ways is good news "quells fears of a further uptick in inflation" but do not get too excited sports fans it is still expected the fed to raise rates again this month and possible another one down the road. Just have to sit tight and wait.
Stocks making some news and to watch:
Bearish: ONNN & AIG
Bullish: PETC & CAMD
Economic Events For Friday 3/17
Focus for the day " Since a warm January caused utilities production to plunge during the month, will a chilly February lead to a sharp rebound in utilities production? Market players will be keeping a close watch on the industrial production figures to see not only the extent of the rebound, but the progress of manufacturing activity as well."
Industrial Production - 9:30
Consumer Sentiment - 9:45 (Usually a few minutes late.)
Pivots for ES Friday 3/17
R3 1332.25
R2 1322.00
R3 1318.25
PP 1311.50 - 1311.75
S1 1307.75
S2 1301.25
S3 1291.00
Keep in mind we are over 1300, see if that can be a good number to hold in here for support.
VAH 1312.00 (Anything Considered over this number is bullish.)
POC 1307.50 (Happy median for the bulls and bears.)
VAL 1305.50 (Anything below this number is considered bearish.)
Have a Great and Blessed Day
In Christ
Cornerstone316
To every thing, there is a season... a time to keep silence and a time to speak. ECCLESIASTES 3:1,7
Hope you guys are doing well today. Well this week has certainly been a good week for the ES (Last 5 days all green.) The Dow and S&P are at their 5 year highs But are we getting a little long in the tooth up here and in looking at the options for April QQQQ. Seems to be more puts being bought then calls. So some caution needs to be looked at in here. Again I never like to rain on any parade but then again I just react to what happens in the market.
The CPI report was less then expected which in some ways is good news "quells fears of a further uptick in inflation" but do not get too excited sports fans it is still expected the fed to raise rates again this month and possible another one down the road. Just have to sit tight and wait.
Stocks making some news and to watch:
Bearish: ONNN & AIG
Bullish: PETC & CAMD
Economic Events For Friday 3/17
Focus for the day " Since a warm January caused utilities production to plunge during the month, will a chilly February lead to a sharp rebound in utilities production? Market players will be keeping a close watch on the industrial production figures to see not only the extent of the rebound, but the progress of manufacturing activity as well."
Industrial Production - 9:30
Consumer Sentiment - 9:45 (Usually a few minutes late.)
Pivots for ES Friday 3/17
R3 1332.25
R2 1322.00
R3 1318.25
PP 1311.50 - 1311.75
S1 1307.75
S2 1301.25
S3 1291.00
Keep in mind we are over 1300, see if that can be a good number to hold in here for support.
VAH 1312.00 (Anything Considered over this number is bullish.)
POC 1307.50 (Happy median for the bulls and bears.)
VAL 1305.50 (Anything below this number is considered bearish.)
Have a Great and Blessed Day
In Christ
Cornerstone316
To every thing, there is a season... a time to keep silence and a time to speak. ECCLESIASTES 3:1,7
