Futures have tempered gains following the release of DOE stats at 10:30, which confirmed API numbers last night but slightly less Build than expected while seeing inventory draws in Cushing , Gasoline and distillates
CRUDE attempted to pop and then lost 3.5% from its highs, which coincided with Equities also stalling= See QQQ chart attempting to get up OVER its UPPER BOLLINGER BAND- 2% std dev. Right resistance (near prior lows from NOV/DEC of last year, now important as overhead resistance). so this looks to be an important level for NASDAQ 100- For today, still seeing meaningful strength in Tech and Financials (An about face of weakness yesterday, and Bonds are selling off now, so this yield rise hasn’t gone unnoticed by the Financial sector, despite nothing having changed) Materials still the largest gainers on the day, as US Dollar weakness resulting in an about face in some of the early week lagging in this sector.. but with 10 more hours of trading in the month and quarter, Materials are still set to DOMINATE the performance for the month of March up nearly 200 bps more than Financials. And 2nd best for the Quarter, second to only Utilities.. which are leading by a whopping 800+ bps.
OVER THE NEXT 3 hours.
1) Watch CRUDE if it slips UNDER 38.35.. still a lot of negative momentum over the last 2 hours..
2) S&P has begun to pullback after an hourly reversal pattern near the 2064 highs in June futures - any minor pullback should find support at 2047 near the breakout level from 3/22 highs which happened yesterday- Would be a concern if this DID NOT HOLD, under 2040 having importance