Index Indigestion
Marc Dupee will be out of the
office until April 9. In his absence this column is being written by
TradersWire’s Duke Heberlein.
Stock index futures are digesting some of the massive
gains realized yesterday, pausing already after only one day up. Nasdaq 100
futures
(
NDM1 |
Quote |
Chart |
News |
PowerRating) are down 36.50 at 1478, while the Dow futures
(
DJM1 |
Quote |
Chart |
News |
PowerRating) have given back 125 to 9855. S&P futures
(
SPM1 |
Quote |
Chart |
News |
PowerRating) have
retreated by 16 to 1139.
Bonds are enjoying a boost on the flight out of the index contracts, with T-bonds
(
USM1 |
Quote |
Chart |
News |
PowerRating) up ^30 to 104^18 and the 10-year notes
(
TYM1 |
Quote |
Chart |
News |
PowerRating) up
^20 at 106^18.
Unleaded
gasoline
(
HUK1 |
Quote |
Chart |
News |
PowerRating), off the Momentum-5
List, is beginning to trace out a pullback following its spike higher off
the converging 20- and 50-day moving averages.
Crude
oil
(
CLK1 |
Quote |
Chart |
News |
PowerRating) still appears vulnerable to downside pressure after forming
another pullback from low.
And finally, the grain complex continues to
appear vulnerable with wheat
(
WK1 |
Quote |
Chart |
News |
PowerRating), corn
(
CK1 |
Quote |
Chart |
News |
PowerRating) and soybeans
(
SK1 |
Quote |
Chart |
News |
PowerRating) all on the Pullback
From Lows List.