Daily Analysis

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Trade Date: 3/19/2018 Commentary (delayed until 10.20 AM ET)
ZN R1-R4: 120-095-120-12, 120-14-120-16, 120-195-120-20, 120-24-120-28

ZN S1-S4: 120-025-120-04, 119-305-120-00, 119-28-119-285, 119-20-119-24

ZN/ZB Comments: The week starts w/TSY’s lower in anticipation of a rate hike on Wed and forward guidance that might show 4 interest rate increases as opposed to 3. Equities are lower outside of China’s mkts too. The FOMC announcement on Wed was cited a one of the reasons for selling in equities. Higher interest rates lead to lower TSY prices. No news to speak of OVN nor scheduled for this AM. The FOMC announcement tends to freeze the mkts, when the Fed is expected to change the status quo. A trading range mkt w/a down bias is likely through Wed’s announcement. Resistance begins at 120-08/12 and support is at 120-00/04 as the mkt opens. I like the sht side of the mkt first this AM. First sell is 120-07/11 followed by 120-15/19. Cover at 120-01 OB. First buy is 120-00/04 followed by 11925/29. Exit at 120-11 OB.

ZB R1-R4: 144-08-144-10, 144-12-144-13, 144-16-144-20, 144-24-144-29

ZB S1-S4: 144-00-144-02, 143-26-143-28, 143-20-143-24, 143-10-143-16

ES R1-R4: 2742-2746, 2750-2752, 2755-2762, -

ES S1-S4: 2733-2735, 2728-2730, 2720-2725, -

ES Comments: Stks are lower round the globe outside of China w/Japan’s mkts leading the way. The tape cites Facebook woes, Apple’s plan to develop its own screens, Wed’s interest rate increase, political uncertainties in the EU and more. The FANG’s are catching more negative news about their political involvement and coercive activities against competitors. Google, Facebook, Twitter and others in a previous age would be subject to antitrust prosecution and regulation. This pressure has started in the EU and may spread to the US as more of their activities re uncovered. Little official economic news over the weekend. None scheduled for this AM in the US. Wed’s FOMC announcement tends to sideline the institutions as they await the Fed’s announcement. The Fed is expected to raise interest rates by 25 bp’s on Wed. The mkt will focus on their forward guidance where 3 interest rate increases are currently forecast. Resistance begins at 2745/50 and support is at 2730/35 as the mkt opens. I like a sht this morning, but can trade from the long side if 2730 holds as support. First sell is 2739/44 followed by 2749/54. Cover at 2731 OB. First buy is 2726/31 followed by 2716/21. Exit at 2744 OB.