Charlies Comments 04-16-2018

Trade Date: 4/16/2018 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 120-11-120-13, 120-16-120-18, 120-19-120-20, 120-24-120-28

ZN S1-S4: 120-03-120-055, 119-28-120-00, 119-235-119-24, 119-16-119-22

ZN/ZB Comments: Equities are mixed OVN w/the US equity mkts higher into their openings this AM. IF the US equity mkts continue to rally this AM, TSY’s should sell. The inverse relationship has been reliable of late. TSY’s are headed lower because the Fed is raising interest rates w/the next increase forecast for June. The weekend news centered on the attacks on Syria and the fallout from such. The message from these attacks has to affect the actions of N Korea, Iran and others spreading trouble across the globe. WE do have news this AM that can impact the trading. Today’s news: Retail Sales is expected at +.4%, Ex-Autos at +.2%, Empire State Manufacturing Survey at 18.2, Business Inventories at +.6%, Housing Mkt Index at 70.0. The focus should be Retail Sales ex- Autos and the direction of the ES, IMO. Resistance begins at 120-12/16 and support is at 120-03/07 as the mkt opens. I like the sht side of the mkt and want to sell into early strength. If 120-00/04 then holds, can trade form the long side. First sell is 120-07/11 followed by 120-15/19. Cover at 120-01 OB. First buy is 120-00/04 followed by 119-25/29. Exit at 120-11 OB.

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ZB R1-R4: 144-27-144-30, 145-00-145-03, 145-08-145-13, 145-16-145-22

ZB S1-S4: 144-20-144-22, 144-14-144-18, 144-06-144-11, 144-00-144-04



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ES R1-R4: 2677-2680, 2685-2691, 2698-2703, -

ES S1-S4: 2661-2666, 2650-2655, 2640-2645, -

ES Comments: Will the ES rally this AM and try OVH resistance at 2700? The question of the day for traders. The equity mkts were mixed OVN w/the US mkts the strongest of the world’s mkts. The attacks on Syria were contained. Russia ran for the weeds in anticipation of the attack. Russia’s vaunted missile defense weapons were missing in action. The message for those that take on the Trump administration is that if Trump says don’t do this and you do, there will be consequences. Countries that have purchased Russian weaponry have to have doubts about the capabilities of such. Russian equipment, especially missile defense systems, has always been in question, since Viet Nam. Today’s news can impact the trading. Today’s news: Retail Sales is expected at +.4%, Ex-Autos at +.2%, Empire State Manufacturing Survey at 18.2, Business Inventories at +.6%, Housing Mkt Index at 70.0. The focus should be Retail Sales ex- Autos, IMO. Resistance begins at 2675/80 and support is at 2660/65 as the mkt opens. I like the mkt this AM. IF 2680 is rejected I can trade from the sht side of the mkt. First buy is 2661/66 followed by 2651/56. Exit at 2680 OB. First sell is 2684/89 followed by 2694/99. Cover at 2656 OB.

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