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Trade Date: 4/25/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 125-20-125-22, 125-24-125-25, 125-275-125-29, 126-00-126-04

ZN S1-S4: 125-155-125-165, 125-115-125-12, 125-08-125-10, 125-00-125-04

ZN/ZB Comments: Little news OVN. Equities round the globe are higher and the ES is set to retest yesterday’s highs. TSY’s are lower in response to this equity buying. The ES high of 2401 is within reach. The inverse relationship between stks and TSY’s continues. The 2 Y auction is today and this may mitigate the buying in equities. Today’s news could stir the mkts, but probably not change much after the releases through 1000 EDT today. Today’s news: FHFA Housing Price Index is expected at +.4%, Case Shiller at +.6%, New Home Sales at 584 K, Consumer Confidence at 123.6 and Richmond Fed at 16. The focus should be New Homes Sales, Consumer Confidence and the direction of the ES. Given the 2 Y auction dynamics, I believe that TSY’s will find buyers before the auction. Resistance begins at 125-24/28 and support is at 125-12/16. I will play for a trading range mkt this AM. First sell is 125-23/27 followed by 125-31/126-03. Cover at 125-17 OB. First buy is 125-13/17 followed by 125-05/09. Exit at 125-23 OB.

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ZB R1-R4: 152-31-153-04, 153-08-153-10, 153-14-153-17, 153-20-153-25

ZB S1-S4: 152-22-152-24, 152-15-152-18, 152-09-152-12, 152-01-152-06



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ES R1-R4: 2375-2377, 2380-2385, 2390-2395, -

ES S1-S4: 2370-2371, 2365-2367, 2355-2360, -

ES Comments: Stks round the globe are higher as the French election dominates the trading. The EU will be preserved, if Macron wins on 5/07. Buy stks! And the world’s traders have responded accordingly. The ES is poised to retest the contract high at 2401. It could happen this week. Little news OVN night. Today’s news can spark volatility, but usually won’t change things. . Today’s news: FHFA Housing Price Index is expected at +.4%, Case Shiller at +.6%, New Home Sales at 584 K, Consumer Confidence at 123.6 and Richmond Fed at 16. The focus should be New Homes Sales and Consumer Confidence. IF 2377 comes out, it is a short run to 2401. Resistance begins at 2377/80 and support is at 2365/67. I like the long side first this AM. IF the mkt can’t take out and hold, 2377/80, I can trade from the sht side of the mkt. First buy is 2370/72 followed by 2365/67. Exit at 2379 OB. First sell is 2384/86 followed by 2389/91. Cover at 2372 OB.

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