Short Term Trading Week Starting: 18 Feb, page-104

Happy Friday,

US equities were noncommittal even after yesterday’s FOMC minutes showed a willingness to alter balance sheet reduction soon and also to wait for data to confirm the need for more hikes.   The positive exceptions were the Utilities sector, Consumer Staples and Real Estate.  Treasuries, gold and many other assets took a bit of a hit today.  A neutral to conservative tone seems apparent with Thursday's weaker economic reports in the rearview and Friday's trade talks in DC and on tap.   SPX 2750 and the 200 day moving average just below offers support while 2777 is the area of congestion that the bulls would like to maintain. 2798 is the ES profile resistance.  You will see that in the dynamic version of ES contract that I will post.

The ES profile  showed kind of unfinished high on Wednesday at 2787 and what I consider an indecisive low today at 2764.25.  That comes after a very froggy overnight session which tried for the first weekly resistance area of 2800. That helps confirm what you already know from watching the market -- that both sellers and buyers are feeling a bit dubious this week.  That is open to further interpretation but perhaps keep it in mind.