Excess or New Range

SP500 and Nasdaq advanced to record levels on Friday, buoyed by gains in technology stocks. Financials received a brief lift and hit their session high after reports President Trump's met with former FED's Governor Kevin Warsh to discuss his potential nomination as Fed chairman. Trump later said he has had four meetings in his search for a new chairman of the Federal Reserve Board and will decide in 2-3 weeks.

/ES Recap: Market has tested LIS 2504.75 with cash volume rising, so buyers leaned on LVN 2507.25 towards ATH 2509.25 and PBT 2511.50 Buyers remained above 2511.50 and pushed towards PBT 2514.50 and 2516.50 Finally printed new record high, leaving a bullish imbalance (PBT 2525) for the next days.

On the bigger picture, composite profile shows an excess high so buyers need to hold above 2510-2509 adding fuel on this new auction range. Otherwise, if after a new record high on RTH, sellers could sink into previous range 2509-2485.

US Bonds-Notes Update (UB-ZB-ZN-ZF)

Disclaimer: All information on this update is for educational purposes only and is not intended to provide financial advice.