TheStrategyLab.com Price Action Trading Support Forum

Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)
Phone: +1 708 572-4885
Free Chat Room: http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164
Business Hours: 8am - 5pm est (Mon - Fri)
questions@thestrategylab.com (24/7)
http://twitter.com/wrbtrader (24/7)


click on the above image to view today's performance verification

Price Action Trade Performance for Today: Emini TF ($TF_F) futures @ $100.00 dollars or +1.00 points, Emini ES ($ES_F) futures @ $1,500.00 dollars or +30.00 points, Light Crude Oil CL ($CL_F) futures @ $0.00 dollars or +0.00 points, Gold GC ($GC_F) futures @ $0.00 dollars or +0.00 points and EuroFX 6E ($6E_F) futures @ $0.00 dollars or +0.0000 ticks. Total Profit @ $1,600.00 dollars

Russell 2000 Emini TF Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE
S&P 500 Emini ES Futures: 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup
Light Crude Oil CL (WTI) Futures: 1 tick or 0.01 = $10.00 dollars and there's more contract information @ CMEGroup
Gold GC Futures: 1 tick or 0.10 = $10.00 dollars and there's more contract information @ CMEGroup
EuroFX 6E Futures: 1 tick or 0.0001 = $12.50 dollars and there's more contract information @ CMEGroup

Trade Log: All of my trades were posted real-time in the timestamp ##TheStrategyLab chat room. You can read today's price action trading information about my trades (e.g. time, price entry, contract size, price exit) as the trade traversed to its completion. Also, sometimes I'll post real-time trading tips in ##TheStrategyLab chat room involving WRBs, WRB Hidden GAPs, Key Market Events (KME), Tutorial Chapters 2 & 3, WRB Zones, Reaction Highs/Lows, Contracting Volatility or Expanding Volatility. Its all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=141&t=2041


Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis). I'm primarily a day trader because it suits my personal lifestyle but I do occasionally swing trade and position trade. Simply, my trade method is applicable for position trading, swing trading and day trading.

##TheStrategyLab Chat Room is free. Members and I use the chat room to post WRB Analysis commentary, real-time trades and to post anything else related to trading. The chat room helps me tremendously in my own trading because I use it to document (journal) general volatility analysis involving WRB Analysis so that I can easily review at a later date my thoughts as I interacted with the markets...info I can not get from my broker statements. Also, this is not a signal calling chat room where a head trader tells you when to buy or sell and I do not have the time/energy/resources to manage a signal calling chat room. Access instructions for chat room @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=164

Price Action Analysis via Advance WRB Analysis Tutorial Chapters @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718

Analysis -----> Trade Signals

Trade Signal Strategies via Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support (answering your questions) prior to purchasing the Volatility Trading Report (VTR). All WRB Analysis Tutorial Chapters 1 - 12 are included in the purchase of the Volatility Trading Report (VTR).

Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=259&t=2687

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Market Context Summaries

The below summaries by Bloomberg, Briefing, Reuters and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/BOE/IMF actions or any important global economic events (e.g. Eurozone, MarketWatch.com) that had an impact on today's price action in many trading instruments I monitor during the trading day. Simply, I'm a strong believer that key market events causes key changes in supply/demand and volatility resulting in trade opportunities (swing points and strong continuation price actions) that reach profit targets. Thus, I pay attention to these key market events, intermarket analysis (e.g. Forex EurUsd, EuroFX 6E futures, Gold GC futures, Light Crude Oil (WTI) CL & Brent Oil futures, Eurex DAX futures, Euronext FTSE100 futures, Emini ES futures, Emini TF futures, Treasury ZB futures and U.S. Dollar Index futures) while using WRB Analysis from one trade to the next trade to give me the market context for price action trading before the appearance of my technical analysis trade signals. Therefore, I maintain these archives to allow me to understand what was happening on any given trading day in the past involving key market events to help better understand my trade decisions (day trading, swing trading, position trading)...something I can not get from my broker statements alone. Further, most financial websites remove (delete) their archives after a few years to make room for new content. Therefore, I maintain my own archives of the news content so that I have it available for me when financial websites no longer archives their content.


click on the above image to view today's price action of key markets


4:10 pm: [BRIEFING.COM] The stock market extended its March decline on Tuesday, but was able to end the first quarter in the green. The S&P 500 (-0.9%) lost 1.7% for the month, but added 0.4% during the first quarter. The tech-heavy Nasdaq (-0.9%) outperformed, losing 1.3% in March to narrow its Q1 gain to 3.5%. For its part, the Dow Jones Industrial Average (-1.1%) lost 2.0% in March and shed 0.3% in Q1.

Equity indices started the day amid broad pressure while the Dollar Index (98.31, +0.33) added to yesterday's gain. The S&P 500 tried climbing off its opening low, but daylong weakness among heavily-weighted sectors like health care (-1.5%), industrials (-1.0%), and energy (-0.9%) prevented the index from turning positive. On the flip side, the consumer discretionary sector (-0.5%) held a modest gain into the afternoon, but slipped into the red during the final hour.

Still, the discretionary sector ended ahead of its peers with homebuilders contributing to the relative strength after DR Horton (DHI 28.48, +0.47) was upgraded to 'Positive' from 'Neutral' at Susquehanna. Shares of DHI gained 1.7% while the iShares Dow Jones US Home Construction ETF (ITB 28.23, -0.03) surrendered its gain ahead of the close. Similarly, apparel and luxury retailers outperformed with Movado (MOV 28.49, +2.86) jumping 11.2% in reaction to better than expected results.

Elsewhere among cyclical sectors, industrials (-1.0%) were pressured by large cap names like Boeing (BA 150.08, -2.62) and General Electric (GE 24.81, -0.31) while the energy sector (-0.9%) lagged amid weakness in crude oil. WTI crude fell 1.9% to $47.72/bbl and locked in a 12.7% decline for the quarter. For its part, the energy sector lost 3.6% in Q1.

Once again, dollar strength was a headwind for oil as the Dollar Index added 0.3% for the day and ended the month higher by 2.7%. Furthermore, the index spiked more than 8.0% during the first quarter.

Nine of ten sectors ended the month in negative territory while health care (-1.5%) gained 0.8% in March. Biotechnology helped the sector end the month ahead of its peers, but the group contributed to today's underperformance. The iShares Nasdaq Biotechnology ETF (IBB 343.48, -7.84) lost 2.2%, but still added 1.8% in March.

Treasuries posted slim gains after a slow daylong climb. The 10-yr yield slipped two basis points to 1.93%. For the month, the benchmark yield fell seven basis points from 2.00%.

Today's participation was better than average with roughly 950 million shares changing hands at the NYSE floor.

Economic data included Chicago PMI, Consumer Confidence, and Case-Shiller 20-City Index:

The Conference Board's Consumer Confidence Index increased to 101.3 in March from an upwardly revised 98.8 (from 96.4) while the Briefing.com consensus expected the reading to hold at 96.4
Labor market improvements catalyzed the increase in confidence as initial claims levels returned to their sub-300,000 trend over the past couple of weeks
The Chicago PMI increased to 46.3 in March from 45.8 in February while the Briefing.com consensus expected an increase to 52.0
Chicago PMI fell from 59.4 to 45.8 in February, which was immediately blamed on extreme weather conditions. As weather conditions returned to normal in March, manufacturing activities were expected to return to their previous expansionary cycle, but that did not happen
Conditions did improve modestly, but the overall index remained firmly in contraction for a second consecutive month, meaning the pullback that began in February was likely not the result of temporary weather problems
The Case-Shiller 20-city Home Price Index for January rose 4.6%, which is what the Briefing.com consensus expected
The previous month's increase was revised to 4.4% from 4.5%

Tomorrow, the weekly MBA Mortgage Index will be released at 7:00 ET while the ADP Employment report for March (Briefing.com consensus 225K) will cross the wires at 8:15 ET. The day's data will be topped off with the 10:00 ET release of the March ISM Index (consensus 52.5) and the Construction Spending report for February (expected -0.3%).

Nasdaq Composite +3.5% YTD
Russell 2000 +4.0% YTD
S&P 500 +0.4% YTD
Dow Jones Industrial Average -0.3% YTD

3:40 pm: [BRIEFING.COM]

WTI crude oil pulled back below $48/barrel in afternoon trading
May crude ultimately closed $0.93 lower at $47.72/barrel
May natural gas lost $0.01 to $2.64/MMBtu
Copper futures were in the red all day and finished floor trading $0.04 lower at $2.74/lb
June gold fell $2.30 to $1183.20/oz, while May silver lost $0.08 to $16.60/oz

2:55 pm: [BRIEFING.COM] The S&P 500 trades lower by 0.4% with one hour remaining in the session.

The benchmark index began the day in negative territory, but tried to stage a rebound off its opening low; however, the index could only retrace about 2/3 of its opening decline before heavily-weighted sectors like health care (-0.8%), industrials (-0.6%), and energy (-0.6%) pressured the market into the neighborhood of its opening low.

Barring a volatile final hour, the S&P 500 is on course to end the month with a 1.3% loss, which will narrow its quarterly gain to 0.9%.

2:30 pm: [BRIEFING.COM] Equity indices continue drifting inside narrow ranges with the S&P 500 having spent the past three hours in a six-point channel.

The consumer discretionary sector (+0.2%) continues defending a slim gain while the remaining five cyclical groups trade in the red. The energy sector (-0.4%) is among those decliners, but the growth-sensitive sector has held up relatively well considering crude oil is lower by 2.1% at $47.62/bbl going into the pit close.

Elsewhere, Treasuries remain near their highs with the 10-yr yield down one basis point at 1.93%.

1:55 pm: [BRIEFING.COM] The S&P 500 hovers in the middle of its trading range.

Many analysts have blamed extreme inclement weather conditions for the disappointing February economic data. The March Chicago PMI results throws another wrench into that theory.

The Chicago PMI increased to 46.3 in March from 45.8 in February. The Briefing.com Consensus expected the index to increase to 52.0.

In January, the Chicago PMI stood at 59.4. The sudden drop into a significant contraction in February was immediately blamed on extreme weather conditions. As weather conditions returned to normal in March, manufacturing activities were expected to return to their previous expansionary cycle.

That did not happen.

Conditions did improve modestly, but the overall index remained firmly in a contraction for a second consecutive month.

Furthermore, the underlying details in March suggest that weakness that started in February may be the beginning of a longer and weaker trend.

The overall production index increased to 49.3 in March from 44.8 in February, but remains underneath the expansion/contraction threshold. The contraction in both new (42.3 from 42.0) and unfilled (41.9 from 41.1) orders were virtually unchanged. There are not enough unfilled orders on the books to push production back into an expansion without a sizable increase in new orders growth.

1:30 pm: [BRIEFING.COM] The major U.S. indices have gained further traction since our last update as equities try to bounce off their earlier lows

In equities, Charter Communications (CHTR 196.63, +13.24) is outperforming after confirming before the open that it will acquire cable operator Bright House Networks for $10.4 bln. SolarCity (SCTY 51.62, +1.05) after Chairman Elon Musk tweeted "SolarCity just hit a new daily energy record of 5GWh two weeks after reaching 4GWh".

As we head into the late afternoon, volume and news flow have dropped off notably.

On a separate note, WTI crude oil sits just above $48/bbl an hour ahead of the pit close. As a reminder, API inventory data is due out tonight about 4:30 PM ET

1:00 pm: [BRIEFING.COM] The major averages hover near their lows at midday with the Dow Jones Industrial Average (-0.6%) trading behind the S&P 500 (-0.4%) and Nasdaq Composite (-0.4%).

Equity indices began the day under broad pressure after the overnight session featured a retreat across European markets. Similarly, the euro has given up 0.9% against the dollar (1.0725), which has sent the Dollar Index (98.47, +0.50) higher by 0.5%. Including today's advance, the index is on track to end the month higher by 2.9%.

Once again, the dollar strength has weighed on crude oil, sending the energy component lower by 1.8% to $47.79/bbl. For its part, the energy sector trades lower by 0.5% while eight other sectors also trade in the red.

The industrial sector (-0.8%) is the weakest performer on the cyclical side with large cap names fueling the underperformance. Dow components Boeing (BA 150.78, -1.92) and General Electric (GE 24.81, -0.27) are both down near 1.2% while transport stocks have stayed ahead of the sector. The Dow Jones Transportation Average has given up 0.6%.

Elsewhere among cyclical groups, financials (-0.4%) and technology (-0.4%) trade in-line with the broader market while the consumer discretionary sector (+0.3%) has spent the first half in positive territory. Homebuilders have contributed to the relative strength after DR Horton (DHI 28.48, +0.47) was upgraded to 'Positive' from 'Neutral' at Susquehanna.

Also of note, health care (-0.7%) hovers near the bottom of the barrel with biotechnology pressuring the sector. The iShares Nasdaq Biotechnology ETF (IBB 346.66, -4.65) has slid 1.3%, but the broader health care sector remains on track to end the month higher by 1.5%.

Treasuries hold modest gains after climbing off their overnight lows with the 10-yr yield lower by a basis point at 1.93%.

Economic data included Chicago PMI, Consumer Confidence, and Case-Shiller 20-City Index:

The Conference Board's Consumer Confidence Index increased to 101.3 in March from an upwardly revised 98.8 (from 96.4) while the Briefing.com consensus expected the reading to hold at 96.4
Labor market improvements catalyzed the increase in confidence as initial claims levels returned to their sub-300,000 trend over the past couple of weeks
The Chicago PMI increased to 46.3 in March from 45.8 in February while the Briefing.com consensus expected an increase to 52.0
Chicago PMI fell from 59.4 to 45.8 in February, which was immediately blamed on extreme weather conditions. As weather conditions returned to normal in March, manufacturing activities were expected to return to their previous expansionary cycle, but that did not happen
Conditions did improve modestly, but the overall index remained firmly in contraction for a second consecutive month, meaning the pullback that began in February was likely not the result of temporary weather problems
The Case-Shiller 20-city Home Price Index for January rose 4.6%, which is what the Briefing.com consensus expected
The previous month's increase was revised to 4.4% from 4.5%

12:30 pm: [BRIEFING.COM] The major averages have returned to their session lows with the Dow Jones Industrial Average (-0.6%) trading behind the S&P 500 (-0.5%). Today's weakest sector-industrials-has extended its decline to 0.8% while the lone advancer-consumer discretionary-has narrowed its gain to 0.2%.

Elsewhere, the top-weighted technology sector (-0.5%) trades in-line with the broader market. Large cap names like Apple (AAPL 125.15, -1.22), Microsoft (MSFT 40.65, -0.31), Google (GOOGL 561.47, +0.34), and Visa (V 65.86, +0.20) trade in mixed fashion while chipmakers trade mostly lower with the PHLX Semiconductor Index down 1.1%.

12:00 pm: [BRIEFING.COM] Equity indices have ticked down from their rebound highs as part of a move that saw the health care sector (-0.7%) return to its worst level of the day. Biotechnology has pressured the sector with the iShares Nasdaq Biotechnology ETF (IBB 346.59, -4.73) trading lower by 1.4%. Despite today's decline, the high-beta ETF remains on track to end the month higher by 2.7% and is up more than 14.0% since the end of 2014.

Meanwhile, the remaining countercyclical sectors have fared a bit better with consumer staples (-0.4%) and telecom services (-0.5%) holding losses while the utilities space hovers near its flat line.

Elsewhere, Treasuries hover near their morning highs with the 10-yr yield lower by a basis point at 1.94%.

11:30 am: [BRIEFING.COM] Recent action saw the S&P 500 narrow its decline to 0.2% with the consumer discretionary sector extending its gain to 0.6%.

Homebuilders trade higher across the board after DR Horton (DHI 28.54, +0.54) was upgraded to 'Positive' from 'Neutral' at Susquehanna. Shares of DHI have jumped 1.9% while the broader iShares Dow Jones US Home Construction ETF (ITB 28.42, +0.16) trades higher by 0.6%.

Apparel and luxury retailers have also contributed to the sector's outperformance following Movado's (MOV 29.69, +4.06) better than expected results.

11:00 am: [BRIEFING.COM] The major averages have climbed off their lows with the S&P 500 (-0.3%) erasing roughly half of its opening decline. Eight of ten sectors remain in the red while consumer discretionary (+0.3%) and utilities (+0.1%) display slim gains.

On the flip side, the industrial sector (-0.7%) is the weakest performer with large cap components like Boeing (BA 151.33, -1.37) and General Electric (GE 24.87, -0.25) both down near 1.0%. Meanwhile, high-beta transport stocks trade ahead of the sector, but behind the broader market with the Dow Jones Transportation Average lower by 0.5%.

Elsewhere among cyclical sectors, technology (-0.4%) and financials (-0.4%) trade a little behind the S&P 500.

10:45 am: [BRIEFING.COM]

Grains are trading modestly lower ahead of today's market-moving USDA reports, which includes the annual Prospective Planting Report and the quarterly grain stocks report
Both will be released at Noon EST and should provide notable trading volatility in agriculture futures such as corn, wheat and soybeans
Currently, corn is trading at -0.1% at $3.94/bushel, wheat is 0.6% at $5.27/bu and soybeans are 0.2% at $9.69/bu
WTI crude oil began trading in the red today and fell as low as $47.28/barrel
In more recent trade, May crude found some buying interest as news came out that Iran talks will continue
Currently, May crude is -0.5% at $48.40/barrel
In other energy, May nat gas is +0.9% at $2.67/MMBtu
After hitting overnight lows, precious metals having been trending higher all morning.
June gold is now +0.3% at $1,188.40/oz, while May silver is +0.6% at $16.77/oz

10:00 am: [BRIEFING.COM] The S&P 500 trades lower by 0.5%.

Just released, the consumer confidence reading for March came in at 101.3 while economists polled by Briefing.com expected the survey to come in at 96.4. This followed the prior month's revised reading of 98.8 (from 96.4).

9:45 am: [BRIEFING.COM] As expected, the major averages began the day under pressure. The Dow, Nasdaq, and S&P 500 all trade with losses close to 0.4% apiece as nine of ten sectors hover in the red.

Cyclical sectors outperformed yesterday and those groups are among today's early laggards. The energy sector (-0.9%) is the weakest performer while crude oil trades lower by 1.3% at $48.04/bbl. As for the remaining growth sensitive groups, industrials (-0.6%) and materials (-0.8%) lag while the consumer discretionary sector (unch) outperforms.

On the countercyclical side, telecom services (+0.1%) and utilities (+0.2%) outperform while health care (-0.5%) trades in-line with the market. It is worth noting that biotechnology lags with the iShares Nasdaq Biotechnology ETF (IBB 348.29, -3.03) trading lower by 0.9%.

Just released, the Chicago PMI for March rose to 46.3 from 45.8 while the Briefing.com consensus expected a jump to 52.0.

9:10 am: [BRIEFING.COM] S&P futures vs fair value: -12.80. Nasdaq futures vs fair value: -16.60. The stock market is on track for a cautious open with S&P 500 futures trading 13 points below fair value. Index futures have spent the entire night in negative territory, sliding to lows shortly after 7:00 ET. Since then, futures have inched up off their lows, but they continue holding the bulk of their losses while markets in Europe also trade in the red.

Yesterday, the market rallied despite dollar strength, which has continued into today. The Dollar Index (98.42, +0.45) is higher by 0.5% and is on track to end the month higher by nearly 3.0%. Furthermore, the index has extended its Q1 gain to 8.2%.

Dollar strength has posed a headwind to crude oil since the start of the year and the energy component trades lower by 1.8% at $47.78/bbl today, which has widened its quarterly loss to 12.8%.

On the corporate front, homebuilders are likely to show relative strength with DR Horton (DHI 28.20, +0.19) trading higher by 0.7% in pre-market after Susquehanna upgraded the stock to 'Positive' from 'Neutral.'

Treasuries hold slim gains with the 10-yr yield down a basis point at 1.94%.

9:01 am: [BRIEFING.COM] S&P futures vs fair value: -12.10. Nasdaq futures vs fair value: -16.10. The S&P 500 futures trade 12 points below fair value.

The Case-Shiller 20-city Home Price Index for January rose 4.6%, which is what the Briefing.com consensus expected. This followed the previous month's increase of 4.5%.

8:30 am: [BRIEFING.COM] S&P futures vs fair value: -13.60. Nasdaq futures vs fair value: -21.10. The S&P 500 futures trade 14 points below fair value.

Asian equity markets finished the day on a mixed note. The Shanghai Composite led off this morning with a 1.0% fall, which seemed fairly predictable following the PBOC's announcement to ease property curbs yesterday morning. As such, traders took profits out of the index on the last trading day of the quarter. A local report out of the Mainland suggested that the policy change could boost new home sales by mid-single-digits by year end.

In economic data:
Japan's February Housing Starts -3.1% year-over-year (expected -7.1%; last -13.0%)
Hong Kong's February Retail Sales +14.9% year-over-year (consensus -8.4%; previous -14.5%)
South Korea's February Industrial Production +2.6% month-over-month (expected 0.4%; last -3.8%) while Retail Sales +2.8% month-over-month (last -2.8%)
Australia's February HIA New Home Sales +1.1% month-over-month (prior 1.8%) and February Private Sector Credit +0.5% month-over-month, as expected
New Zealand's February Building Consents -6.3% month-over-month (consensus 2.0%; last -4.6%)

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Japan's Nikkei lost 1.1%. All sectors finished in negative territory with Consumer Staples (-2.2%) and Financials (-1.9%) taking the brunt of the selling pressure.
Hong Kong's Hang Seng ended +0.2% higher with gains in the energy sector leading the way. Both CNOOC (+1.5%) and Petro China +0.8% outperformed the benchmark today.
China's Shanghai Composite decline 1.0% with some profit taking seen in some of the names that moved higher yesterday. Poly Real Estate closed down 3% on the day, while Bank of China lost 1.8%.

Major European indices trade lower across the board with UK's FTSE (-1.5%) leading the slide. Elsewhere, Greece and the Eurogroup remain at odds with just over a week until April 9, when a EUR460 million payment to the IMF becomes due. It is worth noting Greek Prime Minister Alexis Tsipras is scheduled to visit Russia on April 8.

Economic data was plentiful:
Eurozone March CPI -0.1% year-over-year and core CPI +0.6% year-over-year. Both figures matched expectations. Separately, Unemployment Rate ticked down to 11.3% from 11.4% (consensus 11.2%)
Germany's February Retail Sales -0.5% month-over-month (consensus -0.7%; prior 2.3%) while the Claimant Count declined by 15,000 (expected -12,000; prior -20,000). Separately, Unemployment Rate ticked down to 6.4% from 6.5% (consensus 6.5%)
UK's Q4 GDP was revised up to 0.6% quarter-over-quarter from 0.5% (consensus 0.5%) while Current Account deficit narrowed to GBP25.30 billion from GBP27.70 billion (expected deficit of GBP21.50 billion)
French February Consumer Spending +0.1% month-over-month (consensus 0.8%; last 0.7%)
Spain's February Retail Sales +2.7% year-over-year (consensus 4.0%; last 4.0%)
Italy's Monthly Unemployment Rate rose to 12.7% from 12.6% (consensus 12.6%). Separately, March CPI +0.1%, as expected

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France's CAC is lower by 0.9% with exporters Peugeot and Renault both down near 2.0%. Financials also lag with Credit Agricole and Societe Generale down 1.0% and 1.7%, respectively.
Germany's DAX trades down 1.1% with all but four components in the red. Exporters also lag with BMW, Daimler, and Volkswagen down between 1.2% and 1.8%. Henkel AG outperforms, trading higher by 0.8%.
UK's FTSE has given up 1.5% amid broad weakness. Miners are among the weakest performers with Anglo American, Fresnillo, and Randgold Resources showing losses between 1.0% and 2.8%. On the upside, Kingfisher has jumped 3.7% after announcing plans for restructuring.

7:57 am: [BRIEFING.COM] S&P futures vs fair value: -12.90. Nasdaq futures vs fair value: -20.70. U.S. equity futures trade sharply lower amid defensive action overseas. The S&P 500 futures hover 13 points below fair value after notching their pre-market lows within the past hour.

Meanwhile, the Dollar Index (98.51, +0.53) has built on yesterday's advance and is on track to end the month higher by 2.9%. The dollar strength has pressured crude oil, sending it lower by 2.5% to $47.46/bbl.

The Case-Shiller 20-City Index for January will be released at 9:00 ET (Briefing.com consensus 4.6%) while March Chicago PMI (consensus 52.0) and March Consumer Confidence (expected 96.4) will be reported at 9:45 ET and 10:00 ET, respectively.

Treasuries are little changed with the 10-yr yield at 1.95%.

In U.S. corporate news of note:

Conn's (CONN 29.29, +0.62): +2.2% after reporting a bottom-line miss on better than expected revenue.
DR Horton (DHI 28.18, +0.17): +0.6% after Susquehanna upgraded the stock to 'Positive' from 'Neutral.'
Lorillard (LO 64.00, -2.42): -3.6% after the New York Post reported the Federal Trade Commission may block the company's merger with Reynolds American (RAI 68.45, -1.02).

Reviewing overnight developments:

Asian markets ended mixed. Hong Kong's Hang Seng +0.2%, China's Shanghai Composite -1.0%, and Japan's Nikkei -1.1%
In economic data:
Japan's February Housing Starts -3.1% year-over-year (expected -7.1%; last -13.0%)
Hong Kong's February Retail Sales +14.9% year-over-year (consensus -8.4%; previous -14.5%)
South Korea's February Industrial Production +2.6% month-over-month (expected 0.4%; last -3.8%) while Retail Sales +2.8% month-over-month (last -2.8%)
Australia's February HIA New Home Sales +1.1% month-over-month (prior 1.8%) and February Private Sector Credit +0.5% month-over-month, as expected
New Zealand's February Building Consents -6.3% month-over-month (consensus 2.0%; last -4.6%)
In news:
According to China International Capital Corp, new home sales could be boosted by as much as 5.0% following yesterday's easing of lending standards.

Major European indices trade lower across the board. France's CAC -0.6%, Germany's DAX -0.7%, and UK's FTSE -1.2%. Elsewhere, Italy's MIB -0.7% and Spain's IBEX -0.3%
Economic data was plentiful:
Eurozone March CPI -0.1% year-over-year and core CPI +0.6% year-over-year. Both figures matched expectations. Separately, Unemployment Rate ticked down to 11.3% from 11.4% (consensus 11.2%)
Germany's February Retail Sales -0.5% month-over-month (consensus -0.7%; prior 2.3%) while the Claimant Count declined by 15,000 (expected -12,000; prior -20,000). Separately, Unemployment Rate ticked down to 6.4% from 6.5% (consensus 6.5%)
UK's Q4 GDP was revised up to 0.6% quarter-over-quarter from 0.5% (consensus 0.5%) while Current Account deficit narrowed to GBP25.30 billion from GBP27.70 billion (expected deficit of GBP21.50 billion)
French February Consumer Spending +0.1% month-over-month (consensus 0.8%; last 0.7%)
Spain's February Retail Sales +2.7% year-over-year (consensus 4.0%; last 4.0%)
Italy's Monthly Unemployment Rate rose to 12.7% from 12.6% (consensus 12.6%). Separately, March CPI +0.1%, as expected
Among news of note:
Greece and the Eurogroup remain at odds with just over a week until April 9, when a EUR460 million payment to the IMF becomes due. It is worth noting Greek Prime Minister Alexis Tsipras is scheduled to visit Russia on April 8.

5:51 am: [BRIEFING.COM] S&P futures vs fair value: -11.30. Nasdaq futures vs fair value: -17.00.

5:51 am: [BRIEFING.COM] Nikkei...19206.99...-204.40...-1.10%. Hang Seng...24900.89...+45.80...+0.20%.

5:51 am: [BRIEFING.COM] FTSE...6851.17...-40.30...-0.60%. DAX...12044.17...-41.80...-0.40%.

Special thanks to Bloomberg, Briefing, Reuters and Yahoo! Finance for their market summaries.

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
@ http://twitter.com/wrbtrader @ http://stocktwits.com/wrbtrader

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