Wednesday, July 29, 2015

#ES_F #TF_F #IWM #NQ_F #AAPL Bias Update and Levels for Wednesday, July 29, 2015

#ES_F #TF_F #IWM #NQ_F #AAPL Bias Update and Levels for Wednesday, July 29, 2015SocialTwist Tell-a-Friend

For now I am still holding half of my Short swing bias against the lower high formation I have been mentioning since last Thursday, especially after seeing AAPL not participating in yesterday’s index rally along with a hand full of other key stocks/leaders as well.

My thoughts now are the US stock market is definitely in some sort of hope for very dovish remarks from the Fed today and likely so due to the fact that earnings (ERs) so far have not been able to lead ESU5/SPY to new ATHs even after great ERs from some of the big leaders GOOGL NFLX AMZN and APPL. If ERs are failing to equal new ATHs the only catalyst that is left to push the indexes to new ATHs on heavy volume is the Fed.

I did try to hedge my remaining half SPY swing Short position via SPY Puts just before the close on Tuesday due to FOMC this week but unfortunately my thoughts of a potential stop run into close was negated by the double bottom so I missed the hedge opportunity.

Regardless of FOMC I still have a close eye on AAPL to help give clues if I should remain Short SPY via Puts (or not) which my eye is now on the daily center Sigma at 123.30-125.50 zone. Until above 125.50 AAPL will have potential to head towards 121.80-121.50 zone then 117s.

For the indexes IWM needs to hold below 122.45-122.95 zone for chance of continuing lower to 118s with ease, ESU5 must hold below the key weekly resistance at 2095s-2097s zone, and NQU5 below 4585s

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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