Friday, July 24, 2015

#ES_F #TF_F #NQ_F Bias Update and Levels for Friday, July 24, 2015

#ES_F #TF_F #NQ_F Bias Update and Levels for Friday, July 24, 2015SocialTwist Tell-a-Friend

Other than NQU5 (due to AMZN’s earnings after the close yesterday) ESU5/SPY and TFU5/IWM are still in a macro lower high formation and now AAPL can be added to the list as well. No doubt AMZN ignited the squeeze in NQU5 but what I took note to was the fact that ESU5 did not squeeze in the same manner as NQU5 and TFU5 did absolutely nothing after AMZN reported.

The question now is will this Friday (today) be the same as the Friday after GOOGL reported earnings which had NQ flying to the moon while ES/SPY & TF/IWM remained in a tight range chop & grind session, or will ES & TF/IWM catch up to NQ this time, or will the NQ rally be short-lived especially if AAPL does not rally today.

For today IWM needs to remain below 124.80 and also breach below 123 in order to remain in the lower high formation with ease, ESU5/SPY must hold below 2108s-2112s zone and then breach below 2090, and AAPL must hold below 126.90 and then breach below 123.60.

Eye will be more on APPL today more so than NQ, but I will be watching the 4608 level for NQ as the line in sand (LIS) if yesterday’s late day rally will hold or not. 

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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