Monday, August 3, 2015

Index #ES_F #SPY & #AAPL #FB Bias Update and Levels for Monday, August 3, 2015

Index #ES_F #SPY & #AAPL #FB Bias Update and Levels for Monday, August 3, 2015SocialTwist Tell-a-Friend

For now the lower high formation continues again this week in US indexes and also in some key names as well post earnings like AAPL and FB; however the overnight session for index futures and the pre-market session for indexes and stocks has been more on the flat side which means there is no definite confirmation that bearish lower high formation follow through is certain today or at least not yet.

Currently my ESU5 SPX SPY swing bias is leaning more on the Short side against the macro lower high which formed last week at ESU5 2108s. If above 2108s I will negate a shorter-term bearish bias and then start targeting 2114s/15s to start building macro long-term SPY Put positions which I will definitely and aggressively add to the Puts at any new low volume ATH, but if ESU5 gets and holds below the Daily Sigma center (yellow) at 2096s/95s before higher I will expect better chance that the lower high formation will have immediate follow through to the first ESU5 target at 2084s-2082s zone.

For IWM the lower high formation threshold is just below 125, for NQU5 the threshold is at 4646s, AAPL is at 123.90, FB is at 97.60, AMZN is at 549/550, IBB is at 390/391, and GPRO is at 63.30

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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