Tuesday, August 4, 2015

Index #ES_F #SPY #NQ_F #QQQ #IWM Bias Update and Levels for Tuesday, August 4, 2015

Index #ES_F #SPY #NQ_F #QQQ #IWM Bias Update and Levels for Tuesday, August 4, 2015SocialTwist Tell-a-Friend

So far the index overnight (OVN) session is still keeping the macro lower high formation intact that was mentioned yesterday which did also play a big role in my Short bias in ESU5 yesterday as well, along with confirmation from bearish divergences in AAPL, Oil/CLU5, and financials. However and once again the bulls found a way to defend an ESU5 bearish close at 2081s which forced Shorts to cover into the closing bell.

If below value/-2084 today I will expect a definite retest of 2081s and if holding again today the bulls could or may avoid further downside for the rest of the week (??) but as long as below 2097s/98s and definitely if holding below 2094s/95s the lower high formation will likely continue lower to today’s first lower target at 2078s/77s then 2071s/70s.

For IWM the first threshold which will need to hold is 123.30 then 124.80 in order to stay in the lower high formation today. For NQU5 the lower high thresholds are at 4614s/15s and then 4645s/46s

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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