Index #ES_F #SPY #NQ_F #QQQ #IWM Bias Update and Levels for Tuesday, August 11, 2015
Indexes remain in the lower high formation even after
yesterday’s extremely low volume rally which for now volume is definitely
confirming yesterday was just a Short
covering relief rally on the heels of another Greece headline along with help
from AAPL trading above last’s value
area +116.85.
Not only did ESU5 perfectly form a lower high right at the current downtrend line but the lower high was also
formed at Daily center Sigma which
will be key for the bulls to regain including also breaching and holding above 2105s as well in order to avoid the
lower high formation continuing again this week.
With many individual stocks, sectors, and world stock markets
already in correction mode I honestly cannot explain how the S&P500 is still holding within the
range of the past eight months other than holding range due to the Yellen Put
and/or hope of dovish Fed actions especially now that earnings have failed to
lead the S&P500 to new ATHs. However one thing I do know is
without volume or a catalyst to equal high volume to new ATHs any new ATHs on low
volume will likely just be a repeat of all of 2015 which means new highs will again be short-lived during the topping process.
For today IWM must
first regain 123 to negate the lower
high formation otherwise 118s is the
next lower target, ESU5 must first regain
2096s-2098s zone, and NQU5 must first regain 4586s/87s.
Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC
Hamzei Analytics, LLC
