Thursday, August 13, 2015

Index #ES_F #SPY #NQ_F #QQQ #IWM Bias Update and Levels for Thursday, August 13, 2015

Index #ES_F #SPY #NQ_F #QQQ #IWM Bias Update and Levels for Thursday, August 13, 2015SocialTwist Tell-a-Friend

Today will be all about confirmation to confirm yesterday’s ESU5 rally or if yesterday’s rally will just be a one day event. The ideal scenario for the bull case is a “back test” to value; either a back test to last week’s value area low (VAL) at 2074s or to yesterday’s VAH at 2071s or both. If so and if value holds the bull case will likely be confirmed; however the overnight (OVN) high for ESU5 is exactly Daily center Sigma (yellow) at 2093s and until a daily close above Daily center Sigma the lower high formation I have been mentioning for several weeks will have chance to remain intact.

If ESU5 does get above 2093s today the line in sand (LIS) to keep the lower formation continuing again this week is at 2096s-2098s zone and if reached ESU5 will then have to reverse and close back below Daily center Sigma to avoid the potential of back to the slow, low volume, and chop & grind climb back to new ATHs.

For IWM today’s threshold to remain in the lower high formation is at 121.75-122.10 zone and for NQU5 the threshold is at 4570-4588 zone.

Ethan Premock
Futures & Options Strategist
Hamzei Analytics, LLC

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