Friday, July 29, 2016

Friday, July 29, 2016 Morning Comments by Michael Blythe

Friday, July 29, 2016 Morning Comments by Michael BlytheSocialTwist Tell-a-Friend

Good morning. U.S. equity futures with a muted reaction to BoJ overnight. Today is the EOM trade, July has downside bias EOM historically for equities. For now, still in this range, until it breaks it’s a rinse and repeat of the entire week. Ps. When it does break I think it will headfake.

Lower prices: 2158 (*) support begins 2154 (**) support get’s stronger. *If* ESU somehow converts the 2155 area to intraday resistance then 2146 (***) is the target and where I expect buyers to arrive.

Higher prices: 2163 (*) begins the supply zone, while 2166 (**) represents even stronger supply. *If* somehow 2166 is converted to support intraday then 2170 (*) becomes first target followed by 2172 (*).

All the best;

Michael Blythe
Futures Strategist
Hamzei Analytics, LLC

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