Friday, October 7, 2016

Friday, October 7, 2016 Mid Morning Update from MB

Friday, October 7, 2016 Mid Morning Update from MBSocialTwist Tell-a-Friend

Good day again. A series of lower highs after the NFP print eventually lead to a lower low (intraday frames of course). And now after a 5 handle bounce the ESZ again looks weak.

I would use 2153 as an intraday pivot at this point and if the current low breaks then today could easily turn into an outside day. With Fed speakers lining up there may be enough feul for more movement. Otherwise if the next hour turns into a dud, then I’m looking for the nap time midday with possibly (hopefully?) some action after Chicago returns from lunch.

As I often note, Friday’s are statistically the most unreliable day to reverse intraday trend, and the low probabilities decrease after 9:30 am and then 10:30, so I expect the path of less resistance will be to sell rallies unless the open can be recaptured before midday.

All the best;

Michael Blythe
Futures Strategist
Hamzei Analytics, LLC

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