ES_F– As volatility futures continue to spike, charts remain weighted by sellers refusing to buckle under any buying pressure. We sit a key support for another day with all the burden on the buyers to reverse the current drift downward. Though we should see some bouncing off support, it appears that these bounces will sell off as the have in days prior. The range between 2317 and 2335 is very important for buyers to hold. Gold and the 30-year bonds are holding their upper levels and are still in bullish formations-those assets continue to run ahead of the markets, providing crosswinds for any upside.
·
Buying pressure will likely strengthen above a positive retest
of 2354.5
·
Selling pressure will likely strengthen with a failed retest
of 2317
·
Resistance sits near 2346.5 to 2354.5, with 2357.5 and
2361.25 above that
·
Support holds between 2322.5 and 2317.5, with 2312.75 and 2305.5
below that
TRADE
SETUPS
***E-mini S&P Futures***
***Upside trades – Two options for entry–
·
Positive
retest of continuation level -2333.5 (careful with resistance
ahead)
·
Positive
retest of support level– 2327.5
·
Opening targets ranges- 2332.25, 2337.25, 2341.5, 2345,
2349.75, 2352.5, 2356.25, 2359.75, 2361.75, 2366.25
***Downside trades – Two options for entry–
·
Failed
retest of resistance level -2332.5 (watch for higher lows or a
swift break above)
·
Failed
retest of support level– 2327
·
Opening target ranges for non-members – 2325.75, 2320.5,
2317.75, 2312.75, 2307.75, 2305.5, 2299, 2293
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
***NASDAQ
Futures***
NQ_F- An ongoing test of lower support near 5347 is still
unresolved. Lower highs are still anticipated under the selling pressure with
more support levels near 5334. Bounces will likely be sold under the
negative momentum, particularly at the first pass. Should buyers not be
able to hold the against the selling pressure against them, it should signal
that trending motion down may be on the horizon.
·
Buying pressure will likely strengthen with a positive retest of
5367.5 (use caution as sellers sit close by- wait for a retest)
·
Selling pressure will likely strengthen with a failed retest of
5347.25
·
Resistance sits near 5367.5 to 5378.5, with 5389.75 and 5394.25
above that
·
Support holds between 5347.5 and 5334.5, with 5331.5 and 5325.5
below that
TRADE
SETUPS
***Upside trades – Two options
·
Positive
retest of continuation level -5360.5 (make sure you have that
positive retest and watch for the potential lower high)
·
Positive
retest of support level– 5348.25 ( must see positive divergence
here)
·
Opening target ranges – 5360.5, 5367.75, 5374.5,
5378.25, 5387.75, 5393.75, 5399.25, 5404.25, 5417.75, 5422.25, 5427.5, 5436.5,
5440.25
***Downside trades- Two options
·
Failed
retest of resistance level -5367.5 (watch for higher lows if
chart is trying to move upward)
·
Failed
retest of support level– 5352.75
·
Opening target ranges –5363.5, 5358.75, 5352.75, 5347.75,
5344.75, 5338.5, 5327.5, 5318.75, 5312.75, 5306.5, 5299.25, 5275.75
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
***Oil
–WTI Crude***
CL_F -After a fade off the highs, 53.25 now sits
as resistance. As I see it, a test of 51.69 could easily be on the
horizon, before another press upward. Price action should be choppy.
·
Buying pressure will likely strengthen with a positive retest
of 53.26
·
Selling pressure will strengthen with a failed retest
of 51.54
·
Resistance sits near 53.26 to 53.78, with 54.11 and 54.53 above
that
·
Support holds between 52.6 and 52.23, with 51.69 and 50.88 below
that
TRADE
SETUPS
***Upside trades – Two options
·
Positive
retest of continuation level -53.08( could easily be resistance-
use caution)
·
Positive
retest of support level– 52.86
·
Opening target ranges– 53.08, 53.38, 53.62, 53.74, 53.98, 54.11,
54.38, 54.89, 55.27, 55.68,
***Downside trades- Two options
·
Failed
retest of resistance level -53.02 (watch for possible support
building)
·
Failed
retest of support level– 52.7
·
Opening target ranges for non-members – 52.8, 52.46,
52.24, 52.06, 51.85, 51.54, 51.23, 50.96, 50.78, 50.47, 50.23, 50.08, 49.88,
49.47, 49.2, 48.86, 48.62, 48.19Anne-Marie Baiynd
Chief OTF Strategist
Hamzei Analytics, LLC