Thursday, April 13, 2017

The Morning Briefing for Thursday, April 13, 2017 by @AnneMarieTrades

The Morning Briefing for Thursday, April 13, 2017 by @AnneMarieTradesSocialTwist Tell-a-Friend

CONSIDERATIONS FOR Apr 13, 2017 (emailed out to OTF Members at 0806 ET)

ES_F–  As the VIX and volatility futures predicted and continue to predict, we experienced lower drifts to deeper support and for the first time in a while, we did not bounce sharply off the lows but held them with a small bounce into yet another lower high.  Momentum is negative, and particularly so in the financials (XLF), so bounces should find sellers today, particularly at the first pass into resistance.  However, we are sitting at some important levels of congestion so after we can stabilize in the 15 point range between 2319 and 2334, there is still hope that buyers can pull us off these edges.  If ever the buyers needed to prove themselves out, it is today. Volume will drop off into the afternoon and the markets are closed tomorrow in observance of Good Friday.  Gold and the 30-year bonds are holding their upper levels and are still in bullish formations- those will be good assets to watch for added color in market movement today.
·         Buying pressure will likely strengthen above a positive retest of 2361.5
·         Selling pressure will likely strengthen with a failed retest of 2336.5
·         Resistance sits near 2344.5 to 2351.75, with 2357.5 and 2361.25 above that
Support holds between 2336.5 and 2332.5, with 2325.5 and 2319.5 below that

***E-mini S&P Futures***
***Upside trades – Two options for entry–
·         Positive retest of continuation level -2346.75 (careful with resistance ahead)
·         Positive retest of support level– 2337.5 (chart could also bounce near 2344.75)
·         Opening targets ranges-   2341.5, 2346.75, 2349.75, 2353.5, 2356.25, 2359.75, 2361.5, 2366.25, 2367.5, 2372.75, 2375, 2377.5, 2381.5, 2385.75, 2389.75, 2392.5, 2396, 2400.5, 2404, 2411.75, 2423.25
***Downside trades – Two options for entry–
·         Failed retest of resistance level -2339.5 (watch for higher lows or a swift break above)
·         Failed retest of support level– 2333.5
·         Opening target ranges for non-members – 2336.25, 2333.75, 2328.75, 2325.75, 2320.5, 2317.75, 2313.75, 2307.75, 2304.75, 2299, 2293

***NASDAQ Futures***
NQ_F- Momentum is now negative, suggesting that bounces will find sellers.  We’ve been testing support near 5360 for several hours.  Lower highs are anticipated under the selling pressure with more support levels near 5348 and 5334.  Failed bounces will be likely today until the recapture of 5388 or so.  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 5389.5 (use caution as sellers sit close by-wait for a retest)
·         Selling pressure will likely strengthen with a failed retest of 5357.25
·         Resistance sits near 5389.5 to 5404.75, with 5417.75 and 5434.25 above that
·         Support holds between 5357.5 and 5347.5, with 5334.5 and 5325.5 below that

***Upside trades – Two options
·         Positive retest of continuation level -5388.5 (make sure you have that positive retest and watch for the potential lower high)
·         Positive retest of support level– 5363.75 ( must see positive divergence here)
·         Opening target ranges  –  5374.5, 5387.75, 5393.5, 5399.25, 5404.25, 5417.75, 5422.25, 5427.5, 5436.5, 5440.25, 5443.75, 5448.5, 5450.5, 5456.25, 5462.75, 5468.5, 5473.5

***Oil –WTI Crude*** 
CL_F -A test of Monday’s low gave us a value buying area late in the trading day yesterday, and now 53.25 sits as resistance.  The chart has climbed dramatically and these formations usually will fade before resuming upside.  It is not unlikely that we test 51.69 before moving forward but traders are still clearly bullish and the ride to deeper support should be quite choppy.
·         Buying pressure will likely strengthen with a positive retest of 53.76
·         Selling pressure will strengthen with a failed retest of 51.54
·         Resistance sits near 53.3 to 53.78, with 54.11 and 54.53 above that.
·         Support holds between 52.8 and 51.54, with 50.88 and 50.26 below that


***Upside trades – Two options
·         Positive retest of continuation level -53.38( could easily be resistance- use caution)
·         Positive retest of support level– 52.86
·         Opening target ranges– 53.14,  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 -53.12 (watch for possible support building as chart is very bullish)
·         Failed retest of support level– 52.72
·         Opening target ranges –  52.84, 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, 48.19



Best regards,

Anne-Marie Baiynd
Chief OTF Strategist
Hamzei Analytics, LLC

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