Thursday, April 20, 2017

The Morning Briefing for Thursday, April 20, 2017 by @AnneMarieTrades

The Morning Briefing for Thursday, April 20, 2017 by @AnneMarieTradesSocialTwist Tell-a-Friend


CONSIDERATIONS FOR Apr 20, 2017 (was emailed out at 0812 ET to OTF Members)

ES_F–  The edges of the range continue to deliver the best reversal trades intraday.  Caution on these edges will always be important as they can stretch before reversal, as they did yesterday in both the ES_F and NQ_F.  The ES_F, however, is not as strong as the NQ_F currently.  Buyers keep support in a battle against the slopes of longer time frames and show that our range still remains intact.  The levels near 2346 hold as resistance for now.  A breach and hold of this level will shift the balance of motion.  As it stands this morning, a break and hold below 2332 will give sellers more power while the breach and hold above 2347 will deliver power to the buyers.    Gold and the 30-year bonds have been running ahead of themselves so seeing them fade yesterday was expected.  They still holding bullish formations, as does the VIX.
·         Buying pressure will likely strengthen above a positive retest of 2354.5
·         Selling pressure will likely strengthen with a failed retest of 2332
·         Resistance sits near 2347.5 to 2354.5, with 2361.5 and 2365.25 above that
·         Support holds between 2332 and 2322.5, with 2317.75 and 2305.5 below that

TRADE SETUPS
***E-mini S&P Futures***
***Upside trades – Two options for entry–
·         Positive retest of continuation level -2347.5 (careful with resistance ahead)
·         Positive retest of support level– 2334.5
·         Opening targets ranges-    2338.75, 2341.5, 2344.75, 2349.75, 2352.5, 2356.25, 2359.75, 2361.75, 2366.25, 2370.5
***Downside trades – Two options for entry–
·         Failed retest of resistance level -2344.5 (watch for higher lows or a swift break above)
·         Failed retest of support level– 2335.5
·         Opening target ranges for non-members – 2341.25, 2338.5, 2335.75, 2331.5, 2329.25, 2325.75, 2320.5, 2317.75, 2312.75, 2307.75, 2305.5, 2299, 2293
***NASDAQ Futures***
NQ_F- Traders hold this chart with higher lows and higher highs over the last few days.  The spikes higher did give us bigger motions as we expected yesterday, as did the reveresals off the highs.  To me, this clearly signals that short-term momentum traders get involved through the day.  Support is now building at 5390.  Above that level, we should keep buyers in charge and a break and failed retest below the 5390 area, sellers will resume the power. A potential riging wedge is in play – intraday momentum is mixed to bullish.
·         Buying pressure will likely strengthen with a positive retest of 5430.5 (use caution as sellers sit near 5434)
·         Selling pressure will likely strengthen with a failed retest of 5390.25
·         Resistance sits near 5420.5 to 5427.75, with 5430.5 and 5434.5 above that
·         Support holds between 5390.25 and 5374.25, with 5358.5 and 5347.5 below that

TRADE SETUPS
***Upside trades – Two options
·         Positive retest of continuation level -5420.5 (make sure you have that positive retest and watch for the potential lower high)
·         Positive retest of support level– 5400.75 ( must see positive divergence here)
·         Opening target ranges  –  5404.25, 5418.5, 5423.25, 5430.5, 5434.5, 5440.25, 5447.5, 5478.25
***Downside trades- Two options
·         Failed retest of resistance level -5411.5 (watch for higher lows if chart is trying to move upward)
·         Failed retest of support level– 5397.75
·         Opening target ranges –5404, 5400.75, 5394.5, 5389.25, 5384.5, 5378.5, 5374, 5367.5, 5359.75, 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 -Oil faded sharply yesterday, not catching support until much lower.  This seems to have been a repeat of the last time that traders leveled themselves long near this level in early March.  Bounces are likely to find sellers, particularly below 51.48.  New support levels hold between 50.8 and 50.50.  A failure to hold these levels sends us to the 50 region as a test of the round psychological level.  Traders may choose to chop around today between 50.84 and 51.5 as they digest movement
·         Buying pressure will likely strengthen with a positive retest of 51.8
·         Selling pressure will strengthen with a failed retest of 50.74
·         Resistance sits near 52.02 to 52.32, with 52.68 and 53.3 above that.
·         Support holds between 50.8 and 50.51, with 50.04 and 49.36 below that.

TRADE SETUPS
***Upside trades – Two options
·         Positive retest of continuation level -51.51( could easily be resistance- use caution)
·         Positive retest of support level– 50.88
·         Opening target ranges– 51.12, 51.23, 51.48, 52.02, 52.32, 52.68, 53.02, 53.27, 53.56, 53.74, 53.98, 54.11, 54.38, 54.89, 55.27, 55.68,
***Downside trades- Two options
·         Failed retest of resistance level -51.14 (watch for possible support building)
·         Failed retest of support level– 50.88
·         Opening target ranges for non-members –  50.96, 50.74, 50.47, 50.23, 50.08, 49.74, 49.42, 49.2, 48.89, 48.62, 48.38, 48.19


Best regards,


Anne-Marie Baiynd
Chief OTF Strategist
Hamzei Analytics, LLC

 


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