The Morning Briefing for Thursday, April 20, 2017 by @AnneMarieTrades
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
Tel: (310) 306-1200
Fax: (239) 236-0727
Cell: (310) 995-8386
Twitter: @AnneMarieTrades
Email: AnneMarie@HamzeiAnalytics.com
GMail: HamzeiAnalytics@GMail.com
Skype: Fari.Hamzei
Blog: www.HamzeiAnalytics.NET
YouTube: YouTube.com/HamzeiAnalytics
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