Wednesday, April 19, 2017

The Morning Briefing for Wednesday, April 19, 2017 by @AnneMarieTrades

The Morning Briefing for Wednesday, April 19, 2017 by @AnneMarieTradesSocialTwist Tell-a-Friend
CONSIDERATIONS FOR Apr 19, 2017 (was emailed out at 0810 ET to OTF Members)

ES_F–  Buyers keep support in a battle against the slopes of longer time frames and show that our range still remains intact.  For the fourth day, we are testing 2345 as resistance and making higher lows at the same time.  The is a pivotal region around 2338.5 that traders are coiling around with no real resolution as of yet.  Gold and the 30-year bonds have been running ahead of themselves so a bit of a fade is in progress, but still holding bullish formations.   Caution all the way around is suggested with divergent action.  Levels remain the same as yesterday in terms of pressure.
  • Buying pressure will likely strengthen above a positive retest of 2354.5
  • Selling pressure will likely strengthen with a failed retest of 2334
  • Resistance sits near 2346.5 to 2354.5, with 2357.5 and 2361.25 above that
  • Support holds between 2334 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– 2338.5
  • Opening targets ranges-    2341.5, 2345, 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 -2342.5 (watch for higher lows or a swift break above)
  • Failed retest of support level– 2335.75
  • Opening target ranges for non-members – 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 resolved the bounce upward into important resistance near 5405 for the third day as higher lows build with converging short term momentum.  We’ve got a mixed bag so reversals are likely at the edges – but the spikes higher or dips lower could be bigger than expected if we continue to see momentum algorithms join the fray.  Choppy markets with wider swings are the order of the day once again – though the NQ_F could see bigger bounces.  Support is building at 5374.  Above the region, we should have buyers in charge and below the region, sellers will hold the power. Level to level trading is best here and preparing for both the entry and exit.
  • Buying pressure will likely strengthen with a positive retest of 5406.5 (use caution as sellers sit near 5413)
  • Selling pressure will likely strengthen with a failed retest of 5374.25
  • Resistance sits near 5406.5 to 5412.75, with 5417.75 and 5434.5 above that
  • Support holds between 5374.25 and 5358.25, with 5347.5 and 5331.5 below that

TRADE SETUPS
***Upside trades – Two options
  • Positive retest of continuation level -5405.5 (make sure you have that positive retest and watch for the potential lower high)
  • Positive retest of support level– 5388.25 ( must see positive divergence here)
  • Opening target ranges  –  5394.75, 5399.25, 5404.75, 5418.25, 5422.25, 5427.5, 5436.5, 5440.25, 5447.5
***Downside trades- Two options
  • Failed retest of resistance level -5398.5 (watch for higher lows if chart is trying to move upward)
  • Failed retest of support level– 5388.75
  • Opening target ranges –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 -With the API report behind us and the EIA ahead at 1030 ET, oil sits in a sideways pattern. Resistance sits ahead at 53.11 and a breach here will bring us to a breakout space.  Oil remains in tight formations as rebalancing continues with momentum suggesting that support tests will hold.  Price action remains very choppy with sellers sitting near 53.2 and buyers near 52.63 as it was yesterday.  
  • Buying pressure will likely strengthen with a positive retest of 53.14
  • Selling pressure will strengthen with a failed retest of 52.5
  • Resistance sits near 53.36 to 53.78, with 54.11 and 54.53 above that.
  • Support holds between 52.52 and 52.2, with 51.69 and 50.88 below that.


TRADE SETUPS
***Upside trades – Two options
  • Positive retest of continuation level -53.06( could easily be resistance- use caution)
  • Positive retest of support level– 52.64
  • Opening target ranges– 52.88, 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 -53.02 (watch for possible support building)
  • Failed retest of support level– 52.55
  • Opening target ranges for non-members –  52.84, 52.56, 52.32, 52.16, 51.89, 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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