The Morning Briefing for Thursday, April 13, 2017 by @AnneMarieTrades
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
TRADE SETUPS
***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
TTRADE SETUPS
***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
TTRADE SETUPS
***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
