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Good morning everyone and Happy New Year! Overnight the trends continue, equity futures, crude and dollar higher, meanwhile bonds and gold lower. Volume has been low around 150K, the calendar is busy this week. Shouldn’t take too long to know how for real this rally is. At the moment, my only bias in the S&P’s is to be patient.
2273 (***)
2268 (***) Third Higher Target + Resistance
2261 (*) Second Higher Target
2255 (*) First Higher Target
2250 (*) Early Pivot
2244 (*) First Lower Target + Support
2240 (**) Second Lower Target + Bulls Better Hold
2228 (***) Third Lower Target + Some Support
2212 (***) Weekly Bear Objective
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
Impressive rally in crude oil overnight. I can’t find anywhere to sell with forthought, and I have no conviction to step in front of this trend, therefore looking to buy a dip. I like buying the levels below today, risking .20 to make $1.00
$54.50 (*) Support
$54.00 (**) Support
$53.50 (***) Support
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
No surprise that the Treasury market resumes it’s down course as the dollar and equities rally, and gold trades in the red. The week offers a decent calendar, and the modest rally in bonds over the last few sessions maybe enough to give it fuel to new lows.
My bias is clear to sell rallies at this point. I like selling 149’24, risking 8 ticks to make 32 ticks, or selling 150’10 risking 8 ticks to make 32. If I cannot grab a rally to sell, I will attempt to sell through the 149’02 level, depending on how the chart sets up. I think its reasonable to target a full handle on any short at this point. Bears should have enough for that, and if not, my bias maybe wrong.
151’14 (***)
150’24 (**) Resistance + Third Higher Target
150’10 (**) Resistance + Second Higher Target
149’24 (*) Resistance + First Higher Target
149’10 (*) Last Print
149’02 (**) Overnight Low, the 149’00 level was pivotal for bulls to hold. I don’t think they can/will on the retest + First Lower Target + Some Support
148’16 (**) Second Lower Target + Some Support
148’02 (***) Third Lower Target + Support
All the best;
Michael Blythe
Futures Strategist
Hamzei Analytics, LLC
