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Our  TIMING SERVICE, in partnership with Hamzei Analytics, is a very useful product with SUPERIOR results used by leading market professionals –

USE IT TO TIME YOUR TRADES 

FINVIZ HEAT MAP – The month to date – the land remains generally bullish – VOLUMES ARE THIN

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SPX – WATCHING TO SEE IF THE BREACH HOLDS above 2477.4 AT THE CLOSE TODAY  TO HOLD THE BULLISH UNDERCURRENT

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NDX – MOTION BREACHES RESISTANCE AND HOLDS

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CONSIDERATIONS FOR Aug 8, 2017

ES_F– Thin volume and higher prices give us the backdrop for today’s trading. Ranges continue to tighten.  Support still sits near 2470.5 but 2472 is also a contender for higher support.  Resistance is now near 2479.5 as we broke above 2477.5. The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.  

  • Buying pressure intraday will likely strengthen above a positive retest of 2477.5 (careful again here with resistance)
  • Selling pressure intraday will likely strengthen with a failed retest of 2471
  • Resistance sits near 2477.5 to 2479.5, with 2481.5 and 2483.75 above that
  • Support holds between 2471 and 2469.75, with 2466.5 and 2463.75 below that

Here’s the economic calendar for a rundown of today’s releases

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***NASDAQ Futures***

NQ_F- The buyers hold upside pressure here as traders test resistance and fade, likely into higher support. Resistance sits near 5946.5 and then above at 5954.25.  Support regions sit near 5920-5877.  Momentum remains mixed but now holding higher – also under the very thin volumes noted. The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted –

  • Buying pressure intraday will likely strengthen with a positive retest of 5936
  • Selling pressure intraday will likely strengthen with a failed retest of 5920
  • Resistance sits near 5936 to 5946.5, with 5954.5 and 5961.5 above that
  • Support holds between 5921.25 and 5912.5, with 5909.75 and 5901.5 below that

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*****Mini DJIA Futures*****

YM_F – Ranges continue to squeeze and the YM is no different.  Charts climbing on low volume is always a cautionary state. The support is still 22019, with 21972 below that. Momentum remains largely bullish but showing some weakness. Resistance sits near 22081- our prior high, with a new Fibonacci extension near 22094.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted –

  • Buying pressure intraday will likely strengthen above a positive retest of 22070
  • Selling pressure intraday will likely strengthen with a failed retest of 22019
  • Resistance sits near 22074 to 22081, with 22094 to 22124 above that
  • Support holds between 22019 and 22000, with 21984 and 21955 below that

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***Oil –WTI Crude***

CL_F – API report after the close today as hedge funds continue to increase long positions and close out short positions.  Higher lows hold this chart in largely bullish formations as traders battle with our 48.80 support levels.  Ranges also continue to tighten here. Deep pullbacks will continue to hold regions for buyers to engage in the current formation – and large spikes up will bring sellers out as well.  Momentum is mixed to bullish.  We held 48.55 as support yesterday.  Buyers are in greater control above 49.27.  Sellers sit near 49.8 resistance of yesterday.  The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted. 

  • Buying pressure intraday will likely strengthen with a positive retest of 49.83
  • Selling pressure intraday will strengthen with a failed retest of 49.08
  • Resistance sits near 49.79 to 49.95, with 50.12 and 50.41 above that
  • Support holds between 49.18 to 49.08, with 48.78 and 48.55 below that

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GC_F – 

Gold in a wide range of motion

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