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CONSIDERATIONS FOR Apr 17, 2017

ES_F–  As volatility futures continue to spike, charts remain weighted by sellers refusing to buckle under any buying pressure.  We sit a key support for another day with all the burden on the buyers to reverse the current drift downward.  Though we should see some bouncing off support, it appears that these bounces will sell off as the have in days prior.  The range between 2317 and 2335 is very important for buyers to hold.  Gold and the 30-year bonds are holding their upper levels and are still in bullish formations-those assets continue to run ahead of the markets, providing crosswinds for any upside.

  • Buying pressure will likely strengthen above a positive retest of 2354.5
  • Selling pressure will likely strengthen with a failed retest of 2317
  • Resistance sits near 2346.5 to 2354.5, with 2357.5 and 2361.25 above that
  • Support holds between 2322.5 and 2317.5, with 2312.75 and 2305.5 below that

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

Screen Shot 2017-04-17 at 5.24.42 AM

TRADE SETUPS

***E-mini S&P Futures***

***Upside trades – Two options for entry–

  • Positive retest of continuation level -2333.5 (careful with resistance ahead)
  • Positive retest of support level– 2327.5
  • Opening targets ranges-   2332.25, 2337.25, 2341.5, 2345, 2349.75, 2352.5, 2356.25, 2359.75, 2361.75, 2366.25

***Downside trades – Two options for entry–

  • Failed retest of resistance level -2332.5 (watch for higher lows or a swift break above)
  • Failed retest of support level– 2327
  • Opening target ranges for non-members – 2325.75, 2320.5, 2317.75, 2312.75, 2307.75, 2305.5, 2299, 2293

***NASDAQ Futures***

NQ_F- An ongoing test of lower support near 5347 is still unresolved. Lower highs are still anticipated under the selling pressure with more support levels near 5334.  Bounces will likely be sold under the negative momentum, particularly at the first pass.  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 5367.5 (use caution as sellers sit close by- wait for a retest)
  • Selling pressure will likely strengthen with a failed retest of 5347.25
  • Resistance sits near 5367.5 to 5378.5, with 5389.75 and 5394.25 above that
  • Support holds between 5347.5 and 5334.5, with 5331.5 and 5325.5 below that
Screen Shot 2017-04-17 at 5.38.15 AM

TRADE SETUPS

***Upside trades – Two options

  • Positive retest of continuation level -5360.5 (make sure you have that positive retest and watch for the potential lower high)
  • Positive retest of support level– 5348.25 ( must see positive divergence here)
  • Opening target ranges  –  5360.5, 5367.75, 5374.5, 5378.25, 5387.75, 5393.75, 5399.25, 5404.25, 5417.75, 5422.25, 5427.5, 5436.5, 5440.25

***Downside trades- Two options

  • Failed retest of resistance level -5367.5 (watch for higher lows if chart is trying to move upward)
  • Failed retest of support level– 5352.75
  • Opening target ranges –5363.5, 5358.75, 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 -After a fade off the highs, 53.25 now sits as resistance. As I see it, a test of 51.69 could easily be on the horizon, before another press upward.  Price action should be choppy.

  • Buying pressure will likely strengthen with a positive retest of 53.26
  • Selling pressure will strengthen with a failed retest of 51.54
  • Resistance sits near 53.26 to 53.78, with 54.11 and 54.53 above that.
  • Support holds between 52.6 and 52.23, with 51.69 and 50.88 below that.
Screen Shot 2017-04-17 at 5.42.29 AM

TRADE SETUPS

***Upside trades – Two options

  • Positive retest of continuation level -53.08( could easily be resistance- use caution)
  • Positive retest of support level– 52.86
  • Opening target ranges– 53.08, 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 -53.02 (watch for possible support building)
  • Failed retest of support level– 52.7
  • Opening target ranges for non-members –  52.8, 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

Here are the YM_F and GC_F charts
Screen Shot 2017-04-17 at 6.00.20 AM

Screen Shot 2017-04-17 at 5.56.59 AM

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