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FINVIZ HEAT MAP – The month to date – the land remains generally bullish even after yesterday’s selloff – VOLUMES ARE STILL THIN

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SPX – SEA CHANGE AHEAD? HOLDING SUPPORT WILL TELL THE TALE

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NDX – NO NEW HIGHS BUT DEEP FADES BACK TO CONGESTION AND A GAP DOWN INTO LOWER SUPPORT AHEAD

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CONSIDERATIONS FOR Aug 9, 2017

ES_F– A move likely created by a short squeeze created an area of thinner volume that provided no real support to buyers.  This allowed for selling to continue in the opposite direction into the close.  Use caution and go with the flow instead of trying to pick tops and bottoms.  On top of this, we have war and conflict rhetoric all around making for additional unsettled environments. Support now sits near 2459.  Resistance is now near 2475.5 to 2478. Charts are rangebound between 2463 and 2466.  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 2468 (careful again here with resistance as momentum is bearish)
  • Selling pressure intraday will likely strengthen with a failed retest of 2463
  • Resistance sits near 2470.5 to 2472.5, with 2475.75 and 2478 above that
  • Support holds between 2459 and 2456.75, with 2451.5 and 2449.75 below that

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

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***NASDAQ Futures***

NQ_F- As with the ES_F, it is likely that the upward move was created by short covering – leaving a vacuum of support and allowing charts to fade into deeper regions of support. Deeper support levels are now being tested and decisions near the monthly open of 5884 will be important to hold.  Resistance sits near 5900 and then above at 5906.5.  Momentum is now a bit negative on tighter timeframes. 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 5907
  • Selling pressure intraday will likely strengthen with a failed retest of 5873
  • Resistance sits near 5900.75 to 5906.5, with 5913.5 and 5929.5 above that
  • Support holds between 5880.25 and 5873.5, with 5868.5 and 5855.5 below that

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

YM_F –Dips into near the breakout level of 21960 were almost tested yesterday.  Chart holds as congested and caught between 21974 and 22026.  The support is lower at 21960, with 21943 below that. Momentum is mixed. Resistance sits near 22051, though we expanded well into short squeeze targets near 22136.  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 22030
  • Selling pressure intraday will likely strengthen with a failed retest of 21971
  • Resistance sits near 22026 to 22068, with 22094 to 22114 above that
  • Support holds between 21982 and 21960, with 21943 and 21930 below that

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***Oil –WTI Crude***

CL_F – EIA report today as price action continues in a jagged formation requiring swift entry and exit behavior as traders.  Higher lows and lower highs hold this chart in largely bullish formations as traders battle with our 48.80 support levels daily.  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.  We held 48.9 as support yesterday.  Buyers remain in greater control above 49.27 but will come out to secure their leverage at deep pullbacks.  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 48.55
  • Resistance sits near 49.79 to 49.95, with 50.12 and 50.41 above that
  • Support holds between 49.18 to 49.02, with 48.9 and 48.55 below that

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GC_F – 

Gold in a wide range of motion but bouncing on the unsettling conflict tones

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