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SPX CHART

SPX - Primary Analysis - Feb-17 0737 AM (4 hour)

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CONSIDERATIONS FOR Feb 17, 2017

ES_F– Bullish action still holds but drifts into higher support should be ‘business as usual’ in this chart.  Pullbacks will still be bought – the chart is not exhibiting anything that suggests collapse.   However, we are due for a test of support today and if we are to give back any of this motion, we should first bounce into a lower high.

  • Buying pressure will likely strengthen above a positive retest of 2352.5
  • Selling pressure will strengthen with a failed retest of 2332
  • Resistance sits near 2350 to 2352.5, with 2356.75 and 2358.25 above that
  • Support holds between 2329 and 2323.5, with 2319 and 2313.25 below that

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

TRADE SETUPS

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

***Upside trades – Two options for entry–

  • Positive retest of continuation level -2347.25
  • Positive retest of support level– 2337.25
  • Opening targets ranges for non-members –  2340.5, 2343, 2345, 2347.25, 2351, 2354.5, 2356, 2358.75, 2363.50, and 2367

***Downside trades – Two options for entry–

  • Failed retest of resistance level -2345
  • Failed retest of support level– 2337
  • Opening target ranges for non-members – 2343.25, 2337.5, 2334, 2329.25, 2323.5, 2319, 2315.25, 2313, 2309.75, 2304.75, 2302.75, 2299.5, 2297, 2294.25, 2291.75,  2288.5, 2284.5, 2279.75, 2276.25, 2274.25, 2272.25, 2269.5, 2264.5, 2260.5, 2256, 2253.5 and 2249.75

***Nasdaq Futures***

The NQ_F presented a new high yesterday and still holds a bullish trend -however, momentum continues to drift down and over the last 24 hours, candlestick bodies have been printing lower highs (though the traders are still holding support levels).  If the lower highs continue, we’ll have a drift into support that sends us into key areas that we need to retest. 

  • Buying pressure will likely strengthen with a positive retest of 5315.75
  • Selling pressure will strengthen with a failed retest of 5277.75
  • Resistance sits near 5315.25 to 5325, with 5340.75 and 5354.75 above that
  • Support holds between 5286.5 and 5277.75, with 5271.75 and 5266.5 below that

***Upside trades – Two options

  • Positive retest of continuation level -5306.5
  • Positive retest of support level– 5286.5
  • Opening target ranges for non-members – 5291.25, 5294, 5297.75, 5306.5, 5313, 5315.75, 5325.5, 5340.75, 5354.5, and 5369.25

***Downside trades- Two options

  • Failed retest of resistance level -5297.25
  • Failed retest of support level– 5286.25
  • Opening target ranges for non-members –5294.25, 5291.25, 5286.75, 5277.75, 5273.75, 5271.25, 5266.75, 5263.25, 5259, 5252.75, 5246.75, 5240.25, 5235.25, 5229.75, 5227.75, 5221.75, 5217.75, 5212.5, 5207.5, 5202.25, 5197, 5186.25, 5180, 5173.75, 5167.25, 5161.5, 5157.25, 5154.5, 5151.5, 5145.5, and 5140.5

***Oil –WTI Crude***

Divergent themes continue to keep oil range bound.  All eyes are on the funds who are positioned incorrectly – so we are likely to see some fireworks in the mix. We sit at resistance again, but the fade has brought buyers into the fray.  The range between 51.5 and 54.3 remains uncontested.

  • Buying pressure will likely strengthen with a positive retest of 54.05
  • Selling pressure will strengthen with a failed retest of 52.7
  • Resistance sits near 53.54 to 53.68, with 53.88 and 54.05 above that.
  • Support holds between 52.63 and 52.37, with 52.2 and 51.78 below that.

***Upside trades – Two options

  • Positive retest of continuation level -53.92
  • Positive retest of support level– 53.22
  • Opening target ranges for non-members –   53.35, 53.68, 53.88, 54.05, 54.19, 54.34, 54.51, 54.76, 55.02, 55.19, and 55.35

***Downside trades- Two options

  • Failed retest of resistance level -53.34
  • Failed retest of support level– 53.01
  • Opening target ranges for non-members –53.11, 52.94, 52.85, 53.06, 52.86, 52.64, 52.37, 52.2, 52.06, 51.91, 51.72, 51.52, 51.22, 51.04, 50.82, 50.47, 50.3, and 50.16

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