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FINVIZ HEAT MAP – Steep selloff as flight to utilities and staples shows – yesterday’s motion

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SPX – GAP FILL POTENTIAL AHEAD – BOUNCES SHOULD FAIL AT THE FIRST PASS – ONLY HIGHER LOWS WILL DENOTE SHIFT OF MOTION

Screen Shot 2017-08-11 at 07.23.59

 

NDX – TENTATIVE TO TEST BOUNCE REGIONS, TRADERS EXHIBIT CAUTION AT SUPPORT

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CONSIDERATIONS FOR Aug 11, 2017

ES_F– Markets are removing profit and setting up short positions in the uncertain climate greeted by the media and external events (words to ponder – the media ratings skyrocket under news like this- try to find quantifiable information to base your decisions upon).  There is a line of congestion between 2428 and 2419 that may be a magnet for the current motion.  Traders realized that this was not a buy the dip space and will be looking for another lower edge of support from which they can initiate a rally.  Be careful shorting the lows as it will expand your risk. 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 2441 (careful again here with resistance as momentum is bearish)
  • Selling pressure intraday will likely strengthen with a failed retest of 2431
  • Resistance sits near 2447.5 to 2451.5, with 2456.75 and 2462 above that
  • Support holds between 2431 and 2427, with 2422.5 and 2418.75 below that

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

Screen Shot 2017-08-11 at 07.37.29

 

***NASDAQ Futures***

NQ_F- Support levels are being held in the early morning but it is quite likely that the break before a bounce.  These bounces are also quite likely to fail as there is a thin volume event just below corresponding with the gap in the NDX. Charts may become congested today as traders evaluate future motion.  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 5809.75
  • Selling pressure intraday will likely strengthen with a failed retest of 5751
  • Resistance sits near 5802.75 to 5809.5, with 5825.5 and 5844.5 above that
  • Support holds between 5762 and 5751.5, with 5723.5 and 5706.5 below that

Screen Shot 2017-08-11 at 08.02.08

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

YM_F –For once, the YM_F looks as weak as the others we trade.  Bounces should fail at the first pass and a test below of the 21692 level looks possible with the failure to recapture 21852. 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 21880
  • Selling pressure intraday will likely strengthen with a failed retest of 21739
  • Resistance sits near 21852 to 21880, with 21909 to 21960 above that
  • Support holds between 21790 and 21759, with 21739 and 21707 below that

Screen Shot 2017-08-11 at 08.08.45

***Oil –WTI Crude***

CL_F -News from OPEC sent these traders into profit taking mode as the long traders remove gains.  A deep retrace into below congested areas suggests that traders will try to base here and return to the congestion zones between 48.55 and 49.9 – Failure to recapture 48.55 leaves the chart quite bearish.  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 48.8
  • Selling pressure intraday will strengthen with a failed retest of 48.01
  • Resistance sits near 48.55 to 48.8, with 49.22 and 49.59 above that
  • Support holds between 48.01 to 47.86, with 47.44 and 46.88 below that

Screen Shot 2017-08-11 at 08.13.29

GC_F – 

Screen Shot 2017-08-11 at 08.17.16

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