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SPX CHART

SPX - Primary Analysis - Feb-13 0707 AM (2 hour)

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CONSIDERATIONS FOR Feb 13, 2017

ES_F– Another morning with new all-time highs greet us in the ES_F.  Pullbacks are still likely to be bought as we sit at regions that could prove out as target regions for buyers trading to resistance.  Targets above look like 2320.5 and 2322.5 at this writing, should we breach and hold 2318 this morning.  The support region looks like 2290 at a weekly glance, but higher near 2303 on the intraday frames.  The backdrop is quite trending to trying to pick tops here could be quite hazardous to your portfolio health.

  • Buying pressure will likely strengthen above a positive retest of 2318.5
  • Selling pressure will strengthen with a failed retest of 2313
  • Resistance sits near 2318 to 2320.5, with 2322.5 and 2327.5 above that
  • Support holds between 2303 and 2306.75, with 2299 and 2291.75 below that

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

RANGE OF TODAY’S MOTION

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

***Upside trades – Two options for entry–

  • Positive retest of continuation level -2316.75
  • Positive retest of support level– 2313.5
  • Opening targets ranges for non-members – 2316.5 , 2318, 2320.5, 2322.5, 2327.75, and 2332.5

***Downside trades – Two options for entry–

  • Failed retest of resistance level -2312.5 (careful here – very countertrend though toppy)
  • Failed retest of support level– 2309.5
  • Opening target ranges for non-members – 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 holds its bullish trend and is sitting near highs set overnight once again. Breakout action should be tested at first by sellers but could easily resume the forward press as much seems to favor higher levels in the NQ_F.  Reversion to the mean trades continue to prove out as quite difficult.  Remember, relationships change over time, and that includes the ones in the market.   Momentum remains slightly divergent, but buyers continue to buy and hold support higher. Use caution with size up here for timing will become more important the longer the stretch continues without significant retracements of support levels.

  • Buying pressure will likely strengthen with a positive retest of 5235
  • Selling pressure will strengthen with a failed retest of 5202.25
  • Resistance sits near 5235.25 to 5240.5, with 5246.25 and 5252.5 above that
  • Support holds between 5202.25 and 5197, with 5186.25 and 5180 below that

***Upside trades – Two options

  • Positive retest of continuation level -5235.25
  • Positive retest of support level– 5223.5
  • Opening target ranges for non-members –  5227, 5231.25, 5235, 5240.25 and 5246

***Downside trades- Two options

  • Failed retest of resistance level -5232.25
  • Failed retest of support level– 5223.5.5
  • Opening target ranges for non-members –5229.75, 5226.75, 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***

For six out of the last twelve days, oil has tested 54.05 and higher only to retreat to clear value areas of support.  Hedge funds seem to be moving their long positions off in general but pressure still shows them to be bullish overall.  The range between 51.5 and 54.3 remains uncontested.

  • Buying pressure will likely strengthen with a positive retest of 54.4
  • Selling pressure will strengthen with a failed retest of 52.9
  • Resistance sits near 54.05 to 54.35, with 54.54 and 54.7 above that.
  • Support holds between 52.9 and 52.63, with 52.26 and 51.56 below that.

***Upside trades – Two options

  • Positive retest of continuation level -53.92 (watch for sellers at 54.06)
  • Positive retest of support level– 53.39
  • Opening target ranges for non-members –  53.68, 53.88, 54.06, 54.19, 54.34, 54.51, 54.76, 55.02, 55.19, and 55.35

***Downside trades- Two options

  • Failed retest of resistance level -53.68
  • Failed retest of support level– 53.2 ( watch 52.9 for buyers)
  • Opening target ranges for non-members – 53.39, 53.21, 53.02, 52.9, 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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