Watching Those Higher Lows- Oct 12, 2017

Oct 12, 2017 by

Watching Those Higher Lows- Oct 12, 2017

ALL ACCESS POST – 

 

CONSIDERATIONS FOR Oct 12, 2017

ES_F–The e-mini’s pushed through near term resistance yesterday but faded in the early morning back to another higher low we see at 2548.5.  Both support and resistance are higher today, suggesting more grinding upside on the horizon.   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 2551.75
  • Selling pressure intraday will likely strengthen with a failed retest of 2542.75
  • Resistance sits near 2551.75 to 2553.5, with 2556.5 and 2562.25 above that
  • Support holds between 2542 and 2539.5, with 2533.75 and 2527.75 below that

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

***NASDAQ Futures***

NQ_F- This chart seems to be firming up into heavy earnings on the horizon with information suggesting that bullish formations are still leading us.  Lower highs are presenting but holding higher lows. 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 6084.5
  • Selling pressure intraday will likely strengthen with a failed retest of 6060.5
  • Resistance sits near 6084 to 6088.5, with 6092.25 and 6097.25 above that
  • Support holds between 6060.75 and 6053.5, with 6043.25 and 6029.75 below that

***Oil –WTI Crude***

CL_F – News feeds and the API report after hours have taken oil into key resistance areas that traders are now rejecting.  New resistance ahead into the EIA report today is near 51.68 as long as traders can hold 50.74.  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 51.12
  • Selling pressure intraday will strengthen with a failed retest of 50.69
  • Resistance sits near 51.4 to 51.68, with 51.87 and 52.1 above that
  • Support holds between 50.7 to 50.37, with 50.18 and 49.84 below that

 

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