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Market Diary – Friday July 15, 2016

Directional Bias For The Day: The futures are directionless The 30-minute chart of S&P 500 future is showing an uptrend but since mid-day on Thursday, the price is range bound Critical support levels for S&P 500 are 2159.40 and 2152.42 Critical resistance levels for S&P 500 are 2168.99 and 2175.00 ; Early morning futures price action is to the upside –…

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Market Diary – Thursday July 14, 2016

Directional Bias For The Day: The bias is to the up side The 30-minute chart of S&P 500 futures is trending above a uptrend line and is still showing breakouts above many bullish flags for the past few days Critical support levels for S&P 500 are 2152.42 and 2146.21 Critical resistance levels for S&P 500 are 2167.42 and 2175.00 ; Early morning futures price action…

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Market Diary – Wednesday July 13, 2016

Directional Bias For The Day: The bias is to the up side The 30-minute chart of S&P 500 futures is showing many breakouts above bullish flags for the past few days Critical support levels for S&P 500 are 2145.45 and 2136.62 Critical resistance levels for S&P 500 are 2158.53 and 2164.91; Early morning futures price action is to the upside – at…

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Market Diary – Tuesday July 12, 2016

Directional Bias For The Day: The bias is to the up side On 30-minute chart, S&P 500 futures broke above a symmetric triangle on Monday and so far the price has stayed above it after a brief decline to test the breakout level Critical support levels for S&P 500 are 2128.75 and 2122.50 Critical resistance levels for S&P 500 are 2148.79 and…

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Market Diary – Monday July 11, 2016

Directional Bias For The Day: The bias is to the up side On 30-minute chart, S&P 500 futures is within a symmetric triangle near the all time high S&P Critical support levels for S&P 500 are 2113.00 and 2106.97 Critical resistance levels for S&P 500 are 2134.72 and 2147.60; Early morning futures price action is to the upside – S&P Futures…

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Market Diary – Friday July 8, 2016

Directional Bias For The Day: The bias is to the up side The joker in the deck is the Non-Farm Payroll report, which may change the complexion of the market On 30-minute chart, S&P 500 futures is within the upper range of a rectangle trading box, after bouncing off the support; the rectangle is within another bigger rectangle…

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Market Diary – Thursday July 7, 2016

Directional Bias For The Day: The bias is to the up side, with a strong possibility of a range-bound day On 30-minute chart, S&P 500 futures is within a rectangle trading box Critical support levels for S&P 500 are 2094.60 and 2090.72 Critical resistance levels for S&P 500 are 2103.04 and 2108.71; Early morning futures price action is indecisive Before…

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Market Stage A Turn Around

The U.S. Non-Manufacturing PMI report came out at 10:00 AM and that changed the market trajectory. The reading of 56.5 was above the forecast of 53.3 and better than last month’s reading. After toping 60.3 in August 2015, the PMI is on a downward trend but still above 50 which indicates expansion. Before the report…

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Market Diary – Wednesday July 6, 2016

Rectangle Trading Box A rectangle trading range is emerging on 6-minute char of S&P 500 futures. The high is bounded by 2084.50-2085.75 reached at 4:54 PM on Tuesday and at 3:24 AM on Wednesday. The low is bounded by 2067.50-2066.75 reached at 10:42 PM on Tuesday and 7:00 AM on Wednesday. Directional Bias For The…