Market Diary – Friday July 29, 2016

Directional Bias For The Day: Greater likelihood of a range bound day The 30-minute chart of S&P 500 future is carving out a symmetric triangle within a narrow rectangle trading box, which has been in effect since July 13th, bounded between 2173 and 2153 Critical support levels for S&P 500 are 2159.74, 2154.44 and 2149.14 Critical resistance levels for…

Market Diary – Thursday July 28, 2016

Directional Bias For The Day: Greater likelihood of a range bound day The 4-Hour chart of S&P 500 future is still showing a narrow rectangle trading range since July 13th, bounded between 2173 and 2153 Critical support levels for S&P 500 are 2159.07, 2155.79 and 2146.21 Critical resistance levels for S&P 500 are 2174.94, 2182.79 and 2190.59 Early morning futures…

Market Diary – Wednesday July 27, 2016

Directional Bias For The Day: Likelihood of a range bound day with reasonable chance for it to break above the resistance The 4-Hour chart of S&P 500 future is still showing a narrow rectangle trading range since July 13th, bounded between 2173 and 2153 Critical support levels for S&P 500 are 2162.33, 2160.18 and 2155.79 Critical resistance levels…

Market Diary – Tuesday July 26, 2016

Directional Bias For The Day: Greater likelihood of a range bound day with high pressure for market to decline The 4-Hour chart of S&P 500 future is showing a narrow rectangle trading range since July 13th, bounded between 2173 and 2153 Critical support levels for S&P 500 are 2159.75, 2155.79 and 2146.21 Critical resistance levels for S&P 500 are 2173.71, 2179.81…

Brexit Wreaks Havoc on U.K. Economy as PMI Tanks

This from Bloomberg. The U.K.’s decision to leave the European Union inflicted an immediate blow on the economy as business activity shrank at its fastest pace since the last recession seven years ago. In the weeks following Brexit, there was a “dramatic deterioration,” Markit Economics said in a one-time report published Friday. Services and manufacturing shrank…

Market Diary – Friday July 22, 2016

Directional Bias For The Day: Greater likelihood of a range bound day with higher pressure for market to decline On 30-minute chart, S&P 500 future is within a symmetric triangle; breaks in either direction have immediate resistance levels Critical support levels for S&P 500 are 2158.43, 2155.79 and 2146.21 Critical resistance levels for S&P 500 are 2173.95, 2181.30 and 2188.05 Early morning…

Market Diary – Thursday July 21, 2016

Directional Bias For The Day: Greater likelihood of modest change, odds are for a slight down day On 30-minute chart, S&P 500 future is showing consolidation while the daily timeframe is in uptrend Critical support levels for S&P 500 are 2166.73, 2159.00 and 2155.79 Critical resistance levels for S&P 500 are 2177.47, 2181.92 and 2188.21 Early morning futures price action is to the down…

Market Diary – Wednesday July 20, 2016

Directional Bias For The Day: The futures are showing an upward bias On 30-minute chart, S&P 500 future broke above the downtrend line beginning from 5:30 AM on July 14; in the process it turned an emerging descending triangle to a symmetric triangle Critical support levels for S&P 500 are 2159.00, 2155.79 and 2146.21 Critical resistance levels for S&P 500 are 2176.52, 2179.00 and…

Market Diary – Tuesday July 19, 2016

Directional Bias For The Day: The futures are directionless, but with slight downward pressure The 30-minute chart of S&P 500 future is showing a descending triangle Critical support levels for S&P 500 are 2155.79 and 2146.21 Critical resistance levels for S&P 500 are 2170.28 and 2179.00 ; Early morning futures price action is little move to the downside – at 8:30 AM, S&P…

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 –…