Morning Notes – Wednesday August 23, 2017

Directional Bias For The Day: S&P Futures are lower Moving down since 7:00 PM on August 22 Near the support, which was a broken resistance; near Fibonacci retracement levels Odds are for a down day – watch for break below 2447.75 for a change of fortunes Key economic data due: New Home Sales (est. 611K) at 10:00 AM Markets Around The World Markets in the East closed mixed –…

Morning Notes – Tuesday August 22, 2017

Directional Bias For The Day: S&P Futures are higher Moving higher since 10:00 AM on August 21 Near the upper limit of a horizontal channel since 4:00 PM on August 17 – high of 2434.00 and low of 2419.75 Odds are for an up day – watch for break below 2421.75 for a change of fortunes No Key economic data due: Markets Around The World Markets…

Morning Notes – Monday August 21, 2017

Directional Bias For The Day: S&P Futures are little changed Moving in a horizontal channel since 4:00 PM on August 17 – high of 2434.00 and low of 2419.75 Odds are for a sideways to an up day – watch for break below 2419.75 for a change of fortunes No Key economic data due: Markets Around The World Markets in the East closed mostly lower – Shanghai…

Morning Notes – Friday August 18, 2017

Directional Bias For The Day: S&P Futures are lower Were positive till 9:00 AM Moving in a horizontal channel – high of 2434.00 and low of 2423.75 – since NYSE close on August 17 Odds are for a down to sideways day – watch for break above 2434.00 for a change of fortunes Key economic data due: Prelim UoM Consumer Sentiment (est. 4.0) at…

Morning Notes – Thursday August 17, 2017

Directional Bias For The Day: S&P Futures are lower Moving lower since 12:00 PM on August 16 with anew leg down at 3:00 AM Odds are for a down day – watch for break below 2468.50 for a change of fortunes Key economic data due: Unemployment Claims (232K vs. 240K est.) at 8:30 AM Philly Fed Manufacturing Index (18.9 vs. 18.3 est.) Capacity Utilization Rate (est.…

Morning Notes – Wednesday August 16, 2017

Directional Bias For The Day: S&P Futures are higher Moving higher since 2:00 AM after trading sideway from 10:00 AM on August 15 Odds are for a sideways to an up day – watch for break below 2461.00 for a change of fortunes Key economic data due: Building Permits (1.22M vs. 1.25M est.) at 8:30 AM Housing Starts (1.16M vs. 1.22M est.) at 8:30 AM FOMC Meeting…

Morning Notes – Tuesday August 15, 2017

Directional Bias For The Day: S&P Futures are higher Uptrend since the low of 2430.25 at 7:30 AM on August 11; above 61.8% Fibonacci  retracement Near resistance 2474.50, the high at 4:30 PM on August 9 Odds are for an up day – watch for break below 2461.00 for a change of fortunes Key economic data due: Retail Sales (est. 0.3%) and Core Retail Sales (est. 0.3%)…

Morning Notes – Monday August 14, 2017

Directional Bias For The Day: S&P Futures are higher Uptrend since the low of 2430.25 at 7:30 AM on August 11; at 38.6% Fibonacci  retracement Broke above a downtrend line from August 8 high Odds are for an up day – watch for break below 2447.25 for a change of fortunes No Key economic data due Markets Around The World Markets in the East closed mostly higher;…

Morning Notes – Friday August 11, 2017

Directional Bias For The Day: S&P Futures are higher Were lower for Asian session, early European session and most of NYSE pre-open Broke above a horizontal channel and achieved 100% extension target of 2439.25 A bounce, perhaps a dead-cat bounce, is possible Odds are for a sideways to an up day – watch for break below 2430.25 for a change of fortunes Key economic…

Morning Notes – Thursday August 10, 2017

Directional Bias For The Day: S&P Futures are sharply lower Moving down from 242474.50, high at 4:00 PM on August 9; second leg down from high of 2469.00 at 2:30 AM; forming a bearish ABCD pattern; 100% and 161.8% extension targets met Odds are for a down day – watch for break above 2469.00 for a change of fortunes Key economic data due: PPI (-0.1% vs. 0.1% est.); Core PPI…