Your MUST-READ Morning Stock Futures Cheat Sheet – 7.27.11 – “Durables Disappoint”

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The Precise Take – Durables Disappoint

Big Picture Analysis:  Yesterday ended up a small range day, closing at the lows, and this morning, equity futures are down on the disappointing manufacturing report.  All in all, not much to add to the previous days’ commentary.

Trading Today:  The lower end of the projected range includes the 50% retracement of the most recent up leg, from 1316.75 to 1317.50.  We would also consider a long from the 1312.00 to 1313.25 support area, but likely not below.  The upper end of the projected range includes the overnight high and daily pivot, from 1327.75 to 1329.00.  we would also consider a short from the 1333.50 to 1334.00 area, but likely not above.  The Fed stats released at 2:00 pm could be a market mover.

Day Trading Guide

Upside Price Action Targets
1352.50, 1341.75, 1339.25, 1334.50

Downside Price Action Targets
1252.75, 1258.25, 1262.50, 1269.75
1274.50, 1292.50, 1311.00, 1320.50

Today’s  Scheduled News (all times EDT)

Major Market Movers
Fed Beige Book at 2:00 pm

Minor Market Movers
EIA Petroleum Stats at 10:30 am
5 Yr Note Auction at 1:00 pm

Tomorrow’s Scheduled News

Major Market Movers
Jobless Claims at 8:30 am
Pending Home Sales Idx at 10:00 am

Minor Market Movers
7 Yr Note Auction at 1:00 pm


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