Your MUST-READ Morning Stock Futures Cheat Sheet – 8.17.11 – “Equities coiling”

The exclusive Markets Morning Report is supplied by The Precision Report.

The Precise Take – Equities coiling

Big Picture Analysis:  Yesterday, it appeared equities might be putting in the top of the bounce, but the shorts after the European news conference at noon could not definitively crack the prior day’s low just below 1180 in the ES.  Overnight, traders have rallied to just shy of 1200, so this roughly 20 handle range is critical to monitor, as a breakout appears imminent.  Today has bearish seasonality, and range and volume contraction are signalling the all-clear to the shorts.  However, we must still be on alert for another pop a few strikes higher as a final opex week shakeout of the shorts.  As we write, PPI came in slightly hot, but tomorrow is the big day in terms of economic releases, with CPI and the Philly Fed Survey taking top billing.  Headlines from Europe continue to broadcast fecklessness, but inaction seems to be priced in for now.  On Friday there is another big meeting regarding the new stabilization fund.

Trading Today:   Below are the major support and resistance areas.

Today’s  Scheduled News (all times EDT)

Major Market Movers

Minor Market Movers
EIA Petroleum Stats at 10:30 am

Tomorrow’s Scheduled News

Major Market Movers
CPI at 8:30 am
Jobless Claims at 8:30 am
Philadelphia Fed Survey at 10:00 am

Minor Market Movers
Leading Indicators at 10:00 am
Existing Home Sales at 10:00 am

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