By the way in the above referenced article, i particularly found interesting the outside names such as SPX which i have been following for some time and have been eyeing for an entry in the high 50's range after a healthy retest of that level.
Got domestic CO…. Egypt's Morsi goes ALL IN vis a vis the Military……….. The Egyptian president, Mohamed Morsi, has dismissed his military chief as part of a sweeping set of decisions that includes the appointment of a vice-president and the rescinding of a military order that curbed presidential powers. The president also canceled the complementary constitutional declaration issued by the Supreme Council of the Armed Forces (Scaf), announced days before he was declared the victor in June's elections. The addendum had curbed presidential power and kept much of it in the hands of the military council.
S&P 500 Futures Weekly Notes/Expectations
Notes…Market continued to establish acceptance/value at the upper end of the March/May range highs. What little volume there was showing up on the demand side on 6 consecutive narrow range low volume days. Friday saw a weekly Demark exhaustion sell set up. However POMO Liquidity remains supportive and breadth is reflecting a market that gets bought on dips. Stock/Long bond ratios are supportive. $USD/Euro spread flat. Watch 1.2256 key support on the Euro, held on Friday. Financial sector demand volume positive. Risk assets showing life. Key short term levels early next week at 1392.50 support and 1412-14 resistance . Low volume from 1392.50-1373.75. Congestion above 1416. Ability to build volume at important range highs reinforces bull rejection of 1351 acceptance and the likelihood of continued attempts at new highs. All levels are relatively low volume/commitment.
Expectations…. Low volume moves in either direction with bulls in control above 1373.75. Dips likely to get bought above 1373.25 through 8/14/12. Trading above 1412-16 would be an important break higher and suggest expansion to 1440 and above. A break of 1373.75 works to acceptance at 1351. Early in the week a break of 1392.50 or 1412-16 will be important levels to gauge short term directional strength.
CLVN=Low Volume Rejection Zone – CHVN= High Volume Price Acceptance and Congestion Zone
1412-1416 Resistance, CLVN
1392.50 Minor Support, CLVN….low volume zone below to 1373.75
1373.75 Minor Support, CLVN
1351 CHVN, Short/Intermediate term Volume Pivot. Bullish bias above.
1340.25 CLVN. Break lower works to 1321.
1321 CLVN, Support
1309 Major Long and Intermediate CHVN
S&P Futures http://www.charthub.com/images/2012/08/10/ES_Composite.png