Market Updates

S&P Daily Pre-Market Prep 10/18/16

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2016-10-18_6-14-25.png

A low volume day yesterday. We got to the 2134.75 level - which is around where last weeks lows are, so we could see some participation to the downside from here.

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We are also close to the top of the main distribution from last week (2137) - so wary as we approach that.
 
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I'll also be watching for a bounce at Fridays day session low - 2126.50. Other than that the plan is basically the same while we are ranging...

Plan
- A balanced market - so go with trades to the end of the range, then fades at the extremes of price OR value.
- on the lookout for a break out of the range (it'll happen some time)
- an ear on the news in case something happens with DB (seems the fine is going down)
- no bias - just looking to take advantage of momentum on a short term moves that occur before we finally breakout

Weekly Numbers
Range 2107.75-> 2163.50
Value 2116.25 -> 2141.75
S1 - 2102, R1 - 2157.75

Daily Numbers
Range 2122.25/ 2126.50 -> 2143.25
Value 2127.25 -> 2136.25
Globex 2116.75 -> 2128.75

Upper Range - 2158.75-2184

Today only 2125

Settlement – 2127

Key Levels: 2184, 2134.75, 2104, 2089.25, 2084, 2006, 1950.75, 1904, 1817.75, 1788.75
 
 

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Posted by Peter Davies on October 18, 2016
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