Market Updates

S&P Daily Pre-Market Prep 11/17/16

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2016-11-17_05-53-01.png

Volume dropping off. No great shock given the way the week started. We can't escape last Friday's range. On Monday we said:

Quoting 
We held 52.50 yesterday (well, 52.25) but the reaction wasn't convincing, looking for follow through today. Objectively, this is how crappy weeks often start - trapped around Fridays range on the Monday. So we need to get out or we have a high probability of a directionless week.

And so far we are playing that out, although we did have a brief pop through the high but interest was pretty low.

 2016-11-17_05-53-08.png
 
We are still holding the upper distribution from last week, so eyes still on 52.50 if we have a retrace.
 
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We can see the poke through the all time high yesterday and the reaction was pretty pathetic. In fact, the day session couldn't even retest it.

Plan
- A sit and watch it play our morning - that move off the highs could gather momentum and see us sell off down to 2100
- It's entirely possible that we take another test up there and possibly blow through it. I think we haven't come off enough to say we are done to the upside. There's no volume either side.
- So eyes on momentum, volume. Expectation still low overall, just looking for people to hand their hats on a move

Weekly Numbers
Range 2152.25 -> 2185
Value 2160.25-> 2175.25
S1 – 2063.25, R1 – 2112


Daily Numbers
Range 2161.50 / 2175.50 -> 2183 / 2185
Value 2178.25 -> 2182.75
Globex 2168.75-> 2178

Settlement – 2172.75

Today only - 2152.50

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

Jigsaw-trading.png 

 

Posted by Peter Davies on November 17, 2016
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