Market Updates

S&P Daily Pre-Market Prep 12/13/16

Share this post:

2016-12-13_16-21-59.png

Decent volume yesterday, just under 2 million contracts traded. We have a new level at 2208.50 - although it's not been tested yet and so it may be removed.

 2016-12-13_16-22-07.png
 
On a weekly basis, we have an upper distribution from last week that tops out around 2243, it's a bit tenuous but it's the closest level for a test.
 
2016-12-13_16-22-16.png
 
Yesterdays low was 46.75, so not far off the 43 level. It was a slow afternoon and we've traded within yesterday overnight - so we do have the possibility of a range week here. 

Going in, I'm biased upside. Ideally, I'd like to see us consolidate 2240-2270 as a base for moving up or drop down to restest 08.50. I'm not sure how many more active trading days we have left but we should at least be good for this week. As usual, I'm looking for a test to give us the most reliable move.

Plan
- Long bias
- looking at 2243, 2208.50 for a test to give us more upside participation
- looking also for overnight/developing daily levels to play off
- eyes out for volume drying

Weekly Numbers
Range 2173.50-> 2246
Value 2192.50 -> 2255.75
S1 - 2213.75, R1 - 2275.50

Daily Numbers
Range 2246.75-> 2259 / 2264.75
Value 2249.50 -> 2253.50
Globex 2247.75 -> 2257

Settlement – 2250.50

Other levels – 2208.50, 2243

Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.50



 

Jigsaw-trading.png 

 

Posted by Peter Davies on December 13, 2016
Share this post:

New Blog Website

We have a new blog but it's the same old us, just with a better logo and more resources for you.

CHECK IT OUT

Get the Latest Trading Insights

Popular Posts