Market Updates

S&P Daily Pre-Market Prep 2/19/16

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The range is still unresolved in my opinion. We do seem to be holding the top of the range but sellers have not shown up yet, so my bias at this point is still neutral and still waiting for volume to come in one way or the other.

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The upper distribution for this week was extended down yesterday. I was expecting sellers to come in on a break of 1915 but they didn't, it was just a probe. I'm still looking for this area to break with volume for a short bias.

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Yesterdays range was small and we had the lowest volume for some time. So there's indecision. My plan is to take small bites unless I can see a decisive move.

If I had to have a bias, it would be downside as we are in an overall range - but I think it's worth being patient as it's easy to get caught out at the extremes.

Weekly Numbers
Range 1865 ->1933.50
Value - 1866.50 -> 1918
S1 - 1812.75 R1 - 1894.75

Daily Numbers
Range 1911.25 -> 1927 / 1933.50
Value 1914.50 >-> 1921.50
Globex 1911.75-> 1922.75

Settlement - 1916.50
Today only - 1913.50

Long Term 2109.25, 2006, 1929.25, 1843, 1814, 1773.75
 
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Posted by Peter Davies on February 19, 2016
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