Market Updates

S&P Daily Pre-Market Prep 2/22/16

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I'm, a frustrated trader right now. Internet has been intermittent for over a week and the ISP have no clue what is wrong. It's disconnecting 4-5 times an hour anywhere between 1 and 45 minutes at a time. So I'm not trading but I am watching.... Sort of a market voyeur..

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We couldn't hold above 1929 this week but have popped up in the Globex session. Of course that is on low volume and we could very easily lose all that at the US open. So into the open - looking for signs of a snap back down or that we can hold, with 29 being the reference point.

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We've not traded anywhere much overnight and as we speak, the Eurex exchange is errrr.... broken. No reasons given yet but it's off & they are working on it. Not even sure what to make of that. Note that we managed to settle on Friday just 1 point above Thursday.

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We have stair stepped up so far, so we do have a few downside reference points building below us but it's a bit early to put these up for consideration into the open. I'd like to see us consolidate those gains by trading some volume at a price, building some positions and giving us an area worth defending as we open up.


So - into the open - if we are still above 29, looking to see if we can hold above it or if we lose these overnight losses. We could lose the overnight losses before then in which case I'd be a little more inclined to short close to the open. We've spent a few days around this 29 area, so we could get shaken out either way before the market decides whether to stay in the range or start moving up again.

IF my internet was reliable, I'd be more concerned about getting caught up in shakeouts than making $$$. As it is I'm an armchair quarterback today....

Weekly Numbers
Range 1865 ->1933.50
Value - 1867.50 -> 1917
S1 - 1880.75 R1 - 1937.75

Daily Numbers
Range 1898.50-> 1916 / 1922.75
Value 1907 >-> 1914.50
Globex 1908.25-> 1938.75

Today only - 1914.50

Long Term 2109.25, 2006, 1929.25, 1843, 1814, 1773.75

 

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Posted by Peter Davies on February 22, 2016
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