Holy headfake, Batman. Something actually happened!
We did break out yesterday but from a big picture perspective, we haven't had much of a move outside the range. In addition, volume yesterday was pretty low. As it is - today is all about whether we can carry on up or if this is just a headfake and we'll fall back into the range. Low volume sort of favors the headfake but we get no points for guessing right anyway. My opinion - let it play out and jump in accordingly.
We know that we've been trading most in the 60-70 range, so I'm looking at the top of that to hold on a retrace. Of course, the market could shoot straight up, which would be nice. If it does come back, then I wouldn't want to be in a new short too close to 70 as that's really the line in the sand in my opinion.
The dailies show pretty much the same thing.
Plan
- Simple day - looking to see if we can stay out of the range
- any move up with volume will be a no brainer long
- moves down require a little more thought - if 2070 gets tested and holds, then that will be a great long trade as I think we'll see a lot of people jump on that
- if not, then back to the dull old range.
- still looking for something close to the open. If we do settle back into a range it's going to be a move down and then the potential for sideways action is very high
Weekly Numbers
Range - 2251.75 -> 2282.25
Value 2255 -> 2266.50
S1 - 2255.25, R1 - 2275
Daily Numbers
Range 2259.50 / 2262 -> 2280.50
Value 2266.25 -> 2280.25
Globex 2274.25-> 2282.25
Settlement – 2274.50
Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.5
