Market Updates

S&P Daily Pre-Market Prep 2/1/17

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On Monday we were looking for a test of the old range and we now have that - so we need to see some speculators jump on board long now. Upside has really good potential if people start reacting now.

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On the weekly profile, we are sandwiched between 2 areas of high activity 2263/2288.25 - that & the fact that the lower high activity area has held does mean we have to consider the possibility of rangebound action within that range.
 
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Not much to add from the dailies other than to watch out for the regular levels from yesterday trade. We've held the day session high, so a retest to there or value high is worth looking for.

Plan
- Mixed signals, we got the bounce we were looking for, looking to jump on the follow through. The weekly profiles look more rangebound
- looking to jump on any momentum to the upside but not too close to 88
- pullbacks to yesterdays reference points will be taken long
- looking to short 88 on a hold
- if we move down without hitting 88 first, will look to short a break of 62

Weekly Numbers
Range - 2262.25 -> 2285.75
Value 2264.25 -> 2277.25
S1 - 2306.25, R1 - 2261.50

Daily Numbers
Range 2262.25 -> 2275.25 / 2276.75
Value 2263.75 -> 2268.75
Globex 2275 -> 2281.50

Settlement – 2274.50

Today only - 2263, 2288.25

Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.5
 

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Posted by Peter Davies on February 01, 2017
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