Market Updates

S&P Daily Pre-Market Prep 3/1/17

Share this post:

2017-03-01_17-13-44.jpg

Decent volume yesterday and we've escaped the range - but only overnight. So first order of the day is whether we can hold these new prices into the day session.

 2017-03-01_17-13-56.jpg
 
We can see that we dropped into the range and have now popped out the top. Expectation in Mondays prep was that if we dropped below 63.50 - we'd end up ranging around 55-63.50.

We actually tested bottom of the range (well 57.50) and then back up to 64.50 in the day session.
 
2017-03-01_17-14-23.jpg
 
And overnight we've spiked up to 74.50.

Plan
- Into the open - look for a snap back down, which may be just a re-balance after this pop up overnight OR it could be a rejection of the move up.
- If a re-balance, we should find support after an initial push down.
- If a rejection, we'll go back into the range.
- On the other hand if we move straight up with no downside move, I have no idea how that upside move will play out. So caution to the upside but trade to the long side if we move up off the open.
- A more confident long will come off a downside test (e.g a gap fill)

Weekly Numbers
Range - 2357.50-> 2375.50
Value 2363.25 -> 2368.75
S1 - 2355.25, R1 - 2370.50

Daily Numbers
Range 2357.50 -> 2367 / 2368.75
Value 2360.75 -> 2365.75
Globex 2361.50 -> 2375.50

Settlement – 2362.75

Today Only - 2355, 2363.50

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

Jigsaw-trading.png 

 

Posted by Peter Davies on March 01, 2017
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