Market Updates

S&P Daily Pre-Market Prep 3/2/17

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Struggling to keep up here - realized the other night that the wife stuffed my "decaf tea box" with regular tea.... I've had almost 2 weeks of insomnia... at least I know why now...

I'm still working on the premise of a bounce off the old high bringing in some buyers once it becomes clear. It's not done that yet - but it's still one of my scenarios. Volume is descending into the end of the week.

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On Wednesday we had


Quoting 
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.

And that seems to be playing out... Note the step in the weekly profile around 76.50.
 
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Dailies show fairly narrow days within this range.

Plan
- Presume range 65-85 will stay intact but also look for shorts where the step is around 76.50
- look for headfakes on any break
- look for an early trade off any high volume areas from overnight

Weekly Numbers
Range - 2262.25 -> 2285.75
Value 2266 -> 2276.50
S1 - 2306.25, R1 - 2261.50

Daily Numbers
Range 2264.50 / 2266.75 -> 2279.75
Value 2271.25 -> 2276.25
Globex 2270.50 -> 2279.75

Settlement – 2275.50

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
 

Jigsaw-trading.png 

 

Posted by Peter Davies on February 03, 2017
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