Market Updates

S&P Daily Pre-Market Prep 3/24/16

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2016-03-24_7-03-33.jpg

We broke the range and have put in a decent run down overnight. I'm still watching 2011 as a line in the sand for upside bias. If we can hold that, I think we have a good chance of hitting 2100 next time up.

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We can see the 2011 level from last week - the top of the major distribution.

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Yesterday we just popped down through the bottom of the range. It's Thursday before a holiday. Volume is low, and so we might take back the losses at the US open. So watch for that. If the US markets accept these lows, then I'm looking for 2011 to decide on bias.

Scenarios
- bounce back to range off the open
- continuation down to test 2011, potentially looking at more participation the lower we go
- very good chance of a low volume, low range day though with the Easter holidays coming up

Weekly Numbers
Range 2016.75-> 2047.50
Value - 2033.25 -> 2043.50
S1 - 2007.25 R1 - 2055

Daily Numbers
Range 2025.25 -> 2038.50 / 2045.25
Value 2030.50 -> 2036
Globex 2016.75 -> 2029.25

Settlement - 2028.75

Today only - 2011

Long Term 2100, 1996.75, 1920, 1833.75, 1804.75

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Posted by Peter Davies on March 24, 2016
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