Market Updates

S&P Daily Pre-Market Prep 4/20/16

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2016-04-20_4-45-25.png
I'll cut & paste from yesterdays prep to save typing:

We are almost at the 2100 level. Scenarios from here on are a roll over and back to 2000 or we push up and move on to new highs. We could spin around here for a few days whilst the market decides what to do and we have to avoid getting caught up in any manipulation up here as reversal/breakout traders get nudged out of position.

My philosophy is to let everyone else do the the heavy lifting and then get on board once the market has sorted itself out. The first thing to look for is volume coming in after a touch or push through 2100.

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We can see an upper distribution building on this weeks developing profile.

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And we can see we had good volatility on the push up on Monday but couldn't follow through on Tuesday and so I'm initially watching to see if Tuesdays range holds.

Plan
- Overal waiting for the market to resolve this 2100 level one way or the other
- Look to fade Tuesdays range but with confirmation as it's going to be an area prone for manipulation
- Let the market break and pull back and test before going with any break, again because of chances of manipulation
- On a push down watch for support at 2078.75 & 2081.75

Not much of a plan really! Just trying to avoid getting caught up in the excitement of a fake move, especially to the upside.

Weekly Numbers
Range 2058.50 -> 2098.50
Value - 2071.50 -> 2098.50
S1 - 2042.25, R1 - 2094.75


Daily Numbers
Range 2084.75 -> 2098.50
Value 2089.50 -> 2096
Globex 2085.75 -> 2094.50

Settlement - 2093.75

Today only - 2078.75, 2081.75

Long Term 2100, 1996.75, 1920, 1833.75, 1804.75

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Posted by Peter Davies on April 20, 2016
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