Market Updates

S&P Daily Pre-Market Prep 4/21/16

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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.

We have been above 2100 but had no real push up, so I consider it still unresolved.

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We can see the upper distribution was widened 2085.50 -> 2103.50, so I'm looking to see if we rotate around that. So watching those extremes into the open.

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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.

We had a late pullback yesterday down to 95.75, which is just above the value area.
So scenarios are:
1 - bounce off 95.75/VAL for a push up through the highs
2 - lazy roll over to range around 2085.50 -> 2103.50

Obviously employment numbers could throw the plans out the window.

Weekly Numbers
Range 2058.50 -> 2105.25
Value - 2085.50 -> 2103.50
S1 - 2042.25, R1 - 2094.75


Daily Numbers
Range 2085.75 / 2089.50 -> 2105.25
Value 2095.50 -> 2104.50
Globex 2094.75 -> 2104

Settlement - 2098

Today only - 2078.75, 2081.75, 2095.75

Long Term 2100, 1996.75, 1920, 1833.75, 1804.75

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Posted by Peter Davies on April 21, 2016
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