Market Updates

S&P Daily Pre-Market Prep 5/13/16

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2016-05-13_6-43-09.jpg

It does appear that we are now working our way down but I am now neutral biased. It looks like we may suffer a narrowing range.

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The profile doesn't have much for us, other than we are back to Mondays lows which does give us a potential long fade trade.
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We are basically back to Mondays lows. So this week we've moved up and back down. That's why I don't feel strongly about this push down in the past few days.

It is Friday, so it might be a bit of a lame duck day. Unlike the past 2 days I have no levels that I think will break and then give us a decent move. We aren't near the 71.50 and the 60 level broke yesterday,

The plan:
- look for the 'traditional' day trader plays off yesterdays range/value
- look for shorts more aggressively if we break 2048 in the day session (although like yesterday, the overnight low might take some time to get through.
- other than that look for momentum moves
- if DOW/NASDAQ aren't moving together or volume is very low - there's a high chance of getting chopped around...

Weekly Numbers

Range 2046.25 -> 2079.75
Value - 2049.25 -> 2069.50
S1 - 2032, R1 - 2067.75

Daily Numbers
Range 2048.50-> 2069.75 / 2072.75
Value 2053 -> 2065
Globex 2046.25 -> 2060.75

Settlement - 2058.75

Today only - 2048

Long Term 2100, 1996.75, 1920, 1833.75, 1804.75

 

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Posted by Peter Davies on May 13, 2016
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