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S&P Daily Pre-Market Prep 5/8/17

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We are now at the top of the range, we haven't broken out and volume was low on Friday. No need to get too excited but this might be enough to finally wake up the market.

So one more time - a reminder of what we are looking for at the top.

Quoting 
We are at the top of the range, not hit the top yet but this is a line in the sand. So we have to look out for a headfake up, a reversal down from here OR a break of the range upside and a move up to new highs.

Which is saying it is going to go up or down.

Headfake - will pop the top and see absorption and sellers piling in
Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high
Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out.

In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

 

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If we do push down as well as the old high, we should also be on the lookout where traded most last week. So eyes on 2387.25 if we move down.

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We had a push up on Friday that has continued today. We may have rolled over already.

Plan
- At the top, now looking for volume to confirm a rollover or continuation
- Take an early trade as we may just move sideways 'undecided'
- Higher probability longs will be reacting to a pullback down to 2400 and 87.25
- Really a wait and see day

Weekly Numbers
Range - 2375.50 -> 2399.25
Value - 2381.25-> 2387.25
S1 - 2383, R1 - 2405.50

Daily Numbers
Range - 2379 / 2385 -> 2395.75
Value - 2387 -> 2390.50
Globex 2392.25 -> 2403.75

Settlement – 2397.75

Today - 2400, 2387.25

Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400
 

Jigsaw-trading.png 

 
Posted by Peter Davies on May 08, 2017
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