Market Updates

S&P Daily Pre-Market Prep 8/2/16

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2016-08-02_5-15-09.png

Yesterday we had:


Quoting 
No surprises on Friday but on Sunday evening, we managed to finally break out of the range. Of course, that's overnight and we need to hold this in the day session today.


And it seems we couldn't! Back to the range. Although maybe an extended one.

2016-08-02_5-15-22.png

Yesterday, we basically pushed into last weeks value area and traversed to the the other side of it (last weeks VAL was 59 and we got down to 59.75). We have pushed through that overnight.
 
 2016-08-02_5-15-34.png
 
Yesterday a few nice moves off the open but then rangebound in the afternoon. So back to the mode we were in last week....

Plan
Look for a move off the open because it might be all you get. If missed, consider scaling in as it could be a one way move.
If volume drops and/or NQ/YM start moving in different directions – presume we are reverting to chop
If the market chops around early on, try to stay focused for the break.
If the market chops after a decent (e.g. 8-10 point) move. Consider we may be done for the day.
Obviously if volume comes back into the market, VIX increases and we see a decent swing we can look for continuations

This range is getting old so it could break any time - it's like a coiled spring. We aren't seeing a lack of volume - no days below 1M contracts yet.

Weekly Numbers
Range 2152–> 2172.50
Value 2159 -> 2167.50
S1 – 2156, R1 – 2176.50

Daily Numbers
Range 2159.75 -> 2172.75 (day) / 2177.75
Value 2161 -> 2167
Globex 2157.50-> 2171

Settlement – 2164.50

Key Levels: 2110.75 ,2096, 2090.75, 2012.75, 1957.50, 1910.75, 1824.50, 1795.50

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Posted by Peter Davies on August 02, 2016
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