Market Updates

S&P Daily Pre-Market Prep 8/23/16

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2016-08-23_6-49-14.png

Still in the range but now at the top end of it, so looking for a break or a fade back to the bottom of the range. Volume still to the low side.

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Yesterday we basically traded around last weeks value, so again it's reasonable to expect a rotation down to trade around it some more.

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Yesterday was a 10 point range, not bad for the time of year and the rotations were of decent size.

Plan
- expectation of a rotation down from the range high (90.75)
- if we push through the range take continuation trades only on exceptional volume
- otherwise look to play to the other side of value.
- looking for early trades as there is a high chance of choppy action later on
- looking for longs below last weeks value 76.50


Weekly Numbers
Range 2165.50 –> 2190.75
Value 2176.50-> 2184
S1 – 2167.75, R1 – 2193

Daily Numbers
Range 2173.50 -> 2183.50 / 2184.50
Value 2176.25 -> 2181.25
Globex 2179.25 -> 2188

Settlement – 2181.50

Range Levels – 2143.50-2177.75, 2165.50->2190.75

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

Jigsaw-trading.png 

 

Posted by Peter Davies on August 23, 2016
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