Market Updates

S&P Daily Pre-Market Prep 8/24/16

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2016-08-24_5-17-51.png

Very low volume yesterday, just over 1.1 million traded. All my horizontal lines disappeared off my chart too - which means it's probably my lucky day.

2016-08-24_5-18-00.png

Not much to see here, still trading around last weeks range.

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Yesterday followed our game plan, looking to fade the market at 90.75 (we actually pushed 3 ticks through) but it took a while before we got a break,so whilst the "bigger picture plan" - the market did work - the better trade was fading the high volume nodes that developed intraday.

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Obviously, that strategy would have worked better in the morning but we hit the extremes of that intraday range many times.

Plan
- expectation is for continuation down to towards last weeks low/value low (even though it appears to have stalled overnight) 2165.50/2176.50
- 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
- on the lookout for intraday high volume nodes to trade around, especially if volume is in the same range as yesterday


Weekly Numbers
Range 2173.50 –> 2191.50
Value 2176.50-> 2185.50
S1 – 2167.75, R1 – 2193

Daily Numbers
Range 2179.25 / 2184.25 -> 2191.50
Value 2186.25 -> 2189.75
Globex 2180.75 -> 2187.75

Settlement – 2185.25

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 24, 2016
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