Still in the range - we had some nice volatility on Friday but it's settled down now, volume was back to 1.2 million. Labor day in the US is on Monday and usually it's the following week that we get the volume back. So we may have to grit our teeth for another few weeks. Hopefully the start of next week will see some excitement.
Still - this is a long time in a tight range, so we have to be on the lookout for a break. For now, we are travelling to the upper side of the range, so biasis upside till we get there. Not marriage. Just bias.
A pretty lumpy distribution last week, so I'm not paying too much attention to the value area - more on the taper around 2187. So anywhere from 2187 to our range high, I'll be wary of a reversal.
So far overnight we are holding yesterdays value area. It's early yet (4am EST) but if it stays like this, that could mean a very slow ES session.
Plan (this may look familiar)
- expectation is for continuation up towards this weeks high 2187
- 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 2157.50 –> 2191.50
Value 2170.50 -> 2184.50
S1 – 2153.50, R1 – 2187.50
Daily Numbers
Range 2169.25 -> 2182.25
Value 2176.75 -> 2181.75
Globex 2177.75 -> 2180.75
Settlement – 2179.20
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
Plan (this may look familiar)
- expectation is for continuation up towards this weeks high 2187
- 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 2157.50 –> 2191.50
Value 2170.50 -> 2184.50
S1 – 2153.50, R1 – 2187.50
Daily Numbers
Range 2169.25 -> 2182.25
Value 2176.75 -> 2181.75
Globex 2177.75 -> 2180.75
Settlement – 2179.20
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
