Trader slowly drag themselves into the office today after the break. Caffeine drips all round. Diets commenced. Detoxification started. It often takes the market till early next week to pick up but let's see what we get today. It may be worth hibernating for another 4 days.
We are still in the range, although at the top of it, so wary today of a turn down. We are at last weeks high but not the range high, so an eye on both. Given the probes to the downside, it could be argued we are due one to the upside, which means hitting 2200. So we have fade potential but it's going to pay to let it turn first and not try to pick the top.
Not much to say about last weeks profile, other than to keep an eye on the extremes of value.
On days following a Monday holiday, I consider "overnight" to be everything since Fridays close and for "Yesterday" to be Friday, so that's how I'm going to come up with my daily levels. We have traded within Fridays range so far, so nothing to report since last week.
Plan
- Close to the range highs, so looking for the fade
- Ranges often probe through the highs after probing through the lows, so don't be too fast to fade it
- Holidays are over, so be aware that we could break the range with people coming back - so an eye on overall volume and commitment
- Very much a 'wait and see' day because of the above. No strong bias going in
Weekly Numbers
Range 2154.75 –> 2182.25
Value 2164.50 -> 2177
S1 – 2160.75, R1 – 2189.75
Daily Numbers
Range 2164.25 / 2171.75 -> 2183.75
Value 2174.25 -> 2180.25
Globex 2175 > 2182.25
Settlement – n/a
Range Levels – 2143.50-2177.75, 2165.50->2190.75
Key Levels: 2190.75, 2141.50, 2110.75 ,2096, 2090.75, 2012.75, 1957.50, 1910.75, 1824.50, 1795.50
Plan
- Close to the range highs, so looking for the fade
- Ranges often probe through the highs after probing through the lows, so don't be too fast to fade it
- Holidays are over, so be aware that we could break the range with people coming back - so an eye on overall volume and commitment
- Very much a 'wait and see' day because of the above. No strong bias going in
Weekly Numbers
Range 2154.75 –> 2182.25
Value 2164.50 -> 2177
S1 – 2160.75, R1 – 2189.75
Daily Numbers
Range 2164.25 / 2171.75 -> 2183.75
Value 2174.25 -> 2180.25
Globex 2175 > 2182.25
Settlement – n/a
Range Levels – 2143.50-2177.75, 2165.50->2190.75
Key Levels: 2190.75, 2141.50, 2110.75 ,2096, 2090.75, 2012.75, 1957.50, 1910.75, 1824.50, 1795.50
