Market Updates

S&P Daily Pre-Market Prep 9/7/16

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Today, we are basically in the same place as yesterday....

Quoting 
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.

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We have broken last weeks high, but not the range high. Not much to say about the weekly profiles.

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We had a late pullback to 2180.50 yesterday, so I'll be watching that today.

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
- Look for a hold of 2180.50 to bring in buyers

Weekly Numbers
Range 2154.75 –> 2182.25
Value 2164.50 -> 2177
S1 – 2160.75, R1 – 2189.75

Daily Numbers
Range 2173 -> 2185.75
Value 2177.25 -> 2183.25
Globex 2181.75 > 2186.25

Settlement – 2184.50

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

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Posted by Peter Davies on September 07, 2016
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