S&P Daily Pre-Market Prep 3/16/17

Posted by Peter Davies on March 16, 2017

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A nice pop up on the FOMC. First order of today - are we going to keep it? If we look left, we are close to the all time highs and a rejection there would leave us potentially in a narrow range 2351.75-2400.

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Below us most trade occured this week at 71 and below. So if we do pullback to that level, I'll be watching for a reaction.

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On the daily charts, we can see that we found resistance at 2374.50 before breaking upside. So eyes on that too.

Plan
- Fundamentals have changed with an interest rate hike, so not expecting the market to act too technically
- If it does act technically, I'll consider the rate hike reaction to be done
- watching 2400 upside for a new range to develop
- watching 2371, 2374 for a reaction
- will let the market play this hike out before doing too much

Weekly Numbers
Range - 2354.75 -> 2388.75
Value 2359.50 -> 2372
S1 - 2354.75, R1 - 2378.50

Daily Numbers
Range 2362.50 / 2365.75 -> 2387.75
Value 2367 -> 2380.50
Globex 2377.75 -> 2388.75

Settlement – 2386.50

Today Only - 2351.75-2400., 2371, 2374.50

Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75
 

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Topics: Market Updates