S&P Daily Pre-Market Prep 3/7/17

Posted by Peter Davies on March 07, 2017

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Market is pulling back. Not a lot and I'm still watching out for us to settle into a nice 100+ point range.

Trouble is - pullbacks have been very shallow of late, so it's be silly not to look for some closer levels as potential support. So I'm looking at 2355.50 and 2336.

 2017-03-07_17-37-39.png
 
We are also holding above the lower distribution from last week, 2368.50 area. So this also could be as low as we go.
 
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Yesterday had a slightly higher close than open. Not really a lot going on there.

Plan
- Biased downside but looking at the potential that the bounce at 68.50 could be the end of the move.
- Volatility still low, so looking for an early trade and expecting chop
- If no open trade, then it's one of those 'wait and see' days, I don't have many scenarios going in

Weekly Numbers
Range - 2357.50-> 2401
Value 2381 -> 2359.75
S1 - 2359, R1 - 2402.50

Daily Numbers
Range 2367 -> 2378.25 / 2380.75
Value 2367.50 -> 2375
Globex 2379.50 -> 2375.50

Settlement – 2375.50

Today Only - 2336, 2355.50, 2368.50

Key Levels – 2178.75, 2129.50 , 2099.75, 2084, 2078.75, 2000.75, 1945.5,1898.75,1812.5,1783.5
 
 
 

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Topics: Market Updates