S&P Daily Pre-Market Prep 4/10/17

Posted by Peter Davies on April 10, 2017

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Markets still quite narrow, even with the Syria thing going on. We are potentially in a period of increased news risk so an eye on the market depth and be wary if it is low.

We potentially have a range here from 2333.50 to 2400. So eyes on any move back to 33.50

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Last week saw a large distribution from around 2345 to 2361. So any moves to those extremes are could provide us with an opportunity to fade the market.
 
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There's not much to take from the daily profiles.

We are in the middle of last weeks chop, so not really excited to play off Fridays range.

Plan
- no bias
- looking for a trade off the open, then not interested unless we get to 45 or 61, at which point looking to see if the range holds or breaks.
- will trade a range hold by default (with low interest)
- will play a continuation of a break only if we have good volume
- also an eye on 2333.50 if we break down

Weekly Numbers
Range - 2336.75 -> 2375
Value 2345.50 -> 2359
S1 - 2336.50, R1 - 2371.50

Daily Numbers
Range 2336.75/2347 -> 2260.75
Value - 2351.50 -> 2358
Globex 2349.75 -> 2359

Settlement – 2352.25

Today Only - 2333.50, 2345, 2361

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

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Topics: Market Updates