S&P Daily Pre-Market Prep 4/19/17

Posted by Peter Davies on April 19, 2017


Plenty of volume but not much direction yesterday. Still at the bottom of the range and still thinking it's more likely we'll have a good move on a break to the downside. A few big companies announcing earnings before the open - Morgan Stanley, BlackRock, TD Ameritrade, US Bancorp... Surprises in the financials could help us move...

We can see an upper distribution that has a low around 36.25, so watching that on any move down. It's a bit vague at the top, so not looking at anything specific there.
Yesterday played out like most - we wend up, down, up again. We ended up a few points higher. As that was a higher volume day, we'll pay more attention to yesterdays range that we did yesterday when the prior day was a vacation.

Yesterday we also traded around Mondays range, which is typical of how a range week starts up. One look at the last 2 days and you have to think that the middle isn't the best place to engage - unless it's off the open

- no bias
- looking to exploit the first moves off the open as we may
- other than that, looking at this weeks extremes for a reaction - not interested in the middle
- will play continuations away from the weeks range only on high volume (not wanting to be headfaked)
- once we are out of the market
- also watching 36.25

Weekly Numbers

Range - 2322.75 -> 2347
Value 2335.25 -> 2345.25
S1 - 2313.25, R1 - 2352.50

Daily Numbers
Range 2330.25-> 2344.50 / 2357
Value - 2334.75 -> 2341.25
Globex 2336.25 -> 2345

Settlement – 2337.25

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



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Topics: Market Updates