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

Posted by Peter Davies on April 19, 2017

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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...
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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.
 
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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

Plan
- 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