S&P Daily Pre-Market Prep 4/25/17

Posted by Peter Davies on April 25, 2017

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We managed to hold the gap up yesterday but didn't do much else. So today we are looking for the same things - the gap to fill in or to see buyers come in and take us up to 2400.
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The weekly profiles aren't much use today, apart from highlighting the gap.
 
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The daily profiles show we've stayed in the overnight range from Sunday 65.25 -> 76.75. This is (obviously) how range weeks start. Any trades in the middle of the range are likely to be tricky and that area will be more toxic the more days we stay there. So for now, watching the extremes for a break and playing back into the range if it doesn't break.

Plan
- low expectation day
- Try to take a trade off the open as there may not be much opportunity later on
- Look to trade the extremes of the range. Continuations outside the range only on high volume
- Be wary of headfakes - absorption on offer side 4-8 ticks through the high (bid side through the low)

Weekly Numbers
Range - 2322.75 -> 2358.25
Value 2333.25 -> 2348.75
S1 - 2331.25, R1 - 2360.75

Daily Numbers
Range 2365.25 /2365.75 -> 2374 / 2376.75
Value - 2345 -> 2350
Globex 2368.25 -> 2375

Settlement – 2370

Today - 2353, 2358.25

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

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Topics: Market Updates