S&P Daily Pre-Market Prep 4/26/17

Posted by Peter Davies on April 26, 2017

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Almost at 2400, so expecting it to roll over at some point back to the low of the range. If it does break through, I'll wait for a pullback to the top of the range before being long biased again.

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We pushed up again yesterday and are now building volume above. So we have 2 distributions. Watching both the low of the upper distribution (2382.75) and the high of the lower distribution (2375) as potential support points. Note that if 82.75 does break, we could get to 75 very quickly as we didn't trade much between those prices.

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The 82.75 area is significant so far overnight and I'd also keep an eye on 2380 on any moves down.

Plan
- We are at the top of the range, so the roll could come any time.
- Watch 2382.75, 2380 and 2375 for a hold on any moves down
- Once past 75 to the downside, look for more aggressive selling towards the range low
- Cautious long above 2400 as the range is complete

Weekly Numbers
Range - 2365.25 -> 2389.25
Value 2365.25 -> 2379.25
S1 - 2331.25, R1 - 2360.75

Daily Numbers
Range 2368.25 /2377.50 -> 2389.25
Value - 2382.75 -> 2386.75
Globex 2382.25 -> 2386.26

Settlement – 2385

Today - 2382.25, 2380, 2375

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

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Topics: Market Updates