S&P Daily Pre-Market Prep 5/10/17

Posted by Peter Davies on May 10, 2017

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Its starting to look more like the market is rolling over. Volume is still weak at just over 1 million contracts.

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We moved down to the top of the major distribution from last week (2387.25). So an eye on that area.
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It's worth keeping an eye on yesterdays value low and low. If we are going to carry on down, then a move up off the open to a common level will help us on the way down.

Plan
- Slight short bias
- Looking for a move up to fail as the best opportunity of attracting downside volume
- We have moved up from 87.25 so far, so we may see speculators react to that
- So I'll let this play out for the first 15-20 minutes to see which way the wind blows


Weekly Numbers

Range - 2387.50 -> 2402.75
Value - 2392.75-> 2397.75
S1 - 2383, R1 - 2405.50

Daily Numbers
Range - 2388.75 -> 2400
Value - 2393 -> 2398
Globex 2387.50 -> 2393.50

Settlement – 2393.25

Today -2387.25

Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400
 

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Topics: Market Updates