S&P Daily Pre-Market Prep 5/25/17

Posted by Peter Davies on May 25, 2017

2017-05-25_16-00-33.png

We broke upside but overnight, so I'm still calling this 'unresolved'. The overnight moves are mostly as a result of a little craziness we saw in the markets (especially Crude) during the OPEC meetings.

Volume overall was low yesterday, so another reason not to buy into this spike up overnight.

 2017-05-25_16-01-40.png

Looking below, we can see the major distribution in the middle of this week tops out around 2399. So an eye on that if we move down.
 2017-05-25_16-02-16.png
 
 
Yesterday was very narrow but we did make some headway to the upside. We might take back the upside gains before the open, if not - be wary of a move down at the open.

Plan
- Watch for a move down off the open if we haven't taken back the overnight gains
- look for an early trade
- expecting low volatility until this top is resolved, no bias until that happens
- A wait and see day

Weekly Numbers
Range - 2378.25 -> 2412.50
Value - 2383.50 -> 2402
S1 - 2354, R1 - 2407

Daily Numbers
Range - 2394.75 / 2396 -> 2404
Value - 2397.25 -> 2400.25
Globex 2401.25 -> 2412.50

Settlement – 2402

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

Jigsaw-trading.png 

 

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Topics: Market Updates