Back in the range,not a terrible day yesterday because we probed outside the range, failed to extend and fell back in and got a 13 point drop. As per yesterdays plan, we were interested in shorts anywhere from 41 to 51. A big range but we have to play the had we are dealt. As it was the rollover was fairly obvious by the time we got down to 46.25 off the 47.50 high. Not selling the top but also not taking a lot of heat...
The problem we have is that we aren't that far off 29, so from a range completion standpoint we are possibly done to the downside in relation to that large distribution last wee. The top of the longer term range isn't that far off either. So today, we aren't looking at great trade location at all. So a trade off the open might be the best deal. If we can break last weeks low we have a clearer picture of a range completed to the upside and traversing to it's low.
Small, overlapping ranges - pain in the rear...
- Looking for an early trade
- Shorts below 35.25 - caution on short into 29
- Will go short below 29 too with a view to getting to 16-18
- Not sure about the long side at the moment - but as per yesterday I don't want to be long into the highs
Range - 2428 -> 2451.50
Value - 2430 -> 2439
S1 - 2425 R1 - 2448.50
Range - 2430 / 2434 -> 2447.50
Value - 2435.50 -> 2441.50
Globex 2432.25 -> 2437.25
Settlement – 2434
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400