S&P Daily Pre-Market Prep 7/18/17

Posted by Peter Davies on July 18, 2017

2017-07-18_05-10-47.png

We have move up a little - but I still see this as "top of range unresolved". We didn't move much and volume is low. So it's not as if we can say it's a clear break at this point. I still favor a fall back into the range - but I am not putting money on that. I'll just wait for resolution and trade the resulting move.

2017-07-18_05-19-46.png

Not much yet from the weekly profile. The upper distribution from last week tops out around 46. So if we do move down, we may find support there. 
 
2017-07-18_05-20-08.png
 
This does look like a range week setting up. So I'm watching yesterdays range/value for cues. If we look at yesterday - the overnight range held, so a technical day but a choppy one. Overnight we've pretty much stayed in the range.

Plan
- No bias - waiting for signs we'll have another push up or if we'll fall back to the range
- will fade common levels today (yday hi/lo, yday value, overnight hi/low).
- other than that, waiting for a break to jump on
- looking for headfakes on any breaks out of the small range we've marked so far this week. Very cautious on taking continuation trades with this low volume

Weekly Numbers
Range - 2410.25 -> 2461.25
Value - 2413.25 -> 2442.50

Daily Numbers
Range - 2454 /2454.25 -> 2460.50
Value - 2456.25 -> 2459.25
Globex 2454.25 -> 2460.50
Settlement – 2458.50

Today only - 2456

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