S&P Daily Pre-Market Prep 7/26/17

Posted by Peter Davies on July 26, 2017

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Low volume still, we did push up through the top of this little range we've been in the last 5 days. This is a very tight range but then we are heading into August. It's not very clear and the danger is reading too much into the action.

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We have 2 distributions for the week but really it's such a small range that it's not worth considering them separate. We do have to look out at 2472 for a reaction as we didn't spend much time there but it's also the middle of the weeks range so not a great spot. So I'll want to see something fairly obvious before trading any reaction from that point.
 
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We can see that we popped up overnight yesterday and then went sideways. It's FOMC day today which means it's likely to be low volatility in the morning.

Plan
- Look for an early trade right off the open as FOMC malaise might kick in
- Look for reactions in the AM off yesterdays levels and 72 but look for something quite obvious
- Be prepared not to have much on in the AM, which means there might not be any trades
- Flat into FOMC and see if we can take a momentum move off it (although we are not expecting any surprises)

Weekly Numbers
Range - 2463.50 -> 2478.75
Value - 2463.75 -> 2473.75

Daily Numbers
Range - 2466.25 /2472.50 -> 2478.25
Value - 2475 -> 2478
Globex - 2472 ->2476.75

Settlement – 2474

Today only - 2472

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

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Topics: Market Updates