S&P Daily Pre-Market Prep 7/6/17

Posted by Peter Davies on July 06, 2017

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We are having trouble lifting off the lows. Volume was still a bit low yesterday at 1.2M contracts. On the lookout for more volume coming in today, sort of presuming we had the 4th July 'hangover' yesterday and some traders still on vacation.

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An ugly profile so far this week - indicating that we may continue to range 2423-2430.
 
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Same picture here - in a narow range short term.

Plan
- Looking for an early trade
- Still biased upside overall for range completion upside 
- No trades between 2423 and 2430 - looking to fade those prices
- Will take continuations outside of 23-30 only if volume picks up

Weekly Numbers
Range - 2419.25 -> 2436.50
Value - 2424 -> 2429.50

Daily Numbers
Range - 2419.15 -> 2432.25
Value - 2426 -> 2431.50
Globex 2423.50-> 2430.50

Settlement – 2428

Today only - 2423/2430

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

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Topics: Market Updates