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S&P Daily Pre-Market Prep 5/15/17

Posted by Peter Davies on May 15, 2017

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Still waiting for resolution at this top, still trading low volume. Considering the date, we could end up with low volume for a few months.

Taking a step back, it's worth considering how you adjust to this. You can move to a more volatile instrument or you can take advantage of these conditions. After all if the market is predictably slow, then trade it like a predictably slow market..

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Last week was the second week where the market traded in a single narrow distribution. Into this week, I'll be looking at 2385 and 2397.75 as the places to fade. And expecting it to be tough in the middle
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We have held Fridays value high overnight. So now looking for the range to complete to the upside.

Plan
- Low expectation day
- Still waiting for a break of the last few weeks range
- In the meantime, looking to fade 2385 & 2397.75 or headfakes beyond those areas

Weekly Numbers
Range - 2379 -> 2403.75
Value - 2388.50 -> 2397
S1 - 2383, R1 - 2405.50

Daily Numbers
Range - 2384.25 -> 2389.75 / 2391.50
Value - 2385.75 -> 2388.25
Globex 2388 -> 2394.50

Settlement – 2388.75

Today - 2385, 2397.75

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

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Topics: Market Updates