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S&P Daily Pre-Market Prep 6/26/17

Posted by Peter Davies on June 26, 2017

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Still in the range - so still on range fades until it breaks. Volume was low on Friday - reflecting a lack of interest and indicator more time in the range.

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Last weeks major distribution was 2429.50 -> 2439 but the top image here shows the bottom of the range closer to 2416.
 
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We are at the top of the range now - the last extension up went to 2451.50 which turned out to be a heafake. If we go there and roll over again, we'll consider that as the new range high.

Plan
- Another low expectation day
- Look for an early trade
- We are at the range high in terms of recent action - look for a roll back down to 29/16 anywhere from here
- Not interested in longs unless we get over 2150 as the chance of any extension of the range up being a headfake is high. Exception would be if a retrace down to Fridays high/value high held (2438) and we lifted from there.
- Interested in shorts anywhere between here and 2150.
- Prepared not to make any trades today

Weekly Numbers

Range - 2428 -> 2451.50
Value - 2430 -> 2439
S1 - 2425 R1 - 2448.50

Daily Numbers
Range - 2428.25 -> 2438.75
Value - 2432.50 -> 2438
Globex 2430.25 -> 2441.25

Settlement – 2440.75

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

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Topics: Market Updates