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

Posted by Peter Davies on June 06, 2017

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Well it is summer but ouch - what a drop in volume yesterday. I'm still looking for a drop to 2417 to hold but we really need to see some decent volume come in to take this onwards.

2017-06-06_15-34-24.png

Not much to read into this other than there's little traded between here and 2417. Any push down could see us drop to 17 pretty quickly (and a break upside could also see us pop)
 
2017-06-06_15-34-54.png

5.5 points. I think it's time to look for your summertime instrument if you can't trade the chop. We have pushed down overnight, so look for an initial reaction upwards off the open if we are still below yesterdays low at 9:30am EST.

Plan
- Low expectation in terms of volume, so....
- If we open below yesterdays range - look to short a move back to the low/value low
- Look for a pick up in pace on a moves down and scale in if it does (target 2417)
- For upside, unless we have a decent push down first, I'm looking for the high to break before going long
- If we do get good volume coming in - the game changes to following it but still not interested in engaging within yesterdays range


Weekly Numbers
Range - 2402.75 -> 2439.75
Value - 2403.75 -> 2420.75

Daily Numbers
Range - 2433/2433.50 -> 2439
Value - 2436 -> 2438.50
Globex 2429.50 -> 2435.50

Settlement – 2434.50

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

 
 

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