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S&P Daily Pre-Market Prep 7/18/17

Posted by Peter Davies on July 18, 2017


We have move up a little - but I still see this as "top of range unresolved". We didn't move much and volume is low. So it's not as if we can say it's a clear break at this point. I still favor a fall back into the range - but I am not putting money on that. I'll just wait for resolution and trade the resulting move.


Not much yet from the weekly profile. The upper distribution from last week tops out around 46. So if we do move down, we may find support there. 
This does look like a range week setting up. So I'm watching yesterdays range/value for cues. If we look at yesterday - the overnight range held, so a technical day but a choppy one. Overnight we've pretty much stayed in the range.

- No bias - waiting for signs we'll have another push up or if we'll fall back to the range
- will fade common levels today (yday hi/lo, yday value, overnight hi/low).
- other than that, waiting for a break to jump on
- looking for headfakes on any breaks out of the small range we've marked so far this week. Very cautious on taking continuation trades with this low volume

Weekly Numbers
Range - 2410.25 -> 2461.25
Value - 2413.25 -> 2442.50

Daily Numbers
Range - 2454 /2454.25 -> 2460.50
Value - 2456.25 -> 2459.25
Globex 2454.25 -> 2460.50
Settlement – 2458.50

Today only - 2456

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



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Topics: Market Updates