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S&P Daily Pre-Market Prep 7/25/17

Posted by Peter Davies on July 24, 2017

2017-07-24_16-52-34.jpg

Not much happened yesterday, no new prices discovered.... so for todays prep - we could read yesterdays...


Quoting 
We have a minor potential support level at 2461.75 - so eyes on that over the next few hours. If it holds, then I think we should see some decent upside participation (for the time of year). If not - I'll be watching the high of the old range for a hold and if that fails, bias goes short with expectation of a move to low 2400's.

2017-07-24_16-52-50.jpg

From yesterday too...


Quoting 
The weekly profile shows we are between 2 nodes. 2460 below and 2470 above. Looking for a test of either of these areas to hold too. Again, waiting for the hold and then the following participation for a momentum play in the short term.
 2017-07-24_16-54-29.jpg
 
 
Yesterday we were looking to play as a technical day and in the end we held the overnight high and low. We also got a decent first leg off the open. So it was what we wanted to see. 

We could be starting a range week in which case, looking for headfakes at the extremes as we test Mondays range. I still have the same overall opinion. 

Plan
- slight upside bias
- look for a trade off the open and watch out for chop after
- watch the technical levels - overnight high, yesterdays high/low, value high/low, 2460, 2461.75, 2460 
- go with any bounces off those levels

Weekly Numbers
Range - 2448-> 2476.50
Value - 2451.50 -> 2470

Daily Numbers
Range - 2463.25 -> 2470.50
Value - 2465.50 -> 2469
Globex - too early to note levels

Settlement – 2469.50

Today only - 2460, 2461.75, 2470

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

Jigsaw-trading.png 

 

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