S&P Daily Pre-Market Prep 6/6/16
Volume is declining and we are still unresolved at the highs.
Volume is declining and we are still unresolved at the highs.
Still unresolved at the highs. Volume just under 1.3M contracts yesterday - on the low side. Just waiting for it to break one way or the other.
Market is still undecided. Volume declined yesterday to just under 1.3M. Like Tuesday, the first 30 minutes was quite dull too.
Looking at the daily chart, we can see we did move away from the highs yesterday and volume was average in that move down. 1.6 million contracts. So I don't see yesterday as decisive.
We've gone through the 2100 level but not quite up to the 2105.25 we reached last time. So once again, simply looking for volume above 05.25 for a long or below 2100 for a short. In effect, waiting...
A simple day today. Or rather a simple premise. Now we are at the top of the range, we are looking for activity at the top that tells us if we are going to roll over or make new highs. So looking for...
My bias is to the red arrows - completing the range to the upside and then rolling back down. Of course, we could fall short or headfake through, so an eye on the volume and order flow as we get up...
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