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Volatile and unpredictable - sort of makes doing prep a bit pointless but it's still always good to take a step back and have a plan of attack.
Despite the volatility yesterday, we didn't actually go anywhere. There's lots of news hitting the wires, so it's just a matter of prime goal to assess the volatility.
Profile wasn't relevant yesterday - we pretty much ran the weeks range, so if it was ignored by that move, it's proabably not going to be that significant today.
Yesterdays low has held, which is the low of the range marked out on the daily charts above. We couldn't get the break below 2700 that we were looking for yesterday. I do expect a reaction there. For now, the low has held so any moves up are worth a shot. But it's really a crap shoot with the macro-economic stuff hitting the wires.
Plan
- Look for open trade
- after that, wait 15 mins to see what the volatility looks like
- ear on the news
- try to scale in to any volatile moves. Start small on all trades as new can hit any time.
- Look out for volatility hitting later in the day - dont be fooled by a slow start
Weekly Numbers
Range - 2700.50-> 2758
Value - not worth watching now
Daily Numbers
Range - 2701 -> 2748
Value - elongated day - not meaningful
Globex - 2702.75 -> 2717.25
Settlement – 2705
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Eye's on 2745 today - the top of the old range (white box). If that holds, we should see shorts come in to take us back to 2700. If we can break then it's eye's on 2800.
News risk is still high, market is volatile but long term directionless.
We are just above the weeks distribution right now - so we do risk falling back from here.
Plan
- Bias up - but with the caveat we might not make it far past 45. So 45 is the line in the sand today and will play moves away from it in either direction.
- ears on the news.
- be wary of initial choppy action again
- also be wary of any initial move down off the open which might just be rebalancing after the overnight move up
Weekly Numbers
Range - 2693.25> 2758
Value - 2706.50 -> 2731.75
Daily Numbers
Range - 2693.25 / 2693.50 -> 2726.25
Value - 2697.75 -> 2713.75
Globex - 2716.75 -> 2737.25
Settlement – 2719.50
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Sill not moving anywhere. Volume is decent. News risk is still high.
Eyes on 2705 & 2732 - that's where we traded most last week.
A big push down overnight - be wary of any push up off the open as it may just be rebalancing. Overall market is directionless - we seem to have settled back into the old range.
Plan
- opening trade on today
- looking for a move away from a level - but with no bias at all
- will try to scale in as we do still have a healthy range and that also plays into the overall directionlesness....(If that's even a word!)
Weekly Numbers
Range - 2693.25> 2758
Value - 2705.50 -> 2733
Daily Numbers
Range - 2716.75 / 2720.25-> 2745.50
Value - 2733.75-> 2742.25
Globex - 2716.75 -> 2737.25
Settlement – 2721.50
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Going nowhere at the moment. Eyes on 45.25 as we go to the top of the box.
We traded around last weeks value area, which is interesting - we extended out the bottom and now the top - so if we fall back down past 30, look for chop back down to 06.
Overnight trade has stuck just above yesterdays value. And the overnight range was obviously significant yesterday, so eyes on the daytradr levels being in play today - because, there's not a lot else to trade around!
Plan
- Early trade on
- look for trades away from 45.25 once we hit it
- Also looking for shorts below 30
- Other than that, not interested
Weekly Numbers Range - 2693.25> 2758
Value - 2705.50 -> 2733
Daily Numbers
Range - 2698.50 / 2700.50 -> 2728.50
Value - 2704 -> 2717
Globex - 2720.50 -> 2739.25
Settlement – 2727.25
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Plan
- Bias Long
- watching 56.75 and 40.00 if the market pulls back
- Also watching the day trader levels
- Wait for a reaction from a known or developing level, then jump in if we see volume in that direction.
Weekly Numbers
Range - 2698.50-> 2766.25
Value - 2713.50 -> 2739
Daily Numbers
Range - 2631.25 / 2734.50 -> 2766.25
Value - 2750.50 -> 2766
Globex - 2761.75 -> 2774.75
Settlement – 2763
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
So we've hit the top of the range and fallen back. Doesn't mean we aren't going to break through yet but there really wasn't much volume yesterday to support this if we pullback.
Really nothing below us to support this move. So we could have a swift move back to 40 at which point I'd see us slowing down.
We'll keep an eye on the daily levels. Volume was low yesterday. We have upside momentum but are are a decision point. Gauging the end of the pullback is problematic as there's really nothing to lean on.
Plan
- Join downside momentum if it looks like the range is holding
- Eyes on the daytradr levels for the market holding but I see them as low confidence
- Longs above 2800 but eyes out for a headfake (absorption on offer side after a break)
Weekly Numbers
Range - 2698.50-> 2766.25
Value - 2713.50 -> 2739
Daily Numbers
Range - 2761.75 / 2773 -> 2787.25
Value - 2780.75 -> 2786.75
Globex - 2786.25 -> 2797.25
Settlement – 2787.50
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
No shock here, we got to the high of the range and we moved down from it. As mentioned in yesterdays prep, there's not a lot below us to clue us in to where this move might end.
We did mention the day trader levels being in play and we've dipped into last weeks range and moved up from there. We also held overnight high range overnight. Same level has held in todays overnight session.
But mostly - the move down and subsequent bounce up after testing last weeks high was all overnight.
Volume was low yesterday and so was the range. So eyes on the range/volatility from the open.
Plan
- look for early trade on the chance volume/volatility is low
- eyes on the volume/volatility - if it's low - look for scalps off YM/NQ
- watch for downside continuation to confirm range is holding, shorts below overnight high if so.
- be wary of a rebalancing up at the open (a rebalance) - and don't allow any early longs to go offside as it may be short lived
- watch for headfakes through the high if we do pop up. Obviously if we do break the range topside, that is a buying opportunity
Weekly Numbers
Range - 2761.75 -> 2797.75
Value - 2768.75 -> 2791.75
Daily Numbers
Range - 2786.25 / 2788.50 -> 2797.25
Value - 2791.75 -> 2795.75
Globex - 2765.75 -> 2797.75
Settlement – 2796.75
Long Term Levels - 2556.50, 2590, 2687.75, 2700, 2810, 2887
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread