Day Note for Oct 23, 2018
US Indices Prep - 23rd October
Back to the lows again - still interested in what happens if we get to 2697 area below.
I wouldn't normally put too much stock in the profiles with this much volatility but I would keep an eye on 2750-2755 for a reaction as we did seem to break from that point.
Which is basically the same story we see here. The drop was overnight though - not an intraday breakdown.
As usual when we break overnight, the open is all about whether the market accepts the lower prices but also about the rebalance because futures moved significantly and stock market didn't - so any opening move has to be viewed with suspicion as that could just be the markets getting into synch.
Not much news, not that it would make a lot of difference with this volatility.
Plan
- if we open down - be wary of any move up off the open (rebalance)
- take momentum moves but only after 9:45am
- eyes on 2967 and 2550-55
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2749.75 -> 2782 / 2800.50
Value - 2754 -> 2771.75
Globex - 2714.25 -> 2757.50
Settlement- 2756.50
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697
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US Indices Prep - 23rd October
Back to the lows again - still interested in what happens if we get to 2697 area below.
I wouldn't normally put too much stock in the profiles with this much volatility but I would keep an eye on 2750-2755 for a reaction as we did seem to break from that point.
Which is basically the same story we see here. The drop was overnight though - not an intraday breakdown.
As usual when we break overnight, the open is all about whether the market accepts the lower prices but also about the rebalance because futures moved significantly and stock market didn't - so any opening move has to be viewed with suspicion as that could just be the markets getting into synch.
Not much news, not that it would make a lot of difference with this volatility.
Plan
- if we open down - be wary of any move up off the open (rebalance)
- take momentum moves but only after 9:45am
- eyes on 2967 and 2550-55
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2749.75 -> 2782 / 2800.50
Value - 2754 -> 2771.75
Globex - 2714.25 -> 2757.50
Settlement- 2756.50
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697