Day Note for Oct 26, 2018
26th October
We seem to be resisting moves to push down - or rather we are on the 3rd attempt, 3rd consecutive day to break down decisively through 2650. So I figure if it does that in the day session, we could see people jumping on the downside for another run down. At this point, I am somewhat tempted to play a longer term trade to the upside - although I'd like to see it a lot lower first.
We can see a decent push down over night but not managed to stay below 2650 so far.
Eyes on the news - especially GDP & any shift in consumer confidence.
In my opinion - we have a bit more going on today in terms of levels. As we've had 3 pushes down at this 2650 - any breakdown will be significant in my opinion. We do have to be aware that any initial move up may just be the stocks & futures rebalancing.
Plan
- Be wary of initial moves up & ready to fade them
- shorts below overnight low
- momentum trades elsewhere - focus on trying to get into a runner and happy to scratch a few in the process
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2658.75 / 2667.50 -> 2723.75
Value - 2685 -> 2709.50
Globex - 2646 -> 2690
Settlement - 2688.25
Long Term Levels- 2797.50, 2868.75, 2892.75, 2922.50, 2697
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26th October
We seem to be resisting moves to push down - or rather we are on the 3rd attempt, 3rd consecutive day to break down decisively through 2650. So I figure if it does that in the day session, we could see people jumping on the downside for another run down. At this point, I am somewhat tempted to play a longer term trade to the upside - although I'd like to see it a lot lower first.
We can see a decent push down over night but not managed to stay below 2650 so far.
Eyes on the news - especially GDP & any shift in consumer confidence.
In my opinion - we have a bit more going on today in terms of levels. As we've had 3 pushes down at this 2650 - any breakdown will be significant in my opinion. We do have to be aware that any initial move up may just be the stocks & futures rebalancing.
Plan
- Be wary of initial moves up & ready to fade them
- shorts below overnight low
- momentum trades elsewhere - focus on trying to get into a runner and happy to scratch a few in the process
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2658.75 / 2667.50 -> 2723.75
Value - 2685 -> 2709.50
Globex - 2646 -> 2690
Settlement - 2688.25
Long Term Levels- 2797.50, 2868.75, 2892.75, 2922.50, 2697