Day Note for Oct 30, 2018
30th October
First of all - sorry for the typo yesterday - should have said "short below Friday/overnight low" not Long...
A 100 point range on the S&P yesterday and just under 3 million contracts traded, whilst it doesn't impact our day trading. you do have to wonder if that excess might be the beginning of the end of this high volatility period.
Direction wise - we are set to open in the middle of yesterdays range.
It's a little misleading looking at the chart because with the scaling - this 100 point day doesn't look much different to a 10 point day.
Plan
- I still can't see much use in trying to predict this market or any turning points
- I prefer multiple attempts at getting into a momentum move and then scaling in
- I think downside moves are the best play, especially after breaking prior lows
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2603 -> 2707
Value - 2645.50 -> 2706.25
Globex - 2636.50 -> 2664
Settlement- 2643.50
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697
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30th October
First of all - sorry for the typo yesterday - should have said "short below Friday/overnight low" not Long...
A 100 point range on the S&P yesterday and just under 3 million contracts traded, whilst it doesn't impact our day trading. you do have to wonder if that excess might be the beginning of the end of this high volatility period.
Direction wise - we are set to open in the middle of yesterdays range.
It's a little misleading looking at the chart because with the scaling - this 100 point day doesn't look much different to a 10 point day.
Plan
- I still can't see much use in trying to predict this market or any turning points
- I prefer multiple attempts at getting into a momentum move and then scaling in
- I think downside moves are the best play, especially after breaking prior lows
Weekly Numbers
- Really not looking at these levels right now with all this volatility
Daily Numbers
Range - 2603 -> 2707
Value - 2645.50 -> 2706.25
Globex - 2636.50 -> 2664
Settlement- 2643.50
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697