Day Note for Nov 08, 2018
8th November
Still very volatile. Now we are up to the 2820 level - the pullback from the way down. It's an inflection point, so any move away in either direction has a good chance of follow through (not to mention the overall volatility).
No weekly profile with these moves, it's too elongated and with this volatility, I don't see any point in trying to be too cerebral about price levels.
Average news day till 2pm with the FOMC.
So this is going to be interesting - a period of high volatility and the FOMC in an election week. So I don't expect the usual slow FOMC morning.
Plan
- wary of 2820 area but will play a move away
- as usual in these volatile times - just try to find a decent place to join the moves.
Daily Numbers
Range - 2735.75 / 2744.50 -> 2787
Value - 2777.25 -> 2802.25
Globex - 2802 -> 2818
Settlement - 2802.75
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697
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8th November
Still very volatile. Now we are up to the 2820 level - the pullback from the way down. It's an inflection point, so any move away in either direction has a good chance of follow through (not to mention the overall volatility).
No weekly profile with these moves, it's too elongated and with this volatility, I don't see any point in trying to be too cerebral about price levels.
Average news day till 2pm with the FOMC.
So this is going to be interesting - a period of high volatility and the FOMC in an election week. So I don't expect the usual slow FOMC morning.
Plan
- wary of 2820 area but will play a move away
- as usual in these volatile times - just try to find a decent place to join the moves.
Daily Numbers
Range - 2735.75 / 2744.50 -> 2787
Value - 2777.25 -> 2802.25
Globex - 2802 -> 2818
Settlement - 2802.75
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697