Day Note for Dec 03, 2018
3rd Dec
Huge gap up overnight. Looks like it's off the back of China/US agreeing no new tariffs for a while. So as usual with something like this - first order of the day is how US traders take this news & whether they agree with these new prices.
Stock market was closed obviously during this move up. So the other thing to be on the look out for is any short term rebalancing off the open which would be a move down. So any immediate move down off the open should be looked on with a bit of skepticism and might actually be a good buying opportunity if it runs out of steam.
Above us, the 2817-2824 area is a line in the sand, so eyes on a move away after a test, in either direction.
A 30 point gap up and not much below till 2745 - so we do have to be wary of any strong moves down if there is a lot of volume.
Not much to say about the daily levels today - we are so far away, they probably won't be relevant.
ISM PMI at 10am - but I doubt that will alter the tone for the day.
Plan
- if we push down for the open, look for weakness & take a long
- if any move down is sustained, then look to join with the prospect of 2760 or 2745 (may take a couple of days)
- ears on the news because if this US/China agreement gets pulled - market will drop like a stone. Conversely - any warming in relationships will see a rise
- moves away from a test of 2817-2824 with good volume also worth joining.
Weekly Numbers
Range - 2631.50 -> 2764.75
Value - too elongated
Daily Numbers
Range - 2729 / 2733.25 -> 2764.75
Value - 2737.25 -> 2753.75
Globex - 2793 -> 2814
Settlement - 2758.25
Today only - 2817-2824
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697
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3rd Dec
Huge gap up overnight. Looks like it's off the back of China/US agreeing no new tariffs for a while. So as usual with something like this - first order of the day is how US traders take this news & whether they agree with these new prices.
Stock market was closed obviously during this move up. So the other thing to be on the look out for is any short term rebalancing off the open which would be a move down. So any immediate move down off the open should be looked on with a bit of skepticism and might actually be a good buying opportunity if it runs out of steam.
Above us, the 2817-2824 area is a line in the sand, so eyes on a move away after a test, in either direction.
A 30 point gap up and not much below till 2745 - so we do have to be wary of any strong moves down if there is a lot of volume.
Not much to say about the daily levels today - we are so far away, they probably won't be relevant.
ISM PMI at 10am - but I doubt that will alter the tone for the day.
Plan
- if we push down for the open, look for weakness & take a long
- if any move down is sustained, then look to join with the prospect of 2760 or 2745 (may take a couple of days)
- ears on the news because if this US/China agreement gets pulled - market will drop like a stone. Conversely - any warming in relationships will see a rise
- moves away from a test of 2817-2824 with good volume also worth joining.
Weekly Numbers
Range - 2631.50 -> 2764.75
Value - too elongated
Daily Numbers
Range - 2729 / 2733.25 -> 2764.75
Value - 2737.25 -> 2753.75
Globex - 2793 -> 2814
Settlement - 2758.25
Today only - 2817-2824
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697