Day Note for Dec 10, 2018
10th December
Huge day on Friday, so first thing we want to know today is if we'll have a stable market or not. We still haven't tested the 2603 low to the right and I'd be very interested if we push through that and then to spring up - classic headfake.
Other than that - it's a potentially dangerous market.
According to CNBC - the sky is falling https://www.cnbc.com/2018/12/09/bear-market-is-here-brace-for-20percent-plunge-ned-davis-research.html - lol -once again - media getting all predictive of a drop in the markets AFTER it's gone down 10%.... One can only assume Ned Davis are buyers...
Weekly profile is huge - over 200 points last week and for me, that makes the value area a bit useless. We can see most volume concentrated below 2730 - so eyes on a move above that.
Fridays value area held overnight - not sure if that means we are in for a more 'technical day'. We did drop a lot on Friday but we are still within range.
Not much news after 10am.
Plan
- On the lookout for an orderly market or not. If it's too wild - stand aside
- Watch for a headfake if we push below 2603
- watch out for acceleration above 2730
- As we are close to the bottom of the range, we need to see if the market can put in a decisive move away to jump on - but only if it's not too erratic.
Weekly levels
2621.25 -> 2814
Value - too elongated
Daily Numbers
Range - 2623.25 -> 2709.75
Value - 2631.25 -> 2674.75
Globex - 2610.25 -> 2632.50
Settlement - 2636
Today only - 2603->2626
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697
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10th December
Huge day on Friday, so first thing we want to know today is if we'll have a stable market or not. We still haven't tested the 2603 low to the right and I'd be very interested if we push through that and then to spring up - classic headfake.
Other than that - it's a potentially dangerous market.
According to CNBC - the sky is falling https://www.cnbc.com/2018/12/09/bear-market-is-here-brace-for-20percent-plunge-ned-davis-research.html - lol -once again - media getting all predictive of a drop in the markets AFTER it's gone down 10%.... One can only assume Ned Davis are buyers...
Weekly profile is huge - over 200 points last week and for me, that makes the value area a bit useless. We can see most volume concentrated below 2730 - so eyes on a move above that.
Fridays value area held overnight - not sure if that means we are in for a more 'technical day'. We did drop a lot on Friday but we are still within range.
Not much news after 10am.
Plan
- On the lookout for an orderly market or not. If it's too wild - stand aside
- Watch for a headfake if we push below 2603
- watch out for acceleration above 2730
- As we are close to the bottom of the range, we need to see if the market can put in a decisive move away to jump on - but only if it's not too erratic.
Weekly levels
2621.25 -> 2814
Value - too elongated
Daily Numbers
Range - 2623.25 -> 2709.75
Value - 2631.25 -> 2674.75
Globex - 2610.25 -> 2632.50
Settlement - 2636
Today only - 2603->2626
Long Term Levels - 2797.50, 2868.75, 2892.75, 2922.50, 2697