Top Notch Trading: Afternoon Update

Commentary, News
Good afternoon,
The s&p rejects any move into positive territory, while the Nasdaq did find a positive move above Fridays settle, which in turn was short lived.  Thinking they just may turn the opening prints and look for a retest of early lows.  Tabbing the board for clues on those prices.
The s&p after finding the pivotal price on the 2nd attempt at its pivotal price, 1922.80, did find a high at 1923.00 that led a move to the 1917.25 price.  Although it was a move under its opening range, it failed to make new lows and on its next move it looked for todays upside # price of 1926.60.  Finding a double test high at 1926.25, just missed that price as it led a move to the 1920.75 price.  One last attempt at the settle price 1930.10 did double top at the 1928.75 price which led a move to its opening range.  It suggests a offer of the 1918.50 price needs to confirm with that last low 1917.25 to confirm a push to new lows targeting an area of the volume value price 1905.50 / stop level 1902.00 moving into the 2nd half of the day.
The Nasdaq did find a test of its upside # price 4261.75 when finding a high at 4262.00.  In a 10 minute time frame it did find a low of 4257.25 which offered some reward with little risk.  The next move traded above its settle price finding the 4268.00 level, followed with a low at 4252.25, a test of its pivotal price 4253.25, on its way to a current high at 4269.50.  Both attempts failed to find Fridays high of 4271.25 / weekend print 4273.00 signaling a rejection.  looking to test its opening print of 4245.00 did print a low at 4244.00 as it draws a line in the sand moving into the 2nd half of today.  Bouncing as I write looks to void chances at a momentum turn if the upside # price is bid.
The bonds after finding its low of 160.15 rallied to the 160.27 price and when it failed to make new lows, print 160.16, a move to a high of 161.04 stopped short of its opening tic, 161.08 as it makes up its mind moving forward. It needs that opening print to have any success at new highs.  AN offer of 160.26 could easily lead a move to new lows.
Choppy action to say the least did see a last low in the s&p at 1918.50, its opening range low.
Top Notch

MrTopStep Group


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