Top Notch Trading: Afternoon Update

Commentary, News, Technical Analysis
Good afternoon,
These two after spiking on the oil report data at 9:30 a.m. did do an about face that took them to new lows for the regular session.  Since then its been more or less a grinding trade which has stayed the course under this mornings opening prints.
The s&p found a current high of 2078.50 which came shortly after the oil report.  Even though it managed a move above its settle price, it topped out short of the pre-market high of 2087.75.  It reversed that optimistic move when offering under its opening range of 2074.30-2074.50 on its way to test the pre-market low of 2069.50 / yesterdays pre-market high 2069.25.  Find support at those levels did make current lows at 2069.30 pit / 2068.75 mini which followed with a move to last highs at 2073.00.  Falling short of the opening range did see that price get tested 3 times in about a 15 minute period.  Another move to the lows stopped just short with a print at 2069.00.  Grinding away doesn’t offer much as it decides on a next move.  Downside still offers a first look at 2066.90, followed by the # price of 2063.30, while only a turn of the opening range encourages a move back to higher ground.  On the negative side ever since taking out that opening range “suggests” more potential to see new lows, but believe me, it’s a coin toss.
The Nasdaq found its current high at 4403.00 on that oil report.  A last attempt at new highs stopped short with last print at 4402.75 leading a move back to its opening print of 4389.25, low 4389.00.  Two attempts at the settle price stopped spot on the 4392.00 price and followed with a sharp move to find its current low at 4375.75.  Failing an attempt at the pre-market low 4375.25 it found a high at 4386.75, testing the pivotal price, but when a higher low at 4377.25 was seen, it started its grind sideways moving into the 2nd half of today.  Lacking a move back to the opening print puts this future back on the defensive side of things and if it carry’s a move under the pre-market low, look for support tests at 4364.25 and a solid level at 4352.25, volume value price, a place I will look to long at first asking.
Things once again dried up in a hurry, but the breadth of the market feels heavy at this time.  Leaning south.
Top NotchTim Haefke of Top Notch Trading comes to MrTopStep with some more chart analysis for Wednesday’s Mid-Day Update.

Keep an eye on Tim’s support and resistance levels and share your feedback with us!

If you like what Tim has to say, then check out his daily technical analysis geared specifically toward the day trader!

Sign Up For Tim’s Daily Technical Analysis!

MTS-Product-TopNotch

http//dev.mrtopstep.com/topnotchtrading/
https://twitter.com/futurestnt

 

MrTopStep LIVE Trading Bootcamp starts next week…

Do yourself a favor and take advantage of this great deal!

Sign Up Here!

ONLY $49.00

May-2016-Bootcamp


MrTopStep Group
http//dev.mrtopstep.com

Questions: info@mrtopstep.com

Follow Us On Facebook and Twitter For More Intra-Day Market Updates!
https://www.facebook.com/mrtopstep
https://twitter.com/MrTopStep (@MrTopStep)

Dont Forget To Subscribe To Our YouTube Channel!
Sign Up Here: http://www.youtube.com/mrtopstepgroup

(Visited 1 times, 1 visits today)

Leave a Reply