Since the shutdown these two index futures have been range bound trading one day up, the next day down. Wax on, wax off. The moving averages are streamlining which i believe is the cause for this scenario at hand. It appears the markets are in need of some closure at hand, but i suspect all eyes are on this Wednesday’ s Fomc announcement. The s&p feels it will open near its pivotal price of 1671.80. A move above that level will find early tests of its upside # level of 1675.00, followed closely by the long value price of 1677.40. However, a daily basis the daily pivot is a main focal point and today that price is key.
An open under Fridays low will look to test its # price of 1667.40 and if further erosion takes out todays daily fib of 1664.60 / last week’s low of 1663.60, solid tests of support come in at 1659.20 and 1656.70. The nasdaq much like the s&p feels an open near its pivotal price of 3213.50. A move north looks for early tests of its upside # price of 3221.00, followed closely by todays daily pivot of 3226.25.
A move south tests its downside # price of 3203.00, followed by its daily fib of 3192.00, which is followed by a solid support trend line at 3188.75. That’s it for the opening call. Good trading.
|1707.60**||3280.50 WEEKLY FIB|
|1702.80 WEEKLY FIB||3274.00**|
|1692.00 LAST WEEK HIGH||3253.00 LAST WK / YEAR / CONT. HIGH|
|1691.30 DAILY FIB||3252.00 DAILY FIB|
|1685.50 > FRI. HIGH||3239.00 FRI. HIGH|
|1684.80 FRI. SETTLE||3236.50 >|
|1683.00 v||3234.50 FRI. SETTLE|
|1680.20 DAILY PIVOT||3226.25 DAILY PIVOT|
|1677.40 < / 1675.00 #||3222.50 v|
|1671.80 PIVOTAL||3221.00 #|
|1670.40 FRI. LOW||3213.50 PIVOTAL / 3211.50 v|
|1667.40 #||3205.00 FRI. LOW / 3203.00 #|
|1664.60 DAILY FIB / 1663.60 LAST WK. LOW||3195.00* / 3192.00 DAILY FIB|
|1659.20** / 1656.70 TREDN LINE||3188.75 T-LINE / 3181.00 LAST WEEK LOW|
|1652.80 WKLY FIB / 1649.30** / 1646.80**||3170.50** / 3161.00** / 3153.50 WKLY FIB|