Top Notch Trading 09/20/16

Good afternoon,

I stated in the first update that after making lows at 4796.75 in the Nasdaq future, I needed a bid move above the 4813.50 price.  Low and behold, not so much of a surprise, this future found that price spot on for a last high off that low.  Coincidence?  Drifting sideways to lower did find a double test print at the 4798.25 price in a 15 minute period (about 11:00, then about 11:15 a.m., lifting a move to a high at 4807.25.  Holding the opening tic of 4809.00, as well as todays pivotal price 4808.75 on that bounce has this future on its heels and watch out if the settle price goes, 4794.25.  It should follow with a rotation to further erosion targeting support levels of 4771.00, weekly pivot 4763.00, and daily fib 4760.50.
The s&p after making earlier lows at 2135.00 pit / 2134.50 mini did return to the pivotal price for a test, 2139.60, falling short with a pit print at 2139.20 / mini high 2140.00.  Rejecting the pivotal price as well as the opening range has this future on its heels.  As I write a move under yesterdays settle price is being made and it appears the rotation has started for further erosion taking aim at a stop price of 2130.00, with other support prices at 2125.10, daily fib 2120.90, and just maybe finding todays downside # price at 2114.70.
I’m not sure if the sky will fall and even though the rotation “appears” ready to find lower ground, those pre-market lows are the key, 2130.75  s&p / 4790.00 Nasdaq, to whether the trend will continue south.
You have to be on the floor to know just how quiet things are.  However, paper (pit) has been on the long end most of the session and it makes me wonder if the “in” crowd knows what to expect tomorrow.  The charts are iffy at best and call for a coin toss.  I question whether or not a repeat of a rally will be seen by todays end.
Top Notch