Top Notch Trading 02/21/19

TOP NOTCH TRADING

“THE FUTURES DEFINED”

A DAILY TECHNICAL APPROACH TO STOCK INDEX FUTURES

FOR INFORMATION: E-MAIL- haefketim@gmail.com  02/21/18

 

 

SPH                                      NDH

   
2824.00* / 2848.00 # 7008.50 WEEKLY FIB
2806.25 WEEKLY FIB 6975.25* / 6952.25 #
2787.00* / 2766.50* / 2760.75* 6928.00 # / 6916.25*
2754.75 LAST WEEK HIGH 6891.75*
2750.00 DAILY FIB 6881.50 DAILY FIB / 6879.75*
2744.50* / 2739.50 STOPS? 6859.75 STOPS? / 6847.25 LT WK HIGH
2737.75 YEST. HIGH 6843.75 YEST. HIGH
2732.25 > 6835.25*
2729.00 -50 DAY M.A. 6810.25 > / 6802.00 PIVOTAL
2723.75 v 6793.00 DAILY PIVOT
2719.25 DAILY PIVOT / 2718.25 < 6790.50 YEST. SETTLE / 6787.75 v
2714.00 YEST. SETTLE 6761.50* / 6756.25 <
2709.25 PIVOTAL 6745.00 YEST. LOW
2705.75 YEST. LOW 6723.25 STOPS? / 6707.25 DAILY FIB
2703.50 WEEKLY PIVOT 6686.25 WEEKLY PIVOT
2693.50 DAILY FIB 6652.50 -50 DAY M.A.
2687.75* / 2676.25* / 2669.00* 6610.75* / 6586.25* / 6546.50*
2653.00 -100 DAY M.A. / 6642.50 # 6491.00 # / 6437.00 -100 DAY M.A.

 

THE MAIN EVENT TODAY COMES AT THE HANDS OF THE FOMC MINUTES RELEASE DUE OUT AT 1:00 P.M. C.S.T. I’M NOT SURE WHAT TO EXPECT, BUT ALL EARS WILL BE ON THE VERBIAGE STATED ON THAT RELEASE. I SUSPECT THESE TWO WILL CONTINUE TO FIND DAILY SWINGS OF MOMENTUM WITH THE VOLATILE NATURE AT HAND AS THE NASDAQ APPEARS THE STRONGER OF THE TWO. I SAY THIS BECAUSE IT NEVER DID MAKE NEW DAILY LOWS AS WELL AS FINDING ITS PRE-MARKET LOW OF 6723.25 A MAIN FOCAL POINT FOR ANY MOVE SOUTH TODAY. THE S&P DID BREACH ITS PRE-MARKET LOW STOPPING SHORT OF ITS WEEKLY PIVOT PRICE 2703.50 WITH A LOW AT 2705.75 FOR THE DAY. LAST NIGHT THIS FUTURE FOUND ANOTHER DIP TOWARDS THAT PIVOT WHEN MAKING A CURRENT PRE-MARKET LOW OF 2706.25, WHICH IN TURN LEAVES THAT WEEKLY PIVOT VULNERABLE FOR A ROTATION POINT TO LOWER LEVELS. FOR TODAY- A TOSS UP ON THE OPENING BELL AS BOTH WORK ABOVE THEIR SETTLE AND PIVOTAL PRICES AS I WRITE. LOOKIING FOR THOSE PIVOTAL PRICES, 2709.25 S&P / 6802.00 NASDAQ TO SHOW AN EARLY DIRECTIONAL MOVE. HOWEVER, NOTE HOW THE PIVOTAL PRICE IS ABOVE THE DAILY PIVOT IN THE NASDAQ, WHILE THE S&P’S PIVOTAL PRICE IS BELOW ITS DAILY PIVOT. IT WILL BE TOUGH SLEDDING WITH THAT SCENARIO AT HAND. UP TOP THE NASDAQ LOOKS FOR FIRST TESTS AT 6835.25 AND STOP PRICE 6859.75, WHILE THE DAILY PIVOT 6793.00 / SETTLE 6790.50 PRICES FIND A SUPPORT AREA FIRST ASKING. THE S&P HAS ITS 50 DAY M.A. OF 2729.00 FOR A FIRST LOOK, BUT I’M KEYING THE STOP PRICE OF 2739.50 FOR SOLID TEST OF RESISTANCE. A BREACH OF THE WEEKLY PIVOT TAKES AIM AT TODAYS DAILY FIB 2693.50. I’LL LEAVE IT AT THAT FOR THE OPENING CALL AND SEE WHAT THE FIRST HOUR BRINGS TO THE TABLE. GOOD TRADING!!

 

THE INFORMATION PROVIDED IS BASED ON SOURCES I BELIEVE TO BE RELIABLE. I DO NOT REPRESENT THAT IT IS COMPLETE OR ACCURATE. THE OPINIONS CONTAINED HERE ARE NOT TO BE CONSIDERED AS AN OFFER TO BUY OR SELL THE FINANCIAL INSTRUMENTS PRINTED HEREIN. ANY OPINIONS ARE BASED SOLELY BY THE AUTHOR.

© TOPNOTCH TRADING