Top Notch Trading 03/02/18

TOP NOTCH TRADING

“THE FUTURES DEFINED”

A DAILY TECHNICAL APPROACH TO STOCK INDEX FUTURES

FOR INFORMATION: E-MAIL- haefketim@gmail.com  03/02/18

 

 

SPH                                      NDH

   
2758.75 DAILY FIB 6977.75 DAILY FIB
2737.50 # / 2735.75 -50 DAY M.A. 6927.50 #
2731.00 > / YEST. HIGH 6906.50*
2720.00* 6898.00 YEST. HIGH / 6897.50 >
2711.25 v 6876.00*
2703.25* 6860.50*
2694.75* 6844.50 v
2689.25 DAILY PIVOT 6818.25* / 6793.50*
2684.00 STOPS? 6782.50 DAILY PIVOT
2678.25 < / YEST. SETTLE 6777.50 STOPS?
2676.00 PIVOTAL 6760.75 YEST. SETTLE / 6757.00 <
2668.50 STOPS? 6732.50 PIVOTAL
2666.25 -100 DAY M.A. 6709.75 -50 DAY M.A.
2658.50 YEST. LOW 6689.00 YEST. LOW
2651.50* / 2643.00* 6667.00 STOPS? / 6651.50*
2630.75 DAILY FIB 6620.25* / 6609.25 DAILY FIB
2616.75* / 2603.75* 6586.50* / 6566.75* / 6546.50* / 6524.75*
2595.75 # / 2558.50 -200 DAY M.A. 6494.75 -100 DAY M.A. / 6491.00 #

 

THESE MARKETS HAVE BEEN TOUGH AND IT DOESN’T HELP MATTERS WHEN OUR CHIEF AND PRESIDENT OF THE UNITED STATES FUELS THE FIRE WITH A “TARIFF TANTRUM”! I USUALLY SAY THERE’S NOTHING LIKE THE SWEET SMELL OF VOLATILITY, BUT AT THIS TIME I A BETTER USUAGE OF THAT PHRASE WOULD BE TO CALL IT A “TERRIFIED” STATE AT HAND THAT INVOLVES A HUGE DOSE OF FUNDAMENTAL FLAVOR WITH THE PRESENCE OF PRESIDENT TRUMP. I SUSPECT THESE MARKETS WILL CONTINUE TO FEED OF THE FUNDAMENTAL VALUE AS THE TRADE MOVES FORWARD AND I WOULD EXPECT TRADING THESE TWO FUTURES ON A TECHNICAL NOTE WILL COME WITH MORE RISK. FOR TODAY- BOTH FUTURES DID FIND A MOVE ABOVE THEIR SETTLE PRICES LAST NIGHT ONLY TO FALL SHORT OF THEIR DAILY PIVOT LEVELS, 2689.25 S&P / 6782.50 NASDAQ, WITH CURRENT HIGHS AT 2684.75 S&P / 6778.25 NASDAQ. I WOULD THINK THEY WILL BE FIRST ORDERS OF BUSINESS IF A ROTATION IS FOUND TO HIGHER GROUND. HOWEVER, THE PIVOTAL PRICES LIE BELOW THEIR SETTLE PRICES MAKING THEM FIRST FOCAL POINTS ON THE UPSIDE FOR TODAY, 2776.00 S&P / 6732.50 NASDAQ. I WALKED ON THE FLOOR EARLIER ON THIS MORNING SEEING LOWS AT 6692.75 NASDAQ / 2658.75 S&P, BUT BOTH HAVE FOUND NEW LOWS WITH CURRENT PRE-MARKET PRINTS AT 2652.75 S&P / 6666.25 NASDAQ. I WOULD THINK THOSE EARLIER LOWS WILL BE TARGETS TO BE HAD FOR ANY CHANCE AT REVERSING FLOW. SOUTH THE S&P LOOKS AT SUPPORT LEVELS OF 2651.50, 2643.00, AND DAILY FIB 2630.75, WHILE THE NASDAQ TAKES AIM AT 6651.50, 6620.25, AND DAILY FIB OF 6609.25. OVERALL THE S&P HAS ALREADY TESTED ITS 200 DAY M.A. TWICE (NOTE IT SITS AT THE 2558.50 PRICE AT THIS TIME), ONCE PRE-MARKET LOW 2529.00 AND THE OTHER REGULAR SESSION LOW 2630.25. THE QUESTION I ASK IF THE NASDAQ WILL OFFER A LOOK AT ITS 200 DAY M.A. BEFORE IT IS ALL SAID AND DONE, A LEVEL THAT HASN’T BEEN FOUND YET AS IT SITS AT THE 6178.25 LEVEL. WHAT DO YOU THINK WOULD HAPPEN WITH THE S&P? 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.

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