Top Notch Trading 01/08/18

TOP NOTCH TRADING

“THE FUTURES DEFINED”

A DAILY TECHNICAL APPROACH TO STOCK INDEX FUTURES

FOR INFORMATION: E-MAIL- haefketim@gmail.com   01/08/18

 

 

SPH                                      NDH

   
2766.75 WEEKLY FIB 6764.50 WEEKLY FIB
2763.25 # 6750.25 #
2754.25* 6707.75*
2749.75 DAILY FIB 6692.75 DAILY FIB
2746.75 STOPS? 6687.75*
2744.75 PIVOTAL 6675.25 PIVOTAL
2743.25 FRI. / YR / CONT. HIGH 6671.00 FRI. / YR / CONT. HIGH
2742.50 FRI. SETTLE 6667.75 > / FRI. SETTLE
2737.50 DAILY PIVOT 6657.00 STOPS?
2736.75 > 6651.00 DAILY PIVOT / 6650.25 v
2733.75 v 6642.50* / 6631.00*
2726.75 < / 2726.50 FRI. LOW 6626.25 <
2722.50 WEEKLY PIVOT 6614.25 FRI. LOW
2720.00 DAILY FIB 6592.50 DAILY FIB
2712.50* / 2705.25* 6588.25 WEEKLY PIVOT
2701.75* / 2693.75 # 6577.50* / 6556.75* / 6513.25 #
2681.75 LAST WEEK LOW 6426.25 LAST WEEK LOW
2658.25 WEEKLY FIB 6332.75 WEEKLY FIB

 

IT HAS BEEN AWHILE SINCE THE S&P HAD A WEEKLY RANGE OF 61.5 HANDLES, ALTHOUGH IT SEEMS PALTRY TO THE 244.75 HANDLE RANGE THE NASDAQ PRODUCED LAST WEEK. BOTH EXTENDED ABOVE THEIR HIGHS FROM FRIDAY ON THE WEEKEND SESSION WHICH HAS LED TO A REGRESSION FOR BOTH OFF THOSE NEW CONTRACT HIGHS INOT NEGATIVE TERRITORY. THOSE CURRENT HIGHS AT THIS TIME, 2747.75 S&P / 6681.25 NASDAQ WILL BE THE MAIN FOCAL POINTS ON TOP AS THE WEEK MOVES FORWARD. I SAY THIS BECAUSE IT APPEARS WITH THE CURRENT ACTION IT HAS ME THINKING THOSE LEVELS WON’T BE CHALLENGED TODAY. TIME WILL TELL. FOR TODAY- THE S&P LEFT TRAPPED SHORTS FROM FRIDAY’S SETTLE, 2742.50, AT THE 2736.75 SHORT VALUE PRICE. IT WAS A LEVEL THAT HAS ALREADY BEEN FOUND AS WELL AS A TEST OF THE DAILY PIVOT 2737.50, WITH A CURRENT PRE-MARKET LOW AT 2736.50. IT LEAVES THE DOOR OPEN FOR A MOVE BACK TO FRIDAY’S SETTLE A FIRST LEVEL OF INTEREST FOLLOWED BY TODAY’S PIVOTAL PRICE OF 2744.25. A BREACH OF THAT CURRENT LOW SHOULD SET THE COURSE FOR MORE EROSION TAKING AIM AT THE WEEKLY PIVOT 2722.50 AND DAILY FIB OF 2720.00. THE NASDAQ SETTLED RIGHT ON THE SHORT VALUE PRICE LEAVING NO SUCH THOUGHT AS THE S&P OFF ITS SETTLE FROM FRIDAY. IT HAS A CURRENT LOW OF 6653.25, JUST SHY OF TODAY’S DAILY PIVOT 6651.00, LEAVING THE DOOR OPEN FOR A RETEST OF THAT AREA. ANY FURTHER EROSION FROM THIS FUTURE FINDS SUPPORT PRICES AT 6642.50 AND 6631.00, WITH OVERALL TARGETS AT ITS DAILY FIB OF 6592.50 / WEEKLY PIVOT 6588.25. IT NEEDS TO BID ITS SETTLE PRICE IN ORDER TO TAKE ON ITS PIVOTAL PRICE OF 6675.75, AND IF IT FOLLOWS A MOVE ABOVE THAT CURRENT PRE-MARKET HIGH, IT TAKES ON A RESISTANCE PRICE AT 6687.25 AND UPSIDE DAILY FIB OF 6692.75. I DON’T EXPECT THOSE LEVELS TO BE FOUND TODAY, BUT ONE THING ONE MUST REMEMBER IS TO EXPECT THE UNEXPECTED. THAT LITTLE ADAGE HAS PROVED ME WRONG BEFORE OF MY FIRST THOUGHTS. 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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