Top Notch Trading 11/16/17

TOP NOTCH TRADING

“THE FUTURES DEFINED”

A DAILY TECHNICAL APPROACH TO STOCK INDEX FUTURES

FOR INFORMATION: E-MAIL- haefketim@gmail.com   11/16/17

 

 

SPZ                                      NDZ

   
2605.00 WEEKLY FIB 6384.00 WEEKLY FIB
2595.75 # 6364.25 #
2591.00* 6340.25*
2587.50* 6331.50*
2583.50* 6320.00*
2577.50 DAILY FIB 6312.00*
2573.50 PIVOTAL 6301.00 DAILY FIB
2571.50 YEST. HIGH 6295.00 STOPS?
2569.25 > 6286.00 PIVOTAL
2566.25* 6281.50 YEST. HIGH
2565.00 YEST. SETTLE 6276.00 >
2564.00 DAILY PIVOT / 2563.75 v 6269.00 v / 6266.25 YEST. SETTLE
2562.25 < 6259.50 DAILY PIVOT
2557.50* 6252.00 <
2555.50 YEST. LOW 6237.50*
2551.75 WEEKLY FIB 6230.50 YEST. LOW
2549.50 DAILY FIB / 2547.25* 6221.50* / 6211.25 DAILY FIB
2542.50 -50 DAY M.A. / 2536.75 # 6206.25 WKLY FIB / 6198.75* / 6281.25 #

 

I WAS THINKING THAT TAKING OUT SEVERAL LOWS THE PAST COUPLE OF WEEKS YESTERDAY WOULD BE A FIRST CLUE THAT FURTHER EROSION WOULD BE ON TAP. I’VE BEEN PROVED WRONG BEFORE AND WITH THE CURRENT BULLISH MINDSET I HAVE TO ADMIT I’M WRONG AGAIN. HOWEVER, I BEING A TRADER ON A DAY TO DAY BASIS LOVE THE CHALLENGE THIS TYPE OF MINDSET OFFERS. ALWAYS SEEKING DIRECTIONAL TREND WITH PRICE OBJECTIVES THAT HAVE PSYCHOLOGICAL VALUES HAS HAD PLENTY OF SUCCESS ALONG WITH HIGH PERCENTAGE IDEAS. I’LL CUT TO THE CHASE. FOR TODAY- BOTH FUTURES SHOW EARLY SIGNS OF STRENGTH WITH MOVES ABOVE THEIR HIGHS FROM YESTERDAY THAT ALSO PRODUCED PIVOTAL PRICES ABOVE THEM AS WELL. THIS SET UP DOESN’T OFFER A CLEAR PICTURE ON A FIRST MOVE. THE NASDAQ DID RECOVER A SETTLE GAP PRICE FROM THE PREVIOUS SESSION LAST NIGHT, 6293.50, WITH FINDING A CURRENT HIGH AT 6298.50, WHILE THE S&P HAS FAILED TO DO SO, GAP SETTLE PRICE 2578.00, CURRENT HIGH 2575.75, WHICH PRETTY WELL CONFIRMS AN EARLY TOSS UP ON THE BELL. THE PIVOTAL PRICES ARE SKEWED BETWEEN THE TWO ANOTHER PART OF THE EQUATION THAT OFFERS THIS MIXED BAG LOOK SO IT WILL BE TOUGH TO TRUST THEM AS FAR AS FIRST DIRECTIONAL MOVES. UP TOP THE S&P LOOKS FOR FIRST TESTS AT TODAY’S DAILY FIB 2577.50 / SETTLE GAP PRICE 2578.00, FOLLOWED BY OTHER LEVELS OF INTEREST AT 2583.50 AND 2587.50. WORKING ABOVE THE SHORT VALUE PRICE, 2569.25, OFFERS A RESISTANCE IDEA TURNED SUPPORT AND SHOULD OFFER SUPPORT FIRST ASKING. THE CHARTS LOOK AT THE 2566.25 PRICE FOR A NEXT SUPPORT LEVEL, BUT THE BOTTOM LINE WILL BE THE DAILY PIVOT 2564.00. THE NASDAQ OFFERS THE UPSIDE DAILY FIB OF 6301.50 FOR A FIRST LOOK, FOLLOWED BY RESISTANCE LEVELS AT 6312.00 AND 6320.00. SETTING UP PRETTY MUCH THE SAME WAY AS THE S&P FINDS ITS SHORT VALUE PRICE OF 6276.00 A RESISTANCE PRICE THAT OFFERS SUPPORT FIRST ASKIING AS WELL. I ALSO LOOK FOR ITS DAILY PIVOT, 6259.50, A LINE IN THE SAND TODAY. 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