Top Notch Trading 12/05/17

TOP NOTCH TRADING

“THE FUTURES DEFINED”

A DAILY TECHNICAL APPROACH TO STOCK INDEX FUTURES

FOR INFORMATION: E-MAIL- haefketim@gmail.com   12/06/17

 

 

SPZ                                      NDZ

2656.75 DAILY FIB 6378.25 DAILY FIB
2650.50 # 6356.25 #
2648.75 YEST. HIGH 6347.75 STOPS?
2643.75 > 6340.50 WEEKLY PIVOT
2642.00* 6339.75 YEST. HIGH
2640.75 v 6328.25*
2634.75 DAILY PIVOT 6319.75 >
2633.50 WKLY PIVOT / 2631.25 < 6310.50 v
2628.25 YEST. SETTLE 6298.75*
2627.50 YEST. LOW 6283.50 DAILY PIVOT
2623.50 PIVOTAL 6277.50 < / 6271.75 YEST. SETTLE
2619.25 DAILY FIB 6258.50 STOPS?
2613.50* 6246.25 PIVOTAL
2601.75* 6238.75 YEST. LOW
2597.75 LAST WEEK LOW 6227.25* / 6209.25*
2593.75* / 2589.25* 6200.75 DAILY FIB / 6198.75 -50 DAY M.A.
2582.00 # 6182.50* / 6176.00 WEEKLY FIB
2573.75 -50 DAY M.A. 6156.25* / 6128.00 #

 

THIS NASDAQ FUTURE IS LETHAL OUT OF THE GATE. SWINGING FOR THE FENCES ON BOTH ENDS FOR THE LAST TWO SESSIONS OFFERS A HUGE DOSE OF VOLATILITY AS IT TAKES OUT LEVELS LIKE A HOT KNIFE THROUGH BUTTER. ONE MUST USE CAUTION EARLY ON UNTIL IT EXHAUSTS THOSE EARLY SWINGS BEFORE IT SETTLES INTO A “TEMPO” OF TRADING. TWO DAYS RUNNING THESE FUTURES HAVE LEFT TRAPPED LONGS BY DAYS CLOSE AS THE NASDAQ RELEASED THOSE LONGS FROM YESTERDAY WITH A MOVE TO HIGHER GROUND FALLING SHORT OF A KEY RESISTANCE PRICE OF 6347.75. THE S&P MEANWHILE FELL EVER SO SHORT OF THE TRAPPED LONGS AT WITH A HIGH AT 6248.75, TARGET TRAP OF 2650.50. THAT 2650.50 PRICE WILL REMAIN A MAIN FOCAL POINT ON TOP MOVING FORWARD. THE TRAPPED LONGS FROM YESTERDAY, 2631.25 S&P / 6277.50 NASDAQ, DID GET TESTED LAST NIGHT WITH CURRENT HIGHS OF 2631.50 S&P / 6279.00 NASDAQ, LEAVING THOSE LEVELS SUSPECT FOR A FIRST TEST FOR A MOVE NORTH. THE DAILY PIVOTS LINE UP RIGHT ABOVE THOSE LEVELS, 2634.75 S&P / 6283.50 NASDAQ, MARKING THEM LINES IN THE SAND FOR ANY FURTHER UPSIDE. THE RECENT PULL BACK OFFERS SOME KEY LEVELS SOUTH AND IT QUESTIONS IF THE S&P WILL BE ON ITS WAY TO MAKING AN “OUTSIDE” TRADING RANGE FOR THE WEEK WHICH EYES LAST WEEKS LOW OF 2597.75. HOWEVER, THE 50 DAY MOVING AVERAGES APPEAR TO BE THE OVERALL TARGETS FOR THESE TWO AND THE LAST TIME THOSE LEVELS WERE FOUND WAS ON SEPTEMBER 5TH FOR THE S&P / SEPTEMBER 28TH FOR THE NASDAQ. WORKING ABOVE THEIR PIVOTAL PRICES AS I WRITE, 2623.50 S&P / 6246.75 NASDAQ DOES OPEN THE DOOR FOR A DIRECTIONAL MOVE OFF THOSE LEVELS. DUE TO DECEMBER 1ST BEING ON FRIDAY THE ROLL IS COMING EARLY THIS TIME AROUND. TOMORROW MARCH BECOMES THE LEAD MONTH, THE DAY IN FRONT OF FRIDAYS EMPLOYMENT DATA. 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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