S&P’s: Levels, Ranges, Targets

The S&P’s from the current close at 2357.50 contains a price built upon a solid base at 2333.06. It is this current base which allowed the S&P’s to achieve current levels. The base at 2333.06 was seen as bottoms last week twice at 2333.56 and 2331.91.
Based on daily highs and lows last week, the average high was 2360.94 and average low at 2344.82. Last week’s high was 2366.69 and low at 2331.91. The 5 day average range was 11.35 and translates to 2.27 points per day.
On a much smaller scale,”The 24 Hour Trade” from Friday to Monday’s close is the focus because the central banks around the world, to include the FED, changed their interest rate orientation.
To align an interest rate alteration is a complete overhaul to a market price because it restructures the price. As the central banks adjusted, the current trading system geared strictly to interest rates conformed to the new central bank standard. Currency trades were restructured to hours while the S&P’s, WTI, DXY and others were re vamped to 24 hours.
The S&P Bottom until Monday’s close is 2345.71. This point at 2345.71 is the long point. What’s 2345.71 is the middle range from just below at 2343.88 and above at 2349.72. Overall points to achieve bottoms are 2350.64, 2349.72 then 2345.71. Should 2345.71 break to 2343.88 then a free long trade exists to 2349.72.
The long target above is 2369.29 yet also on the radar for days ahead is 2372.40 and 2374.03. The key to the 2369.29 target is the S&P’s must break 2363.25. Failure to break 2363.25 then price will trade back to 2361.78, 2361.71, 2361.68 and 2359.51.
Why the target at 2369 is because price lies just below the next range point and most probable target in days ahead at 2382.18.
Target above is achieved by 2359.51, 2361.68, 2361.71, 2361.78, 2362.82, 2364.32, 2366.03, 2367.75 then target 2369.29. What lies ahead in next days is 2372.40 and 2374.03.

 

Brian Twomey

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