Emini S&P Daily Pre-Market Prep

Emini S&P 500 Futures Daily Pre-Market Prep and Trading Levels

Every trader has their own idea of how to trade the Emini S&P. Put simply if you fail to plan your trade in your chosen market then you plan to fail! Every day Jigsaw will provide a Pre-Market Analysis, which is based on Market and Volume Profile whilst addressing important levels of support and resistance. I will show you areas of interest and areas where I will be looking to participate in a potential trade. It’s important to understand that just because a price level appears on our radar that we don’t blindly enter a trade. To enter a trade I will look for confirmation using the Jigsaw Tools and this is a tool I use religiously for entering and exiting the market based on price action. Click on chart image to enlarge, then back space on the browser to return to post…..

Daily Pre Market Prep May

imge of emini S&P daily chart
We broke upside but overnight, so I'm still calling this 'unresolved'. The overnight moves are mostly as a result of a little craziness we saw in the markets (especially Crude) during the OPEC meetings.
Volume overall was low yesterday, so another reason not to buy into this spike up overnight.

image of emini s&p futures volume profile
Looking below, we can see the major distribution in the middle of this week tops out around 2399. So an eye on that if we move down.

image of emini s&p volume profile chart

Yesterday was very narrow but we did make some headway to the upside. We might take back the upside gains before the open, if not - be wary of a move down at the open.

Emini S&P Plan - Watch for a move down off the open if we haven't taken back the overnight gains - look for an early trade - expecting low volatility until this top is resolved, no bias until that happens - A wait and see day

Emini S&P Weekly Numbers
Range - 2378.25 -> 2412.50
Value - 2383.50 -> 2402
S1 - 2354, R1 – 2407

Emini S&P Daily Numbers
Range - 2394.75 / 2396 -> 2404
Value - 2397.25 -> 2400.25
Globex 2401.25 -> 2412.50
Settlement – 2402
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p futures chart
Still at the top, still waiting for resolution...
Quoting
Headfake - will pop the top and see absorption and sellers piling in Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high Reversal down - any downside move with overwhelming volume
So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image if emini s&p volume profile
We have a very narrow upper distribution - what we dont want (but it most likely) is to rotate around and expand that distribution.

image of emini s&p volume profile chart

Volume was down to a million and as we can see, some upside progression has slowed.
Emini S&P Plan - No bias. Patience key - Looking for an early trade off the open - Looking for the range to become obvious and then play off that - Will follow a down move off the open, given yesterdays high has held so far

Emini S&P Weekly Numbers
Range - 2378.25 -> 2399.50
Value – 2387.50 -> 2399
S1 - 2354, R1 – 2407

Emini S&P Daily Numbers
Range - 2386.75 / 2392 -> 2399.50
Value - 2395.50 -> 2398.50
Globex 2394.75 -> 2399.25
Settlement – 2397
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p daily trading chart
We are now at the top of the range again. So on the lookout for a rollover/headfake or potential move to new highs and a new range.
As before…
Quoting Which is saying it is going to go up or down.
Headfake - will pop the top and see absorption and sellers piling in Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high Reversal down - any downside move with overwhelming volume
So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image of emini s&p futures volume profile chart
From a weekly profile perspective, we still need to get past the top distribution - not really much of significance other that we can see this also puts us above the major distribution from the week before. So above 2401, there's nothing in terms of historical trade to 'slow us down'.

image of emini s&p volume profile chart

Yesterday was a very narrow day, yet with very decent volume. We do have upside momentum but against the range high. So no real bias.

Emini S&P Plan - No bias but an open mind about where we could go - in particular keeping an open mind about the upside. It'll probably go down to the range low but we cannot discount a move to new highs. The trick is to play that as long as it's not a headfake. - Early trades would be nice, especially if volatility carries over from yesterday. - Otherwise, a wait and see for the range top to be resolved - then follow when it is

Emini S&P Weekly Numbers
Range - 2378.25 -> 2397.75
Value - 2380 -> 2391
S1 - 2354, R1 – 2407

Emini S&P Daily Numbers
Range - 2385 -> 2394.25
Value - 2387.75 -> 2392.75
Globex 2386.75 -> 2397.75
Settlement – 2392.75
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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emini s&p futures daily chart
Volume has been tailing off since the big down day last week. I still think that people will jump on any obvious signs of weakness. We are in the range still and last attempt to the low of the range fell short, so we should be on the lookout for signs of a failure before the range high.

image of emini s&p volume profile
Not much from the weekly profile - other than we are in the middle of last weeks range. Not a decisive location.

imge of emini s&p volume profile chart

We had a late move down to 2378 on Friday - so an eye out for that. Other than that, we do have short term momentum upside but that's against the range high

Emini S&P Plan - No bias, it's neutral - Will jump on any obvious moves down (completion of the range upside) - Other than that - looking for an early trade 'cause it really isn't the best location. Certainly no trades worth planning ahead to right now

Emini S&P Weekly Numbers
Range - 2344.50 -> 2404.50
Value - 2346.75 -> 2386.75
S1 - 2354, R1 – 2407

Emini S&P Daily Numbers
Range - 2361 / 2369.75 -> 2388
Value - 2378.25 -> 2385.75
Globex 2378.25 -> 2385.25
Settlement – 2381.50
Today only - 2378
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p chart
High volume yesterday again. We got more volatility but no direction. Interest may taper today if nothing much happens.

image of emini s&p 500 volume profile chart
Weekly profile doesn't help much as it's so elongated. There's not much preventing us moving back to 75 - which is the around where the low of the 3 week range was before we broke down on Wednesday.

image of emini s&p trading volume profile

Overnight, we've just rotated around the range from yesterday afternoon.

Emini S&P Plan - Low expectation day - Looking for trade below the weeks range to bring in sellers - Otherwise biased long - first target 2375, then grind up to 2400 (but not necessarily all today)

Emini S&P Weekly Numbers
Range - 2344.50 -> 2404.50
Value - 2345.75 -> 2389.75
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2344.50 / 2351.50 -> 2375.25
Value - 2358 -> 2369
Globex 2361 -> 2370.50
Settlement – 2347.50
Today only - 2354.75 - 2366.50
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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images of emini s&P futures candlestick chart
Yesterday we had
Quoting Downside has good potential from the 'sky is falling' crowd too. People love a good panic and if we can push down today we are likely to see speculators happy to participate to the downside.
If we look at the overall volume yesterday, it was 2.8 million. This seems like a big jump to just be short term speculators. So on the lookout today for high volume as the day progresses. Not saying we must be in for a larger move, just be aware that volume was exceptional.
I still think that if we do move down we will probably just test the extreme of the range and move back up.

image of emini s&p volume profile chart
The weekly profile doesn't help much after yesterdays move.

image of emini s&p futures volume profile with highlighted section

yesterday finished with a the market marking out a late range 2354.75 to 2366.50. That's held overnight and we could quite easily revert to chop today and range around that.

Emini S&P Plan - Let the volume guide - Be wary that we may range around 54.75-66.50 - no trades between those prices unless off the open - Any move outside that range to the downside will be followed (and maybe scaled into) if there is decent volume - More wary of moves up above 66.50 and will proceed with more caution there

Emini S&P Weekly Numbers
Range - 2354.75 -> 2404.50
Value - 2372 -> 2404
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2354.75 -> 2383.75 / 2398
Value - 2362.50 -> 2375.50
Globex 2354.75-> 2367
Settlement – 2347.50
Today only - 2354.75 - 2366.50
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p futures chart
A tight range yesterday as expected we still have light volume at around a million contracts and still around the highs we made on Monday.
Today we've dropped but it's all on low Globex volume.

image of emini s&p volume profile
Overnight, we hit the low of last week and we are now within the main distribution from last week. Normally, I'd say that the upside is likely to be choppy but the way we ran right through the middle of the range overnight means we can't rely on that.
Downside has good potential from the 'sky is falling' crowd too. People love a good panic and if we can push down today we are likely to see speculators happy to participate to the downside.

image of emini s&p futures volume profile
A good push down overnight often sees a 'rebalance' upside off the open. If not traded, any opening move is best ignored. For me, today is all about how the market will react to this push down. It's now 3.5 hours to the open, so we have to see how far down we remain as we get into the open.
I think getting excited about the move down at this point is premature. We are likely to put in another slow rangey day.

Emini S&P Plan - No expectation day! Looking to see if this move down will trigger any volatility - There's arguments for decent volatility upside and downside today - Will give the market 15 mins to 'settle' and then play accordingly

Emini S&P Weekly Numbers
Range – 2379 -> 2404.50
Value – 2389.50 -> 2402.50
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2393.75 -> 2404.50
Value - 2396.25 -> 2400.25
Globex 2379.25 -> 2398
Settlement – 2397
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p futures
Still at the top, still waiting for resolution, we moved back to the highs yesterday but couldn't make a new high. Overall volume as still quite poor.

image of emini s&p volume profile
Since the pop up we have managed to stay above the bulk of last weeks trading. For longs, we really need to hold this upper distribution, otherwise it's back to 2385, completion of the range to the downside.

image of emini s&p volume profile
Same picture here, we can see the pop up and then consolidation. If the consolidation area fails and we move down - we are back in the chop zone. If we move up, we have more chance of a pop.

Emini S&P Plan - Low expectation day - Better chance of a pop if we move upside, will look for a pullback long on a move up with decent volume - To the downside, we are at the top of the range, safest shorts below 96.50

Emini S&P Weekly Numbers
Range – 2379 -> 2403.75
Value - 2388.50 -> 2397
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2388 / 2392.25 -> 2402.25
Value - 2397.25 -> 2400.75
Globex 2396.25 -> 2400.25
Settlement – 2398.50
Today - 2385, 2397.75
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of emini s&p futures candlestick chart
Still waiting for resolution at this top, still trading low volume. Considering the date, we could end up with low volume for a few months.
Taking a step back, it's worth considering how you adjust to this. You can move to a more volatile instrument or you can take advantage of these conditions. After all if the market is predictably slow, then trade it like a predictably slow market.

image of highlighted volume profile for emini s&p futures
Last week was the second week where the market traded in a single narrow distribution. Into this week, I'll be looking at 2385 and 2397.75 as the places to fade. And expecting it to be tough in the middle

image of emini s&p volume profile
We have held Fridays value high overnight. So now looking for the range to complete to the upside.
Very low range day yesterday. We need to escape the weeks range - that could happen today or in days time, impossible to know.

Emini S&P Plan - Low expectation day - Still waiting for a break of the last few weeks range
- In the meantime, looking to fade 2385 & 2397.75 or headfakes beyond those areas

Emini S&P Weekly Numbers
Range – 2379 -> 2403.75
Value - 2388.50 -> 2397
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2384.25 -> 2389.75 / 2391.50
Value - 2385.75 -> 2388.25
Globex 2388 -> 2394.50
Settlement – 2388.75
Today - 2385, 2397.75
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
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image of emini s&p futurezs chart
We seem to be in the holding pattern at the top. Still waiting for clarity.

image of higjlighted emini s&p volume profile
We are now back into last weeks chop area, so we'll expand our presumed chop area today to 2379.25 to 2397.75. Normally I'd avoid trading in the middle of that but as it's a decent sized range I do thing longs for completion of the range up to 97.75 are valid.

image of emini s&p volume profile chart
Yesterday we saw decent volume 1.3 million and by the fact the market ended up where we started. So it looks like day timeframe speculators were active.
Very low range day yesterday. We need to escape the weeks range - that could happen today or in days time, impossible to know.

Emini S&P Plan
- Speculators more active yesterday, watch for healthy volume today
- Look to fade 2379.25 to 2397.75.
- Look for continuation up to 97.75
- No shorts between 79.25 to 97.75
- better trade is a low volume push through 88.50 and 97.50 that then fails and sees price move back to the range
- On the lookout for a break which will be followed if it breaks with significant volume
- May take up knitting to avoid boredom trades

Emini S&P Weekly Numbers
Range – 2379 -> 2403.75
Value – 2389.50 -> 2397
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2379 -> 2393.50 / 2396
Value – 2384 -> 2392.50
Globex - 2384.25 -> 2392.50
Settlement – 2391
Today – 2379.25, 2397.75
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
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image of emini s&p futures bar chart
Looks like this top is going to remain unresolved for a whole longer. Less than a million contracts traded. Doesn't mean it's not tradable, just means you need to apply range market techniques.

image of emini s&p volume profile chart

We can see we moved down to the top of last weeks distribution and speculators didn't want to sell into it. So now focus is on this weeks distribution 88.50-97.50.

image of emini s&p volume profile 11 may

Very low range day yesterday. We need to escape the weeks range - that could happen today or in days time, impossible to know.

Emini S&P Plan - Low expectation day - Look to fade 88.50 and 97.50 - better trade is a low volume push through 88.50 and 97.50 that then fails and sees price move back to the range - On the lookout for a break which will be followed if it breaks with significant volume - May take up knitting to avoid boredom trades

Emini S&P Weekly Numbers
Range – 2387.50 -> 2403.75
Value – 2392 -> 2397.50
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2387.50 / 2389.25 -> 2396.75
Value – 2392.25 -> 2396.25
Globex - 2393 -> 2396
Settlement – 2393.25
Today – 2395.25
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
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image of emini s&p futures chart
Its starting to look more like the market is rolling over. Volume is still weak at just over 1 million contracts.

image of emini s&p volume profile
We moved down to the top of the major distribution from last week (2387.25). So an eye on that area.

image of emini s&p futures volume profile chart

It's worth keeping an eye on yesterdays value low and low. If we are going to carry on down, then a move up off the open to a common level will help us on the way down.

Emini S&P Plan - Slight short bias - Looking for a move up to fail as the best opportunity of attracting downside volume - We have moved up from 87.25 so far, so we may see speculators react to that - So I'll let this play out for the first 15-20 minutes to see which way the wind blows

Emini S&P Weekly Numbers
Range – 2387.50 -> 2402.75
Value - 2392.75-> 2397.75
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2388.75 -> 2400
Value – 2393 -> 2398
Globex 2387.50 -> 2393.50
Settlement – 2393.25
Today – 2387.25
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!
image of emini s&p futures chart
We are still 'tickling the top of the range'. Still waiting for a reaction in the market big enough for people to jump on board.

Quoting the last few days Analysis
We are at the top of the range, not hit the top yet but this is a line in the sand. So we have to look out for a headfake up, a reversal down from here OR a break of the range upside and a move up to new highs.Which is saying it is going to go up or down.

Headfake - will pop the top and see absorption and sellers piling in
Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high
Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.
Yesterday we saw volume tail off again with less than 1 million contracts traded. Traders are there but they just aren't engaging at this point. We need some sort of event - either a price move or news event to give the market a nudge.

image of emini s&p futures volume profile
Here we have last weeks profile and Mondays profile, we need to escape Mondays range today or the market will be inclined to trade around it for the rest of the week. That's not necessarily a bad thing, so as we go into today we can look for shorts above 97 and longs below 93. If we break down, we can look for the market to hold the top of last weeks range.

image of emini s&p volume profile chart
Looking at the daily profiles, it does appear that we may have rolled over from the all time high. There's just not been enough volume traded to confirm this yet. If people were speculating that the top had held, we'd be seeing decent participation to the downside.

Emini S&P Plan - Low expectation day - Presume any pushes up are fake unless accompanied with significant volume - downside moves could represent completion of the range above, be wary until we get past 87.25 - watch for a range around 93-97, fade the extremes but give room for the range to expand - Early trades off the open would be good as we may lose volatility as the day progresses

Emini S&P Weekly Numbers
Range – 2375.50 -> 2399.25
Value - 2381.75 -> 2387.25
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range - 2389.75 -> 2397.75 / 2403.75
Value – 2392 -> 2395
Globex 2393 -> 2396.25
Settlement – 2395
Today – 2400, 2387.25, 2393, 2397
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!
image of emini s&p fututures chart 08 may
We are now at the top of the range, we haven't broken out and volume was low on Friday. No need to get too excited but this might be enough to finally wake up the market.So one more time - a reminder of what we are looking for at the top.

Quoting the last few days Analysis
We are at the top of the range, not hit the top yet but this is a line in the sand. So we have to look out for a headfake up, a reversal down from here OR a break of the range upside and a move up to new highs.Which is saying it is going to go up or down.

Headfake - will pop the top and see absorption and sellers piling in

Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high

Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image of emini s^p volume profile weekly
If we do push down as well as the old high, we should also be on the lookout where traded most last week. So eyes on 2387.25 if we move down.

image of emini s&p futures volume profile daily

We had a push up on Friday that has continued today. We may have rolled over already.

Emini S&P Plan - At the top, now looking for volume to confirm a rollover or continuation - Take an early trade as we may just move sideways 'undecided' - Higher probability longs will be reacting to a pullback down to 2400 and 87.25 - Really a wait and see day
Emini S&P Weekly Numbers
Range – 2375.50 -> 2399.25
Value - 2381.75 -> 2387.25
S1 - 2383, R1 – 2405.50

Emini S&P Daily Numbers
Range – 2379 / 2385 -> 2395.75
Value – 2387 -> 2390.50
Globex 2392.25 -> 2403.75
Settlement – 2397.75
Today – 2400, 2387.25
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!
image of emini s&p futures chart
Well that week sucked. Certainly in terms of range but if you were watching the range and profiles, we actually had good opportunity on most days.
Let's just repeat the recap of where we are. It's been the same each day this week as we've been in the same place each day.
Quoting the last few days Analysis
Headfake - will pop the top and see absorption and sellers piling in

Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high

Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image of emini s^p futures volume profile
The range filled out some more yesterday, so the chop zone is now 2381.25 to 2387

image of emini s^p futures volume profile chart
Yesterday we had the chop area at 2381.50 -> 2387.25. We opened and went 2 ticks through the high of the chop area before reversing down to 2381.25, 1 tick below the chop area. We then moved up. So those were our early opportunities. After that we had a drive down towards the weeks low, failed to get there and popped up again.
So while it was an ugly day, we had some good places to enter.
Today, same deal again - no trades between 81.50 and 87.25, presume the range is holding, be on the lookout for a break. Note though - that when we range like this all week - Friday is usually pretty poor.

Emini S&P Plan - Low expectation day - Waiting for a break - whether that's today or in a number of days time, it's hard to know. - At a major inflection point at the same time, so wary of headfakes - No trading between 81.50 and 87.25 unless it's off the open - A wait & see day - there's going to be good opportunity when this breaks, so waiting for that

Emini S&P Weekly Numbers
Range – 2375.50 -> 2390.75
Value - 2381.75 -> 2386.75
S1 - 2365.75, R1 - 2394.75

Emini S&P Daily Numbers
Range – 2376 -> 2386 / 2387.75 / 2390.75
Value – 2381.75 -> 2386.75
Globex 2379 -> 2387
Settlement – 2385.50
Today – 2381.50, 2387.25
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!
image of chart for emini s&p futures
We are in the same spot as the past 2 days, so let's repeat.
Quoting the last 2 days Analysis

Headfake - will pop the top and see absorption and sellers piling in

Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high

Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image of volume profile chart for emini s&p futures
The range is widening, so I am looking at 2381.50 and 2387.25 as the extremes and not looking to do much within that

images of emini s&p volume profile
Yesterday we had 79.25 as the chop low and we moved down to 75.50 before moving up, and now we are at the chop high (87.25 from above). So from this few days perspective we could roll down any time but a push up and a roll would be nicer for us in terms of potential to the downside.

Emini S&P Plan
- Low expectation day
- Waiting for a break - whether that's today or in a number of days time, it's hard to know.
- At a major inflection point at the same time, so wary of headfakes
- No trading between 81.50 and 87.25 unless it's off the open
- A wait & see day - there's going to be good opportunity when this breaks, so waiting for that

Emini S&P Weekly Numbers
Range – 2375.50 -> 2390.75
Value - 2382.50 -> 2387
S1 - 2365.75, R1 - 2394.75

Emini S&P Daily Numbers
Range – 2375.50 -> 2386 / 2386.25
Value – 2379.25 -> 2383.25
Globex 2381.25 -> 2387
Settlement – 2383.25
Today – 2381.50, 2387.25
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

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image of Emini S&P futures bar chart
Yesterday we had:
Quoting Yesterdays Analysis

Headfake - will pop the top and see absorption and sellers piling in

Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high

Reversal down - any downside move with overwhelming volume

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

And we are in exactly the same state today! We traded the same area and settled 1 tick higher!

image of Emini S&P chart
We can see that so far this week, we are still trading around the large distribution from last week. So again watching 79.25 and 88.50 and not too keen to trade in the middle.

imge of emini s&p flow chart
Yesterday we were watching 88.50 (top of chop area) and we got to 88.75 before moving down. We never got to 79.25 to the downside. We got a short but not much more. A 7 point range and less than 1 million contracts traded. As such, I'm not looking for more levels to trade off - but feeling vindicated about sitting back and letting this play out.

Emini S&P Plan - Waiting for a break - whether that's today or in a number of days time, it's hard to know. - At a major inflection point at the same time, so wary of headfakes - No trading between 79.25 and 88.50 unless it's off the open - A wait & see day - there's going to be good opportunity when this breaks, so waiting for that

Emini S&P Weekly Numbers
Range - 2377 -> 2390.75
Value - 2382.50 -> 2387
S1 - 2365.75, R1 - 2394.75

Emini S&P Daily Numbers
Range - 2381.75 -> 2388.75
Value - 2383 -> 2386.50
Globex 2381.25 -> 2386.25
Settlement – 2385.75
Today - 2379.25, 2388.50
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!
image if Emini S&P Chart for 02 May
We are at the top of the range, not hit the top yet but this is a line in the sand. So we have to look out for a headfake up, a reversal down from here OR a break of the range upside and a move up to new highs. Which is saying it is going to go up or down.

Headfake - will pop the top and see absorption and sellers piling in

Break upside - will see a move up without the stopping volume we see in the headfake, for me the safest option is to go long when it falls back to the old high

Reversal down - any downside move with overwhelming volume 

So while we are saying "it will go up or down" - we do have some things to look at for confirmation of which scenario is playing out. In terms of "which prices to trade" - well - it's anywhere around here. No specific price, just specific action to look for.

image of Emini S&P heatmap
Yesterday was a low volume day with most of Europe closed. So while trying not to read too much into that - we did start the week trading around the bulk of last weeks action. Watching 79.25 and 88.50 and not too keen to trade in the middle.

image of EMINI S&P Daily heatmap
A lot of overlap in recent sessions. So again, not looking to trade in the middle of it.

Emini S&P Plan - Waiting for a break - whether that's today or in a number of days time, it's hard to know. - At a major inflection point at the same time, so wary of headfakes - No trading between 79.25 and 88.50 unless it's off the open - A wait & see day - there's going to be good opportunity when this breaks, so waiting for that

Emini S&P Weekly Numbers
Range - 2365.25 -> 2395.75
Value 2375.25 -> 2394.25
S1 - 2365.75, R1 - 2394.75

Emini S&P Daily Numbers
Range 2377 /2380.75 -> 2390.75
Value - 2384.25 -> 2389.25
Globex 2384.25 -> 2388.25
Settlement – 2385.50
Today - 2379.25, 2388.50
Long Term Levels - 2178.75, 2129.50, 2099.75, 2084, 2078.75, 2000.75, 2400

Give us 14 days of your time and we will prove it to you with Free courses and support.
Just click HERE and head on over to the RISK FREE TRIAL!

Let Jigsaw Trading Tools show you a path in which you can fully appreciate and understand what is happening in the market live and in real time. Once you get accustomed to reading the flow of orders using the Jigsaw Time and Sales Tools it will be like a light bulb coming on and you will see the market with so much more clarity and understand why price stopped……or not!

Give us 14 days of your time and we will prove it to you with Free courses and support.

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After suffering a 30% drawdown at the hands of “independent financial advisors”, Peter started trading in the early 2000’s, figuring there was no point in paying people to lose money for him. By 2005, Peter was day trading NASDAQ stocks and later discovered the value order flow. He struggled with the way order flow data was presented so designed tools that organized Order Flow information more rationally and Trading was born. Those tools are now the #1 ranked software on Investimonials.com.
Today Peter spends his time trading and helping other traders through the Jigsaw community, articles and free one on one sessions.

Jigsaw Trading

After suffering a 30% drawdown at the hands of “independent financial advisors”, Peter started trading in the early 2000’s, figuring there was no point in paying people to lose money for him. By 2005, Peter was day trading NASDAQ stocks and later discovered the value order flow. He struggled with the way order flow data was presented so designed tools that organized Order Flow information more rationally and Trading was born. Those tools are now the #1 ranked software on Investimonials.com. Today Peter spends his time trading and helping other traders through the Jigsaw community, articles and free one on one sessions.

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