Premarket: Yesterday was a big red day, grinding red where I lost internet and didn't take a trade. We broke instantly back into the downward channel we have been in and then bounced on the bottom towards the end of the day. The 0pivot is at 4119.25, the +1pivot 4148, and the -1 is at 4080.25. The top of the channel is around 4120. There are also key levels at 4105 where we had found resistance multiple times, we rejected just before open at around this level. It also corresponds with VWAP at open. There is also the 4100 level that we have used as support multiple times earlier in April. After close yesterday earnings for some big companys like Google and Microsoft were pretty good, Microsoft is opening up nearly 20 points. We have been ranging between the low from yesterday and a little higher than the closing price. If we can break below 4100 and hold, I will look for a short towards the low from yesterday at 4090.5. If we get a bounce, get above VWAP and hold, I will look for a move up to 4115.
Today was a no trade day. While we did have a breakdown as noted above to the -1pivot, it did not provide an opportunity to get into the trade. Furthermore, once we hit the pivot we bounced and continued higher back to VWAP. There was a trade to take when it retested VWAP on the pullback but it was not clean so I did not take it.