well based on my monthly Pivot point analysis, I have a 1st support(S1) at 734.90, which i think will be broken, and the next support is( S2) 699.50....we'll see about that one. as for resistance level I have 789.30 for R1 and get this 808.30 for R2!! which is a little bit extreme !!
oh yeah..one more thing before i get killed here... pivot point analysis is not an exact science..so please don't start a witch hunt if the markets don't reach those resistances and supports levels .... Alright lets make some paper now
Actually it's amazing how the markets are holding up at these levels inspite of higher interest rates and downright abominal energy prices. It almost seems it's waiting for some decent news to blast right back up. Historically markets have gone higher during war time, so I suspect there is more upside potential after the usual pullbacks.
COMEBOACK OFF THE SPOOS 1286 LOW WAS VERY IMPRESSIVE. SPOOS WERE 35 OFF THE HIGHS AT THE LOWS TODAY BUT IT JUST DOESN'T FEEL LIKE MUCH OF A PULLBACK
hey Glassinc...yeas i do use the weekly and monthly pps numbers....Since i started using them, they helped a lot in my trading. I usually draw the daily numbers on on the 30min chart and the weekly numbers on the 60 min chart. Since i started using them....I found that i make less trades per day( 2 to 3 trades compare to 12 and 20 before )...they work very well.... look at the 30min chart below, the market bounce right off the daily S1. that's some freaky stuff!!!
good morning guys....it's 10:24..and there 's a beautiful sale signal forming just above the daily R1...i'll short at 759.4... good trading