Thursday, August 27, 2009

S&P monthly pivot tough

The S&P ran into the monthly R1 pivot(green line marked R1) this week at 1033 and cannot close over it. Now were getting a small sell off that should take us back down to 1000- 1005 and fill the open gap(blue arrow) there.
Traders in my trading room have been shorting the monthly r1 pivot.