Sunday, October 18, 2009

S&P at MR1

The S&P 500 last week ran into resistance (sellers/profit taking) at the monthly R1 pivot. And came very close to filling an open gap from last October's melt down. My new target for this year is at the 50% Fibonacci, which is at 1120. December S&P futures Yearly R1 pivot is at 1136. I feel we'll see 1120- 1136 by December's Quad expiration. We still may see a fast pullback that will be bought. This coming week's trading range should be between 1065-1100.