Sunday, March 7, 2010

Monthly R1 pivots

I'm writing this from 35,000 feet as I'm flying back to Florida. Last week I was looking for the monthly R1 pivots to hit Mr1 by Friday, and we hit them and then some. Also many weekly R1 pivots where hit. The new trend is starting to look "up", but I need more solid confirmation. I would like to see the January highs taken out, as better confirmation. We have triple witching/quad expiration coming up in a week and a half, which could bring new highs for the year.

This weeks support and resistance
S&P look for support at 1115 and resistance at 1145-1160.
Gold look for support at 1120 and resistance t 1155
Euro is making a nice rounded bottoming pattern on Demarks yearly low 1.3600 and resistance at 1.3700 to 1.3800
Crude oil still going up...look for support at $80 and resistance at 83.50-84.50