Tuesday, April 27, 2010

Yearly R pivots stop the rally

All three of the June futures indexes, failed at the yearly R1 or R2 pivots, as per yesterdays blog. On the S&P June futures chart above, the YR1 Pivot was at 1211(purple line marked R1). We now have a trend change taken shape, since we closed below the 20dma(the yellow lines). I'm looking to short a test of the 20 dma at 1192ish.....and or 11032 on the Dow Jones. My guess is the 50 dma's(blue lines) is next support @1157/10750.