Wheat futures ran into the Year R4 Pivot(see blue circle) to the penny! I'm looking for wheat futures to pullback to 600 (Yearly pivot and 50 dma).
Monday, August 30, 2010
The TBT etf is showing a short term buy signal. The TBT could go back up to $34-$35 and fill some gaps and test the 20dma. I'm long TBT Sept calls and I'm using a close below $31 as my stop loss. It's a tight stop becuase picking bottoms is dangerous.
Posted by Jeff York at 5:15 AM
Sunday, August 29, 2010
The S&P last week, went down to 1040, the old support level from last June. This month, the S&P's & Dow Jones high was on the New Moon and the low(so far) was on the Full Moon. As you can see on the chart above, 1040 is the Yearly S1 pivot on the S&P emini futures September contract. Also, it is making an inverted head and shoulders pattern at 1040. That's the line in the sand. This week I'm looking for resistance at 1076(20dma) - 1085(weekly R1 pivot and 50dma) and support at the weekly S1 pivot @ 1040. This week my plan is to buy pullbacks as long as we stay above 1060(Weekly pivot). If 1040 breaks down then look for support at the 400/500dma at 1010-1020.
Posted by Jeff York at 3:12 PM
Friday, August 27, 2010
Intel's high this year was in April at the Yearly R1 pivot(blue circle). Today Intel bounced off the Yearly Pivot Point(blue arrow). Coincidence? NOT
INTC should bounce here... use $18 as a stop loss.
$18 broke yesterday....$15 probably next support. $14.35 is yearly S1.
Posted by Jeff York at 12:19 PM
Sunday, August 22, 2010
The Dow Jones and S&P both broke their 50dma last week. The 1064 gap on the S&P was filled Friday. In my opinion, this chart pattern above, does not look bullish. The right shoulder failed at 10700. Now it looks like we started a wave 3 down last Thursday, after doing a wave 2 consolidation earlier last week. Stochtastics are in the oversold area, so we may rally this week. We also have a Full Moon which usually bings a short term reversal. Look for support at 10,000 and 1040 this week.
Posted by Jeff York at 7:32 PM
Wednesday, August 18, 2010
Tuesday, August 17, 2010
Monday, August 16, 2010
Sunday, August 15, 2010
Sunday, August 8, 2010
Sunday, August 1, 2010
Last weeks high on the S&P futures, was exactly at the Weekly R1 Pivot @1118. This coming weeks WR1 pivot is at 1117 and WS1 is at 1081. The chart shows we are setting up for a BIG MOVE any day now. Since we are trading above the 20dma I have to be bullish short term. A close above 1128 will signal a re-test of this years April's high's. A close below WS1/20dma(1080) and I'll put the bear suit back on.
Posted by Jeff York at 1:49 PM