Monday, September 6, 2010

Shorty is still trapped

As per last weeks posting, the market did exactly as MPG said it would do. I hope your all profiting from this! This week, the S&P futures is close to the monthly R1 pivot @1108. That could be resistance for this week and we should see a little pullback or some sideways consolidation of last weeks gains. If not, look for the gaps at 1120 and 10650 to get filled. Longer term(3 months) we are still in the 1040 - 1130 trading range. I do expect a breakout of that range soon. This week watch 1108(MR1) on the S&P futures and 10500 on the Dow for resistance. Support is at 1075(MPP) and 10200(MPP). Also interesting is we have a new moon on Wednesday. This past June, July and August, the highs for the month where on the new moon. And the lows for those months where on the full moon. This months full moon is on 9/23. Or will the S&P futures pin the Yearly R1 pivot at 1135(1040 was the Yearly S1 pivot)? Hmmm