Monday, August 27, 2012

NDX YR3 target

I'm looking for the NDX to rally up to the yearly R3 pivot point at 2870.

4th test of yr1

Last week the Dow tested the yearly R1 pivot for the 4th time. Usually we break thru on the 4th test of resistance or support. I'm not sure what we will do this week. Good thing since I'll be traveling.

Sunday, August 19, 2012

S&P back at YH4

the S&P 500 index is back at the yearly Camarilla H4 pivot point. That was the high back in late March. A breakout here could take up up to the yearly R2 pivot point at 1530. A pullback could take us back down 1375-1350.

Wednesday, August 15, 2012

Monthly R1 pivot

The S&P rally has stalled at the monthly R1 pivot point at 1405.50. That's where the smart money is taking profits, after buying on the monthly pivot point at 1365, a few weeks ago. I would not be surprised to see a pullback to the 20 day moving average at 1381-1385. The 8 day has been support and a break there would signal a test of the 20 day. Until then, buy the dips!

Sunday, August 12, 2012

Cooper rule 4 ?

Jeff Cooper wrote a book called "Hit and run Trading" that says "on the 4th time that support OR resistance is tested, it will finally break". The Dow has tested the yearly R1 pivot point(13,310) 3x times last spring. We are only 100 points away from a 4th test and new high of the year. Or will the monthly R1 pivot point(13295) be resistance again?

Sunday, August 5, 2012

S&P back at YR1

The S&P 500 re-tested the yearly R1 pivot point(1394) on Friday. The past 9 mondays in a row have been down days. Will we make it 10 weeks in a row tomorrow(8/6)? Watch for a possible double top failure up here. Need to see a close over 1420 for new bull market. If we do close over 1420(YH4) there is a open gap at 1478 from Dec 2007, and the yearly R2(YR2) pivot point is at 1530.

P.S. Sorry about the lack of updates. I'm on a working vacation this month. Rocky Mtn. High!