Monday, June 24, 2013

Yearly R3 to Yearly R2?

Since the Dow topped out at the yearly R3 pivot I feel we will pullback to the yearly R2 pivot at 14560. The YM futes hit that this am. There is a 100 pt spread between the Sept Ym and the Cash Index.

update 6-25: Mission accomplished as the Dow bounced off the Yearly R2 pivot on Monday. In fact it was the low of day on Monday. Sold my puts(1550) and bot some calls(1600) there).