Gap up buy signal

The Dow Jones gaped up yesterday, off the Yearly Pivot Point(purple line marked P and blue arrow) at 9950, trapping the shorts. The S&P did the same on the Yearly S1 Pivot at 1040(per Sunday's blog). We are back on a buy the dips buy signal, as long as 10200 holds. That's about the middle of yesterdays big up candle. The 20dma above is resistance at 10300. The Monthly PP is at 10219, which should be support now, and the Monthly R1 pivot is at 10525, which is next resistance. Also use the 8ema as the trend line. This trend should last to the new moon on Sept. 9th.. Open gaps/targets above are at 10415, 10650, 10700(see blue circles). A close below 10200 will bring us back down to the 10,000 gap.

Wheat Yearly Pivot stops the run

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).

Bond rally needs a rest

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.

The wild ride continues

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.

Intel yearly pivots working

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.

UPDATE:

$18 broke yesterday....$15 probably next support. $14.35 is yearly S1.