8 Jun Pivot, Support & Resistance Levels for Europe, Asia & US Markets
Posted by tradingpoints.net, Jun 7 2009, 09:09 AM
Pivot, Support & Resistance Levels for Europe, Asia & US Markets
8 Jun Support/Resistance Levels and Daily Trading Signals for U.S. Major Indexes $SPX $NDX $DJIA $ES_F $NQ_F $YM_F http://bit.ly/3JtKs
8 Jun Support/Resistance Levels & Trading Signals SPDR Market Sectors $XLY $XLP $XLE $XLF $XLV $XLI $XLB $XLK $XLU http://bit.ly/G1n3Q
8 Jun Support/Resistance Levels and Daily Trading Signals for ETF's $SPY $QQQQ $IYR $IWM $EEM $EFA $FXI $DIA http://bit.ly/fqAGL
8 Jun Pivot, Support/Resistance Levels and Daily Trading Signals for Major Commodities $GC_F $SI_F $ZN_F $ZB_F http://bit.ly/sMax1
8 Jun Pivot Support Resistance Levels + Trading Signals for Currency Futures $6A_F $6C_F $6E_F $6J_F $6B_F $6S_F $DX_F http://bit.ly/PRlfY
8 Jun Pivot, Support/Resistance Levels + Daily Trading Signals For European Indexes http://bit.ly/ioQwe
8 Jun Support/Resistance Levels + Daily Trading Signals For Major Swedish Stocks, XACT ETF's, OMXS30 Index http://bit.ly/12yCyt
8 Jun Pivot, Support/Resistance Levels + Daily Trading Signals For Major Asian Indexes http://bit.ly/1qogQZ
http://tradingpoints.net
$SPX closes at lows seemingly ready to break weekly support
Posted by tradingpoints.net, May 18 2009, 08:22 AM
$SPX closes at lows seemingly ready to break weekly support
18 May $SPX Daily Commentary
Overnight S&P futures were very weak trading down to 875 in the Globex session, then rallying in concert with the Asian markets, India’s market rose 17% on a euphoric reaction to a pro-business party winning big in the recent election. Now futures turned around and are trading at a several point premium - a 20+ point overnight swing.
No daily trading signals were triggered for Monday on the S&P 500. Today will have to rely on pivot points and support and resistance levels for guidance. For the bears: There is a pattern of lower lows and lower highs on the $SPX hourly charts from the 930 highs and a significant break of the 60 min trendline drawn from the 829 21 Apr. lows. For the bulls: holding the weekly pivot and rallying above the weekly pivot is constructive. The daily oscillator is also oversold and supportive of a rally, but in conflict with the bearish weekly oscillator.
The 15 minute chart has plenty of room to rally to 898.53 and still be considered within the overall downtrend on the hourly charts. There is healthy hourly resistance between $SPX 896-898, and 903-910. Only a hourly close > 919.21 makes the case for new highs and would target 944.
Today’s S&P 500 Cash $SPX daily pivot is 886.26, and the weekly pivot is 894.94. Intra-day price action below the daily pivot is bearish.
Regarding the larger time-frames:
The current high point of the rally is a 263 point, 39.5% 9 week advance in the S&P. The longest rally in this entire bear market was the 9 week 14.5% rally between Mar - May of ’08. The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872. April’s monthly close was 872.81. Prices in May have exceeded this symmetry resistance. The bears are worried (but less so over the past few days) that in the bigger picture, 1014 is the 38.2% retracement of the all time highs on Oct ’07.
The weekly charts are nominally bullish with a minor break of the marginal weekly highs set in Jan ’09, however, the weekly trend indications and oscillator remain bearish. The true weekly swing high is counted from 943.85. Continued weekly closes > 877 are constructive to the bullish case.
Long Term: Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 767.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
$SPX Low Range Close, Low Continuation & Reversal
Posted by tradingpoints.net, May 14 2009, 08:28 AM
$SPX Low Range Close, Low Continuation & Reversal
14 May $SPX Commentary
Much weaker than expected retail sales report schmeissed the pre-open S&P Globex futures on Wednesday. The index fell back below the active 60 min trendline in place since the 21 May low. When prices broke below Tuesday’s 896 low the $SPX fell to just above weekly symmetry support - closing at the lows at 884. Over a - 3% loss from the rejection of the weekly pivot on Tuesday’s late day rally. The indexes are currently sitting on top of important weekly support 876-880.
The Low Range Close signal is generated when the preceding trading day closes in the bottom of its trading range. The signal implies a strong probability that the next day’s trading will trade beneath the previous day’s low. The Low Continuation & Reversal signal fires when the preceding trading day exhibits a strong bearish trend move throughout the day and closes fairly weak within near the bottom of the day’s trading range. The signal implies that the strong bearish move has moved too far, too fast and that a reversal is likely sometime during the trading day.
The High Continuation Breakout Setup again fired indicating that Wednesday’s high should be considered important for the short term. While a rally above 905.40 is not expected, it does indicate that a rally above this level, but ideally the weekly pivot, should lead to marginal new highs. These support and resistance numbers and signals updated overnight or a few hours before the market open. An RSS link is available on the Major Index Page that will notify you when these levels are updated on the website, rather than waiting for this commentary to be published.
Today’s S&P 500 Cash $SPX daily pivot is 890.71, and the weekly pivot is 912.87. Intra-day price action below the daily pivot is bearish.
Regarding the larger time-frames:
The current high point of the rally is a 263 point, 39.5% 9 week advance in the S&P. The longest rally in this entire bear market was the 9 week 14.5% rally between Mar - May of ’08. The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872. April’s monthly close was 872.81. Prices in May have exceeded this symmetry resistance. The bears are worried (but less so over the past few days) that in the bigger picture, 1014 is the 38.2% retracement of the all time highs on Oct ’07.
The weekly charts are nominally bullish with a minor break of the marginal weekly highs set in Jan ’09, however, the weekly trend indications and oscillator remain bearish. The true weekly swing high is counted from 943.85. Continued weekly closes > 877 are constructive to the bullish case.
Long Term: Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 767.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://tradingpoints.net
$SPX Outside Day
Posted by tradingpoints.net, May 8 2009, 08:29 AM
$SPX Outside Day
8 May Daily Commentary
The $SPX fulfilled the High Continuation & Reversal beautifully, as the signal indicated continued upside price action following Wed.’s strong close, and a higher probability of a reversal sometime during the day. The market spiked and failed at R2 level just under 931. Sell triggers were elected on pattern of lower highs and lower lows on the smallest time-frame chart would be the earliest indications of a tradable reversal. Conservative sell triggers could have been elected on the 3 min charts @ 921.50 on the $SPX.
Today’s S&P 500 Cash $SPX daily pivot is 912.78, and the weekly pivot is 871.11. Continued price action above the daily pivot is bullish. Prices stay bullish on the 60 min charts with continued hourly closes above the 897 swing low.
Thursday’s trading generated an Outside Day signal for the $SPX. An outside occurs when one day's high is higher than the previous day's high, and its low is lower than the previous day's low. This is often taken as a signal that the market is about to make a move in the direction of the close, but more accurately a break of the previous day’s high or low sets the directional bias for the day’s trading.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872, which has been exceeded. The bears are worried at this point as in the bigger picture, 1014 is the 38.2% retracement of the all time highs on Oct ’07.
The weekly chart is also nominally bullish with a minor break of the marginal weekly highs set in Jan ’09, however, the weekly trend indications remain bearish and the true weekly swing high is counted from 943.85. The current high point of the recent 9 week rally is 253 points, a 38% rally off of the 667 lows and has exceeded weekly and monthly symmetry resistance. The longest rally (time-wise in this bear market was a 9 week 14.5% rally back in Mar-May ’08.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 767.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://tradingpoints.net
$SPX High Continuation + Reversal Signal
Posted by tradingpoints.net, May 7 2009, 08:04 AM
$SPX High Continuation + Reversal Signal
7 May $SPX Daily Commentary
The $SPX flirted with a breakdown near the open, but the price action turned out to be a symmetrical 15 min decline into the daily pivot. http://chart.ly/dqmkp3 Prices were able to hold Wednesday’s daily pivot and rally to marginal new highs, fulfilling the Inside Day/NR7 signal for Wed trading that a break of Tuesday’s high should have the $SPX trend the in the direction of the breakout for the balance of the day.
For Thursday the High Continuation & Reversal signal indicate continued upside price action following Wed.’s strong close, and a higher probability of a reversal today. Look for sell triggers near major pivot and resistance levels or Fib projection areas to trigger into a short trade. A pattern of lower highs and lower lows on the smallest time-frame chart would be the earliest indications of a tradable reversal.
With the straight up move in the hourly charts it is difficult to pinpoint a good reversal point for today’s trading. The 15 minute charts continue to show a pattern of higher highs and higher lows. Resistance levels continue to fall by the wayside, as 925 - 934 look like the next logical Fib projection and higher level retracement areas to be tested.
Today’s S&P 500 Cash $SPX daily pivot is 914.59, and the weekly pivot is 871.11. Continued price action above the daily pivot is bullish. Prices stay bullish on the 60 min charts with continued hourly closes above the 897 swing low.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872, which has been exceeded. The bears are worried at this point as in the bigger picture, 1014 is the 38.2% retracement of the all time highs on Oct ’07.
The weekly chart is also nominally bullish with a minor break of the marginal weekly highs set in Jan ’09, however, the weekly trend indications remain bearish and the true weekly swing high is counted from 943.85. The current high point of the recent 9 week rally is 253 points, a 38% rally off of the 667 lows and has exceeded weekly and monthly symmetry resistance. The longest rally (time-wise in this bear market was a 9 week 14.5% rally back in Mar-May ’08.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 764.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
$SPX extends gains to 907, fulfills Low Historical Volatility Breakout Signal
Posted by tradingpoints.net, May 5 2009, 08:26 AM
$SPX extends gains to 907, fulfills Low Historical Volatility Breakout Signal
5 May $SPX Daily Commentary
With the NR4 and Low Historical Volatility Signal fired, it turned out to be a trend day in the direction of the break. With many pundits assured that the break would be lower, there was enough fuel from short covering to power the indexes still higher.
For today’s trading a High Continuation & Reversal Signal and Momentum Rebound Sell Signal indicate that prices should follow-through on the upside in early Tuesday trade following Monday’s strong close. But the $SPX is very overbought in the short term and there are strong probabilities for a tradable reversal lower today. The High Continuations & Reversal signal indicates a strong probability of a reversal during the trading day, watch for divergences and price behavior around the daily pivot and support/resistance levels. The Momentum Rebound Sell Signal is a stronger reversal indication. Watch whatever low is established in the 1st hour trading, the 1st hour low is a specific price level that needs to be exceeded to trigger this signal into a short position. A 15 min close beneath the 1st hour low triggers the sell Momentum Rebound Signal.
Today’s S&P 500 Cash $SPX daily pivot is 898.10, and the weekly pivot is 871.11. Continued price action above the daily pivot is bullish. A 60 min close beneath 874 targets 854. Prices stay bullish on the 60 min charts with continued hourly closes above 882.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872, which has been exceeded. The bears are worried at this point as in the bigger picture, 1014 is the 38.2% retracement of the all time highs on Oct ’07.
The weekly chart is also nominally bullish with a minor break of the marginal weekly highs set in Jan ’09, however, the weekly trend indications remain bearish and the true weekly swing high is counted from 943.85. The current high point of the recent 8 -9 week rally is 240 points, a 36.1% rally off of the 667 lows and is challenging weekly and monthly symmetry resistance.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 759.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
$SPX at weekly resistance cluster between 877-900
Posted by tradingpoints.net, May 4 2009, 11:14 AM
4 May $SPX daily commentary for multiple time-frames http://bit.ly/pDc6z
Posted this to tradingpoints.net earlier today before open.
$SPX rallies to 8 week high, bullish above 848
Posted by tradingpoints.net, May 1 2009, 08:14 AM
1 May $SPX Daily Commentary
The $SPX opened high on Thursday, to an 8 week high tagging 1.618 Fib extension on the 60 min chart at 887, before a 20 point reversal and closing down on the day. There is a wide cluster of Fib support levels between 855 - 869 which offer a number levels of possible support. Only a clear break of 850, i.e. a 60 min close below 847 shifts the hourly trend convincingly bearish.
The $SPX again fired a Low Breakout Continuation Signal which increases the probability for a multi-day decline should Thursday’s low and Wednesday’s hourly swing low of 867.88 be exceeded on an hourly close. Immediate targets are 862 and 855. Should the 15 min chart close above 885, the $SPX targets 894 - 901.
Today’s S&P 500 Cash $SPX daily pivot is 876.67, and the weekly pivot is 854.95. Continued price action above the daily pivot is bullish.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872. A monthly and weekly close above 872 eliminates a number of immediate bearish possibilities.
The weekly chart is also bearish with continued weekly closes below 870. A weekly close above 869 would represent the largest weekly rally since the beginning of the bear market in Oct ’07, the current high point of the recent 8 week rally is 222 points, a 33.3% rally off of the 667 lows and is challenging weekly and monthly symmetry resistance.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 752.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
$SPX running over bears with an additional 2% gain
Posted by tradingpoints.net, Apr 30 2009, 08:30 AM
30 Apr $SPX Daily Commentary
The $SPX still is displaying a pattern of higher highs and higher lows for the past several trading days on the 60 minute charts and seems to find fuel for the rally on bursts of short covering as key resistance levels continue to fall. The $SPX spiked higher on Wednesday falling back in the last hour into a cluster of 15 min support between 865-868.
The $SPX fired a 2 Day ROC Bullish Continuation Signal, this is more of a directional bias signal rather than an outright buy indication for today’s trading. Based on George Taylor’s trading technique it indicates further follow-through for today’s trading and we certainly see that in the pre-open Globex futures which is called up 12 points as of this writing. The AM Globex rallies underscores the importance of yesterday’s low. The Low Breakout Continuation Signal increases the probability for a multi-day decline should Wednesday’s 856.85 low be exceeded.
Today’s S&P 500 Cash $SPX daily pivot is 870.85, and the weekly pivot is 854.95. Continued price action above the daily pivot is bullish.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872. A monthly close above 872 eliminates a number of immediate bearish possibilities.
The weekly chart is also bearish with continued weekly closes below 870. A weekly close above 869 would represent the largest weekly rally since the beginning of the bear market in Oct ’07, the current high point of the recent 8 week rally was a 215 pt, 32.3% rally off of the 667 lows and is challenging weekly and monthly symmetry resistance.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 747. The Daily $SPX finds an important Fib cluster (i.e. multiple levels of support) between 817 and 828. A daily close beneath 834 implies a test of 827 and if this level is exceeded on a daily close, the next targets are 817-805.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
$SPX showing resiliency, opens weak, rallies 2%, closes down
Posted by tradingpoints.net, Apr 29 2009, 08:14 AM
29 Apr $SPX Daily Commentary
Everything was lining up for a trend day down in the pre-market Globex futures on Wednesday, but the $SPX showed impressive resiliency opening at 848.43 on top of S2 pivot support and rallying 2% within the trading day before closing down hard in the last hour.
So of course, we find the futures called higher by 9 points in the AM. Pre-FOMC positioning? There were also no trading signals generated on the $SPX today, interestingly though the $NDX has a few good signals that may provide clues for market direction: The Nasdaq 100 $NDX Index triggered a NR7, Low Historical Volatility Break signal. A break of the Nasdaq’s Wednesday’s high or low should provide some guidance for the market overall as Wednesday was the lowest trading range in the last 7 days and the Low Volatility Breakout Signal is indicating that a strong directional move is near. A break of Wednesday’s high or low on the $NDX should drag along the other major indexes trade in the direction of the break.
Continued price action below the daily and weekly $SPX pivot is bearish. As long as prices remain below the daily pivot the risk/reward favors selling rallies. Only a rally above 869 shifts the short term pattern bullish again and would set up and immediate target of 878 on the 60 min charts. FOMC announcement days are often tricky trading days, often the initial move off of the announcement being a “false move”. When in doubt defer to the higher trading time-frame for better market direction.
Today’s S&P 500 Cash $SPX daily pivot is 855.59, and the weekly pivot is 854.95.
Regarding the larger time-frames:
The monthly $SPX chart is bearish and has symmetry resistance between 850 - 872.
The weekly chart is also bearish with continued weekly closes below 870. A weekly close above 869 would represent the largest weekly rally since the beginning of the bear market in Oct ’07, the current high point of the recent 5 week rally was a 209 pt, 31.3% rally off of the 667 lows and closed just shy of critical weekly and monthly symmetry resistance.
Because of the powerful reversal on the 10th Mar, from long standing key weekly Fib projection / support levels, the benefit of the doubt is still given to the bullish case with continued daily closes > 747. The Daily $SPX finds an important Fib cluster (i.e. multiple levels of support) between 817 and 828. A daily close beneath 834 implies a test of 827 and if this level is exceeded on a daily close, the next targets are 817-805.
Updated 15 min, Hourly, Daily, Weekly charts with additional Fib support and projection levels are posted at http://www.tradingpoints.net
on $SPX at Critical price and time juncture