Option Investor
Printer friendly version
Jeff Bailey : 8/13/2007 12:39:53 AM

YM .. 13,291

Jeff Bailey : 8/13/2007 12:39:23 AM

YM Pivots Matrix found at this Link

Excellent example on Friday (per multiple questions) why traders use REGULAR session low/high and close for calculating their pivot level. If institutional computers do it, then we should too.

Fed telling us they were injecting, makes sense at what level(s).

Early test for buyers on Monday is WEEKLY Pivot/DAILY R1. Early test for sellers is WEEKLY S1/DAILY S2.

Keene Little : 8/12/2007 10:03:42 PM

Monday's pivot tables: Link and Link

The consolidation in the DOW on Friday makes it look like there will be another leg down before setting up a tradeable bottom. The 10-min chart shows a potential consolidation pattern that would point lower once finished: Link The 60-min chart shows, in the dark red wave count that we could then get a bounce this week and the other counts suggest a larger rally right away starting Monday: Link Not shown on the 60-min chart but is shown on this daily chart is the possibility we'll see an immediate continuation lower to the 200-dma and uptrend line from July 2006 (which SPX has already hit): Link

SPX and NDX 60-min charts show the same setup as for the DOW with their own price projections: Link and Link

The RUT's pattern is actually a little simpler in that I only see two good options for its wave pattern. It will either immediately head lower on Monday (either much lower as per the dark red wave count or it could do a retest of last Monday's low and rally back up) or it will continue higher for a test of the Fib/trend line area around 820-830: Link

Being in the middle of a correction means the market can go anywhere and do so in a violent way. It's only after I see the potential completion of a correction, or a break down, will I be able to more confidently predict where price is going next. Right now is a time for caution and no big bets.

OI Technical Staff : 8/12/2007 9:59:59 PM

The Market Monitor has been archived. You may view it and any previous days here: Link

Disclaimer: Stocks discussed in the Market Monitor are for educational purposes only and any analysis is not meant to imply a recommendation for or against that stock. The analysts in this forum as on any other website are prohibited by the SEC from giving any specific advice to ANY individual trader. All information posted is for ALL readers and is not meant to be directed to any individual. Our analysts cannot answer any email questions regarding any specific stock. Please do not ask and please do not take offense if requests are denied.

Results posted in the Market Monitor are hypothetical and OIN does not claim that any reader achieved these exact results. Due to the lag time between research, writing, posting, uploading, reading and execution there will be differences between the actual signal given and the fill achieved by the reader. Fills may be better or worse but in most cases they will be different. The writers will make every effort to give advance notice of intended signals and indicate potential price targets. Your individual results may vary depending on your activity level and aggressiveness. This forum is intended as an education service only. Trading involves risk and should not be attempted by anyone not ready to accept this risk. By acting on any signal in this forum you agree and personally accept this risk.

Market Monitor Archives