Keene Little : 1/5/2009 11:42:40 PM
Tuesday's pivot table: Link
The parallel up-channel from last Monday, December 29th, was broken by SPX today so it's up to the bulls now to quickly recover by getting at least back above Monday's high (936.63). A quick retest of the broken uptrend line, near 933 Tuesday morning, would be a potential kiss goodbye and short play setup. SPX 15-min chart: Link
If the bulls can recover first thing in the morning there is still the potential to see a rally at least up to 953 before turning back down, shown in pink on the 120-min chart: Link
. If the market starts to drop lower I'll be looking for evidence as to whether or not we can expect a larger drop into January or a continuation of the rally. At this point it's too early to tell.
Jeff Bailey : 1/5/2009 10:38:42 PM
YM settled 8,918 on Monday.
DJIA closed 8,952.89 on Monday, from which Fair Value for DJIA is calculated.
Jeff Bailey : 1/5/2009 10:38:37 PM
Subscriber Email: ... Jeff,
For those of us who do not have an access to live YM quotes and if it is not too much trouble, Could you post the difference between the Dow and YM when you post the stop/target?
eg: YM 8922
Or do you know where I can get delayed or current quotes to compare the difference at certain times?
Jeff's Reply: ... I'm doing "good" if I can type the YM (entry, stop, target) levels accurate and in a timely fashion for traders, so I don't think I'll be able to jump over the DJIA benchmarks (DIA, DJX).
HOWEVER!!!! I'll note that during REGULAR SESSION ... YM high/low was 8,990/8,841. DJIA REGULAR SESSION (it DOES NOT HAVE AN OVERNIGHT SESSION) was 9,033.66 (call it 9,033)/8,892.68 (call it 8,893).
So, CASH high +43 from futures. Cash low +52 from futures.
Now, tomorrow (Tuesday), Fair Value for the Dow Jones Mar'09 futures is -43.41. So, a trader could ADD 43.41 (give/take a couple points for arbitrage) to YM to get CASH equivalent.
OI Technical Staff : 1/5/2009 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The Market Monitor has been archived.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.