March 1st, 2010 Posted in Uncategorized
Good Morning Traders
Welcome back to a new week and a new month.
We ended the week on a positive note relative to my numbers. TF H10 and ES H10 closed at or above their respective R1 - TF H10 682.80 (R1 628.61) and ES H10 1105.25 (R1 1105.52). The mini NAS future also closed slightly above its R1 while the mini Dow closed we below.
However, last week's action as well as most of last month's action was on light volume. Equities are still in a correction as a result, despite some nice trading days. What needs to be seen is a strong intraday rally on good volume that is followed up by a similar or stronger rally. At that point this correction will be over. Until then you need to question the types of rallies that we've been seeing in equities as of late.
Economic News
January Personal Income rose 0.1% vs 0.4% expected. Personal Consumption was up 0.5% vs 0.4% expected. So we're spending more than we make - not good. Americans are either using credit or tapping into savings.
ISM Manufacturing Index and Construction Spending due out at 10:00 EST.
Energies
I'm not going to get in front of this bus but I am looking for a buy point on QG J10. This selling is overdone however the trade is bearish and giving no signs of turning. QM J10 is trading $80.175, +0.525. This morning's rally in DX H10 is neither hurting equities nor commodities. I think QM J10 is up more on geopolitical tension more than anything else.
Trading Levels for Today and the Week
If you have questions about my commentary or the levels below, please contact me directly via ruria@manducatrading.com or toll free at 866.312.4965.
Happy Trading! - Rob
| Daily Pivots | 3/1/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES H10 | 1112.92 | 1109.08 | 1102.67 | 1098.83 | 1092.42 |
| YM H10 | 10394.67 | 10359.33 | 10308.67 | 10273.33 | 10222.67 |
| NQ H10 | 1834.58 | 1828.17 | 1815.83 | 1809.42 | 1797.08 |
| TF H10 | 635.33 | 632.07 | 627.63 | 624.37 | 619.93 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM J10 | 80.91 | 80.24 | 79.38 | 78.72 | 77.86 |
| QG J10 | 4.90 | 4.85 | 4.81 | 4.76 | 4.72 |
| Weekly Pivots | |||||
| Starting | 3/1/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES H10 | 1114.22 | 1108.68 | 1101.17 | 1095.63 | 1088.12 |
| SPX | 1114.27 | 1108.67 | 1102.00 | 1096.39 | 1089.72 |
| SPY | 111.83 | 111.25 | 110.55 | 109.97 | 109.27 |
| OEX | 510.97 | 508.45 | 505.54 | 503.03 | 500.12 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM H10 | 10431.47 | 10382.53 | 10322.67 | 10273.73 | 10213.87 |
| DJIA | 10439.92 | 10388.58 | 10332.24 | 10280.91 | 10224.56 |
| DIA | 104.44 | 103.92 | 103.37 | 102.86 | 102.30 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ H10 | 1835.00 | 1824.70 | 1810.35 | 1800.05 | 1785.70 |
| NDX | 1833.75 | 1822.43 | 1809.64 | 1798.32 | 1785.53 |
| QQQQ | 45.15 | 44.86 | 44.54 | 44.25 | 43.93 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF H10 | 636.18 | 632.48 | 627.94 | 624.24 | 619.70 |
| RUT | 635.26 | 632.27 | 628.72 | 625.72 | 622.17 |
| IWM | 63.63 | 63.29 | 62.93 | 62.58 | 62.23 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM J10 | 80.61 | 79.99 | 79.17 | 78.55 | 77.73 |
| USO | 39.18 | 38.92 | 38.55 | 38.29 | 37.92 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG J10 | 4.95 | 4.89 | 4.84 | 4.78 | 4.72 |
| UNG | 9.07 | 8.94 | 8.83 | 8.71 | 8.60 |