March 10th, 2010 Posted in Uncategorized
Good Morning All
As I write this equity index futures are opening quite flat to modestly up. Yesterday's "high volume day" was a result of unusually high trading volume in C, FNM, FRE and AAPL. The concentrated buying gave off the impression of a broad base rally. It wasn't. We've seen this before, concentrated buying pushing indices higher, back in late 2007 and 2008 before the bottom fell out.
Relative to my weekly numbers, equities are well past any resistance levels that I have. The momentum trade is on despite any signs of overbought conditions. Remember, many have been saying we've been overbought since last June.
I'd like to be more informative, however, equities seem to be in a holding pattern despite trading at new recent highs.
Below you'll find my trading levels. If you have any questions or comments please feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965.
Trading Levels
| Daily Pivots | 3/10/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES H10 | 1151.17 | 1145.83 | 1139.92 | 1134.58 | 1128.67 |
| YM H10 | 10647.00 | 10606.00 | 10565.00 | 10524.00 | 10483.00 |
| NQ H10 | 1926.58 | 1913.92 | 1899.33 | 1886.67 | 1872.08 |
| TF H10 | 678.67 | 673.83 | 668.97 | 664.13 | 659.27 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM J10 | 82.74 | 82.11 | 81.27 | 80.63 | 79.79 |
| QG J10 | 4.66 | 4.59 | 4.53 | 4.46 | 4.40 |