Monday’s and Weekly Trading Levels for Week Starting June 7th
June 6th, 2010 Posted in UncategorizedWelcome Back!
I hope you had a good weekend and didn't let the current market's volatility stress you out much.
Last I posted, I felt that we had made a short term bottom. More importantly I felt that we wouldn't test the "Flash Crash" lows until at least September. Unfortunately, Friday's action is going to test that claim.
We are still in a correction however I felt that we were turning the corner. I'm not so sure now and fear that equities may be in for a pounding. Fundamentally speaking, stocks are cheap. Technically, they can get cheaper as concerns over a global double dip recession continue.
Unless something positive starts on Monday and builds throughout the week, that claim may not only be tested but proven to be wrong. Trouble with trying to predict markets is that markets are unpredictable. They have no problem reminding you either.
That being said, when I try to forecast a market, I'll also be the first to admit when that forecast is wrong. Although we may rally Monday and the rest of the week to help my claim, I'm not going to challenge markets but rather will adapt to them as necessary.
Below you'll find my trading levels for Monday as well as those for the rest of the week starting June 7th. If you have questions regarding my commentary or the posted trading levels, please feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965.
I'll be back in the morning with a trade idea for Monday.
Have a Great Week - Rob
| Daily Pivots | 6/5/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES M10 | 1099.75 | 1082.75 | 1071.00 | 1054.00 | 1042.25 |
| YM M10 | 10194.67 | 10071.33 | 9975.67 | 9852.33 | 9756.67 |
| NQ M10 | 1901.67 | 1868.08 | 1846.17 | 1812.58 | 1790.67 |
| TF M10 | 664.67 | 650.13 | 641.07 | 626.53 | 617.47 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM N10 | 74.34 | 72.88 | 72.09 | 70.63 | 69.84 |
| QG N10 | 5.15 | 4.97 | 4.80 | 4.63 | 4.46 |
| Weekly Pivots | |||||
| Starting | 6/5/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES M10 | 1108.46 | 1096.23 | 1084.27 | 1072.04 | 1060.08 |
| SPX | 1111.51 | 1097.85 | 1085.71 | 1072.05 | 1059.91 |
| SPY | 111.35 | 110.10 | 108.92 | 107.66 | 106.48 |
| OEX | 503.35 | 497.53 | 492.32 | 486.51 | 481.30 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM M10 | 10313.92 | 10214.08 | 10115.92 | 10016.08 | 9917.92 |
| DJIA | 10366.82 | 10241.01 | 10133.56 | 10007.75 | 9900.30 |
| DIA | 103.30 | 102.28 | 101.33 | 100.31 | 99.35 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ M10 | 1906.00 | 1883.44 | 1861.50 | 1838.94 | 1817.00 |
| NDX | 1905.18 | 1882.88 | 1861.67 | 1839.37 | 1818.16 |
| QQQQ | 46.92 | 46.36 | 45.84 | 45.28 | 44.76 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF M10 | 671.47 | 661.01 | 651.42 | 640.96 | 631.37 |
| RUT | 671.75 | 661.23 | 652.28 | 641.76 | 632.81 |
| IWM | 67.28 | 66.24 | 65.30 | 64.26 | 63.32 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM N10 | 75.54 | 74.22 | 73.07 | 71.75 | 70.60 |
| USO | 34.74 | 34.11 | 33.56 | 32.93 | 32.39 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG N10 | 4.77 | 4.66 | 4.52 | 4.40 | 4.26 |
| UNG | 8.13 | 7.93 | 7.71 | 7.51 | 7.29 |