Trading Levels for the Week Starting June 21st
June 21st, 2010 Posted in UncategorizedGood Morning
Welcome to the first day of Summer! So far financial markets are off to a great start as overnight China decided to allow the Yuan to trade more "flexibly" against other major currencies, particularly the Dollar. If this happens, and it's still a big "IF", then this would certainly help American companies, producer and exporters, who have been lobbying for this for a long time.
Equities
On Friday June 11th, I posted an early warning to short sellers "to be careful and to be ready to cover". That warning was confirmed with the following Monday and Tuesday trade.
However if you didn't heed my warning and listened to all those newsletters and the smart guys on CNBC, who all last week told you the up move wasn't valid b/c of "light volume", then you're probably scrambling for answers with this overnight surprise.
Trade Idea
As I write this, all index futures are trading well above my levels posted below. Using those for a road map may be difficult if we continue to rally and we'll have to take our lead from the Daily Trading Levels.
ES U10 is trading well past weekly and daily R2 levels. TF U10 is trading near its R2 of 673.57 (daily) and 673.47 (weekly). For both I have a 3rd Resistance level that aggressive traders can look to sell. For ES U10 the level is 1124.50 and 679.00 for TF U10. *** If you choose to use these Extreme Level Trades, I urge you to use tight stops. This move is real and should continue by day's end. *** However I remind you of the Tuesday Tank. If you don't know or remember what that is, I'll discuss it tomorrow.
If you have any questions or comments please contact me via email at ruria@manducatrading.com or toll free at 866.312.4965.
Happy Trading - Rob
Trading Levels
| Daily Pivots | 6/21/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1119.75 | 1115.00 | 1112.00 | 1107.25 | 1104.25 |
| YM U10 | 10447.33 | 10410.67 | 10386.33 | 10349.67 | 10325.33 |
| NQ U10 | 1932.42 | 1920.58 | 1912.92 | 1901.08 | 1893.42 |
| TF U10 | 673.57 | 668.13 | 664.37 | 658.93 | 655.17 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM Q10 | 79.33 | 78.79 | 77.98 | 77.44 | 76.63 |
| QG Q10 | 5.26 | 5.16 | 5.10 | 5.00 | 4.94 |
| Weekly Pivots | |||||
| Starting | 6/21/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1119.03 | 1112.22 | 1104.88 | 1098.07 | 1090.73 |
| SPX | 1123.64 | 1117.12 | 1109.28 | 1102.76 | 1094.92 |
| SPY | 112.77 | 112.12 | 111.37 | 110.72 | 109.97 |
| OEX | 506.60 | 503.79 | 500.35 | 497.53 | 494.09 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM U10 | 10423.67 | 10368.33 | 10304.07 | 10248.73 | 10184.47 |
| DJIA | 10489.44 | 10433.71 | 10362.37 | 10306.64 | 10235.30 |
| DIA | 105.07 | 104.50 | 103.78 | 103.21 | 102.49 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ U10 | 1920.45 | 1906.60 | 1891.40 | 1877.55 | 1862.35 |
| NDX | 1921.04 | 1907.76 | 1892.80 | 1879.52 | 1864.56 |
| QQQQ | 47.34 | 46.99 | 46.58 | 46.22 | 45.82 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF U10 | 673.47 | 667.29 | 661.11 | 654.93 | 648.75 |
| RUT | 674.67 | 669.33 | 663.77 | 658.43 | 652.87 |
| IWM | 67.82 | 67.17 | 66.50 | 65.85 | 65.19 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM Q10 | 79.31 | 78.58 | 77.70 | 76.97 | 76.08 |
| USO | 35.79 | 35.45 | 35.06 | 34.73 | 34.34 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG Q10 | 5.27 | 5.20 | 5.11 | 5.03 | 4.95 |
| UNG | 8.87 | 8.75 | 8.61 | 8.49 | 8.35 |