Trading Levels for the Week Starting July 19th
July 19th, 2010 Posted in UncategorizedGood Morning Traders
Please excuse my absence but I was struck with a medical condition that makes it painful for to sit, stand or lie on my back. Although still recovering, I should be back full time this week. Nothing seems worse than being laid up in the middle of Summer in Chicago.
This will be a telling week following Friday's stock market collapse that saw indexes drop anywhere from 2.8% to 3.5%. Of the indexes I follow the one that suffered the most and that has been a laggard is the Russell 2000 Index. As I mentioned before, this is a leading index. When is lags like it is, there is cause for concern.
According to last week's Weekly Trading levels, all but the R2K Group closed above their respective Weekly Pivot. Does this mean that the end of the stock market is upon us? No. But I do feel that we were at the top of a trading range on Thursday and Friday's Options Expiration was a good time to confirm it.
That being said, I don't like the way things are setting up. I WILL CAUTION YOU NOW, if TF U10 doesn't hold the 600 level, it will test the 584 lows and more than likely follow the downtrend channel to bottom near 575.00. This will bring down all other stock indexes.
DX u10 will have a strong say in how this plays out. The Dollar Index has support at approximately $82.00. If this support holds and DX U10 start rising, it will take down Crude and Nat Gas as well as other commodities.
If you have questions or comments regarding my blog, I ask that you contact me directly via email at ruria@manducatrading.com or toll free at 866.312.4965.
Happy Trading! - Rob
| Daily Pivots | 7/19/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1097.08 | 1080.17 | 1069.58 | 1052.67 | 1042.08 |
| YM U10 | 10343.33 | 10202.67 | 10114.33 | 9973.67 | 9885.33 |
| NQ U10 | 1866.33 | 1834.17 | 1817.08 | 1784.92 | 1767.83 |
| TF U10 | 636.80 | 622.50 | 614.70 | 600.40 | 592.60 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 77.77 | 77.06 | 76.32 | 75.61 | 74.87 |
| QG Q10 | 4.72 | 4.62 | 4.55 | 4.45 | 4.38 |
| Weekly Pivots | |||||
| Starting | 7/19/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1097.30 | 1089.70 | 1081.80 | 1074.20 | 1066.30 |
| SPX | 1103.51 | 1094.82 | 1085.67 | 1076.98 | 1067.83 |
| SPY | 110.35 | 109.54 | 108.73 | 107.92 | 107.10 |
| OEX | 500.81 | 497.09 | 493.14 | 489.42 | 485.46 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM U10 | 10359.27 | 10292.73 | 10226.27 | 10159.73 | 10093.27 |
| DJIA | 10432.37 | 10356.51 | 10276.96 | 10201.10 | 10121.56 |
| DIA | 104.16 | 103.52 | 102.88 | 102.24 | 101.60 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ U10 | 1864.97 | 1848.88 | 1833.77 | 1817.68 | 1802.57 |
| NDX | 1866.63 | 1851.23 | 1836.10 | 1820.70 | 1805.57 |
| QQQQ | 45.92 | 45.52 | 45.14 | 44.74 | 44.35 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF U10 | 644.09 | 635.75 | 628.45 | 620.11 | 612.81 |
| RUT | 645.28 | 637.60 | 630.48 | 622.80 | 615.69 |
| IWM | 64.57 | 63.77 | 63.03 | 62.23 | 61.48 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 78.43 | 77.61 | 76.80 | 75.98 | 75.17 |
| USO | 34.99 | 34.68 | 34.38 | 34.08 | 33.77 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG Q10 | 4.60 | 4.51 | 4.43 | 4.35 | 4.27 |
| UNG | 7.72 | 7.60 | 7.47 | 7.35 | 7.21 |