Trading Levels for the Day and Week Starting July 26th
July 26th, 2010 Posted in UncategorizedGood Morning All
Welcome back to another week of trading with Pivot for Profits.
Equity markets will have little to key on this morning following a tremendous rally last week. However New Homes Sales Data is due out at 9:00 CST.
This report could be a catalyst for a substantial move. Problem is I don't know which way so it's best to react to the number than to try and guess the market's reaction. We all know the housing markets stinks. This week's Barron's discusses how renting will be the better option than buying over the next 5 years.However given last week's strength in equities, I don't expect a significant downside move if the housing report is bad. If anything it'll give an excuse to buy on a dip.
Equity futures, in particular ES U10 and TF U10, are trading slightly lower as I wrote this - ES U10 1098.00 and TF U10 649.20. As I have mentioned in the past, stocks are cheap, very cheap. That being said, last week's impressive move didn't surprise me in its magnitude as much as in its timing. But what's the old say, "never sell a sleeping market".
QM U10 and QG U10 are both trading lower this morning. I'm looking for a move higher in Crude Oil. This market breaks out above $80.00. Although global demand seems to be tame, there are a lot of geo-political tension in the Middle East, Korea, Japan and China. According to one source I subscribe to, the sanctions against Iran which were signed by President Obama on July 4th is cause for concern because it could ignite into a regional war and potential something more.
A key to all of this well be what the Dollar Index does this week. As I mentioned last week, DX U10 has support at $82.00. We're trading $82.47 as I write this. Rallies in this market can have a negative effect on stock and energy futures.
Below you'll find my trading levels for today and for the entire week. If you have questions or comments regarding anything I write about, I ask that you contact me directly via email at ruria@manducatrading.com or toll free at 866.312.4965 - Rob.
Happy Trading!
| Daily Pivots | 7/26/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1113.00 | 1107.00 | 1095.50 | 1089.50 | 1078.00 |
| YM U10 | 10496.00 | 10441.00 | 10338.00 | 10283.00 | 10180.00 |
| NQ U10 | 1897.00 | 1885.75 | 1865.00 | 1853.75 | 1833.00 |
| TF U10 | 665.17 | 657.53 | 642.77 | 635.13 | 620.37 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 79.88 | 79.43 | 78.93 | 78.48 | 77.98 |
| QG U10 | 4.69 | 4.63 | 4.56 | 4.49 | 4.43 |
| Weekly Pivots | |||||
| Starting | 7/26/10 | ||||
| S & P 500 | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1097.65 | 1088.60 | 1077.60 | 1068.55 | 1057.55 |
| SPX | 1101.96 | 1093.05 | 1080.85 | 1071.93 | 1059.74 |
| SPY | 110.26 | 109.40 | 108.29 | 107.43 | 106.33 |
| OEX | 499.98 | 496.08 | 490.86 | 486.96 | 481.74 |
| DOW JONES | R2 | R1 | PIVOT | S1 | S2 |
| YM U10 | 10343.80 | 10267.40 | 10171.80 | 10095.40 | 9999.80 |
| DJIA | 10407.78 | 10329.07 | 10220.16 | 10141.45 | 10032.54 |
| DIA | 104.01 | 103.28 | 102.31 | 101.57 | 100.60 |
| NASDAQ 100 | R2 | R1 | PIVOT | S1 | S2 |
| NQ U10 | 1875.03 | 1856.57 | 1835.13 | 1816.67 | 1795.23 |
| NDX | 1875.44 | 1859.29 | 1837.76 | 1821.61 | 1800.07 |
| QQQQ | 46.12 | 45.71 | 45.17 | 44.75 | 44.21 |
| RUSSELL 2K | R2 | R1 | PIVOT | S1 | S2 |
| TF U10 | 640.81 | 633.11 | 622.35 | 614.65 | 603.89 |
| RUT | 641.30 | 634.26 | 623.88 | 616.84 | 606.46 |
| IWM | 64.19 | 63.43 | 62.37 | 61.62 | 60.56 |
| CRUDE OIL | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 79.63 | 78.74 | 77.76 | 76.87 | 75.90 |
| USO | 35.64 | 35.25 | 34.82 | 34.43 | 34.00 |
| NAT GAS | R2 | R1 | PIVOT | S1 | S2 |
| QG U10 | 4.66 | 4.61 | 4.58 | 4.54 | 4.51 |
| UNG | 7.87 | 7.77 | 7.67 | 7.57 | 7.47 |