Tuesday’s Trading Levels
July 27th, 2010 Posted in UncategorizedGood Morning Traders
If you take a look at the Weekly Pivots that I posted yesterday, you'll notice that equity index futures are all trading above their respective Pivots and above their Second Resistance (R2). We know two things from this - 1. week to week, equities are in an uptrend; 2. week to week, equity index futures are extended/overbought. When this happens, the Daily Trading Levels are most important until these markets fall back into the weekly range.
That being said, I'll be looking for a modest sell off at some point this week. From what I'm looking at, that could be today. DD reported better than expected earnings and gave a positive forecast this morning. This is providing a bid to equities however many SP and Dow components are all trading at significant resistance.
As I write this, TF U10 and ES U10 are trading 669.00 and 1117.00 respectively. You'll notice that these levels are slightly above R1 listed below. If my assumption of a pullback is correct, these two markets should lead the fall once they trade below their respective R1 levels - TF U10 668.58 and 1114.92.
If you have questions or would like to discuss the trading levels that I provide, please feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965 - Rob.
Happy Trading!
| Daily Pivots | 7/27/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1120.33 | 1114.92 | 1106.33 | 1100.92 | 1092.33 |
| YM U10 | 10546.00 | 10502.00 | 10433.00 | 10389.00 | 10320.00 |
| NQ U10 | 1902.83 | 1895.17 | 1880.58 | 1872.92 | 1858.33 |
| TF U10 | 673.87 | 668.53 | 658.17 | 652.83 | 642.47 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 80.05 | 79.50 | 78.78 | 78.23 | 77.50 |
| QG U10 | 4.67 | 4.63 | 4.56 | 4.52 | 4.45 |