Friday’s Trading Levels
July 30th, 2010 Posted in UncategorizedGood Morning,
Wow has this week/month flown by! It's hard to believe that today is already the last day of July. But truth be told, it was a great month for equity index futures. ES U10 and TF U10 are up approximately 5% for the month, assuming we don't have a major sell off today.
That being said, earlier this week I mentioned that I felt a modest sell-off in equities was going to start, specifically I said it would start on Tuesday. It did and we're still seeing modest selling pressure this morning. However, I don't think this is the start for a move to test recent lows for either of these markets. Many factors can debunk this claim however all in all, I think this modest sell off is nothing more than profit taking and technical selling.
As I write this, TF U10 and ES U10 are trading slightly above or at their respective S1's - 637.50 and 1086.00. What's interesting is that both are also trading at or slightly above/below their Weekly R1's of 633.11 and 1088.60 respectively. Equity index futures are looking for direction following this morning's fairly disappointing GDP number that came in at 2.4% vs 2.6%.
Using the same counter-trend trading method that we use here at P4P, my bias is to the upside this morning. Buy points at 1088.75 on ES U10 and 641.00 for TF U10.
If you have questions or would care to discuss trading strategy, feel free to contact me via email at ruria@manducatrading.com or toll free at 866.312.4965 - Rob.
Happy Trading and Have a Great Weekend!
Today's Trading Levels
| Daily Pivots | 7/30/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES U10 | 1123.75 | 1110.25 | 1099.50 | 1086.00 | 1075.25 |
| YM U10 | 10629.67 | 10519.33 | 10427.67 | 10317.33 | 10225.67 |
| NQ U10 | 1909.00 | 1883.50 | 1861.00 | 1835.50 | 1813.00 |
| TF U10 | 668.70 | 658.10 | 648.10 | 637.50 | 627.50 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM U10 | 80.18 | 79.29 | 78.01 | 77.12 | 75.83 |
| QG U10 | 4.98 | 4.90 | 4.81 | 4.73 | 4.64 |