Db's Daily Dispatch

[dbphoenix]

Coming up against SLs and SPs from April. Maybe not today, but soon. Be aware of them. Just zoom out to include April and you'll see what I'm referring to.

 

[dbphoenix]

And don't forget all the biggie reports due out this morning.

 

[dbphoenix]

A line drawn across the SPs from noon and 1500 yesterday seem to be acting as some sort of pivot.

 

[dbphoenix]

Ditto the bottoms of those swings, 1458 and 1118 respectively.

 

[dbphoenix]

A potential hinge on the daily, with the emphasis on the potential:

http://www.elitetrader.com/vb/showthread.php?s=&postid=511606#post511606

The bulls aren't doing their part given the limp-wristed movements of the last three days. Volume is not encouraging and we're near the supply line. Given the gap down toward the PDL, look for -- but don't depend on -- R at the PDH. though we may also be looking at a gap trap.

And don't forget the ISM at 1000.

 

[dbphoenix]

I should also point out the congestion at 1465 and 1120. This is what "pivot" is all about (just zoom out a couple of days).

 

[dbphoenix]

Be aware of these bozos.

 

[dbphoenix]

NQ wants to go play. ES wants to stay home.

Nag, nag, nag.

 

[dbphoenix]

Apparently we liked the ISM, but we bumped our heads. What happens to the trendline?

 

[dbphoenix]

Trendline's starting to complain about how heavy price is.

Whine, whine, whine.