Quote from lolo24ca:
oh yeah..one more thing before i get killed here... pivot point analysis is not an exact science..so please don't start a witch hunt if the markets don't reach those resistances and supports levels .... Alright lets make some paper now
Hello,
After reading your PPs for the monthly, I decided to do the same. Prior to that I had only used dailys, and major averages, with swing H and swing L as well as prior S and R points.
I decided to also figure the weekly PPs, do you do any figuring there? I would also like to give a word of Thanks to you. As I use multiple timeframe analysis, so as to keep the bigger picture in mind, usually. I say usually because it become so easy to focus, or become lost in the micro, and forget the big picture at times. Until your posting the monthly PPs, it hadn't ever really dawned on me to use anything other than the dailys, don't ask why? Just an oversight on my part.
Our numbers are very similiar and there are some striking #s on the monthly and weekly that are close in proximity. I like you believe that these are not written in stone and should never be relied upon as such. They are very useful for reference points, along with current price action and whatever stop method or other means one employs.
BTW, the
Weekly Monthly
2R 775.3 808.5
1R 765.4 789.6
P 754.5 754.0
1S 744.6 735.1
2S 733.7 699.5
Interesting to note that this weeks WP and the MP are close, and the W2S, and the M1S are within 3 points. Also of note that the high since breaking the upper trading range is 764.4, also near W1R and the low 743.6, just below W1S. Both within the current Daily average trading range of 11.1 of 754.4. These are good references for watching the trading action that takes place in or near them.
Until some type of catalyst comes along, the index may vacillate within this range, setting up either continuation of the downward move, or an attempt at the upper end once again.
Good Trading to You!
Kelly