Today's Pivots

ES finds support down at S1 today at 1134.80 with yesterday's low being 1136.30. Today's Pivot: 1140.90

Factoid of the day as mentioned by ET member "Fan" on another thread:

"On a few trivial notes, the TRIN came close to closing above 3.0, which it's only done 11 other times since 1997. Three days later, the SP500 was higher all 11 times, with an average gain of +2.5%."

The above found on: www.hardrightedge.com
 
Pivots aren't holding, reaction highs continue lower and 3PM rally was a bust. :mad:

Quote from Maverick74:

Waggie, those pivots are having a hard time holding.
More...
 
1140 on a closing basis on the SPX broke yesterday.

1420 NDX is just one point away . . .

Classic "measured-moves" on the COMPX and NDX give targets of 1967 and 1422 respectively.

Stay tuned.
 
Quote from waggie945:

1140 on a closing basis on the SPX broke yesterday.

1420 NDX is just one point away . . .

Classic "measured-moves" on the COMPX and NDX give targets of 1967 and 1422 respectively.

Stay tuned.
More...

Yeah but what are you doing when all your pivot levels get taken out?
 
Floor traders use a DAILY PIVOT and the resulting support/resistance levels. As I mentioned earlier, today's DAILY PIVOT was 1140.90 in the ES and 39.62 in the SMH.

All trading above those levels is considered bullish.
All trading below those levels is considered bearish.

As you can see from today's range, we didn't spend a whole helluva long time above today's DAILY PIVOT, thus there was no reason to be long.

The S1 and S2 and S3 levels are targets to shoot for.

If you were in front of your screens today you would have noticed that S1 was a key level until it broke and when it did the market headed right for the S2 at 1130.15, with 1130.50 being the low for the next hour and 15 minutes.

If you want more info on the use of pivots by a very successful New York floor trader, check out Mark B. Fisher's "The Logical Trader".

http://www.mbfcc.com/corporate/bio.shtml
 
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