I mentioned a look at the Nasdaq heading into the noon hour. I thought that this future would find the daily fib objective on the regular session, but with a failure to do so, current high of 5447.75, a return to the opening print of 5433.00 found a low of 5432.00. A longing opportunity was in question at that time. A bounce did ensue off that low with last high print of 5439.00, a lower high on that move. It followed with a move under the 5432.00 price as it takes aim at retesting the current low of 5326.50. This future said this morning that the deal breaker would be the pivotal price of 5423.50, which in my opinion still is. However, finding a last low at this time, 5427.50, missed that test and it suggests a need to recover that last lower high on this bounce, 5439.00, in order to stem the idea of completing a reversal of momentum. The trade does become dicey at this time. A full reversal has me looking for yesterdays daily pivot of 5397.75 to the daily fib of 5394.75. That daily pivot was never found while the s&p’s accomplished that feat yesterday. Doubt it happens, but it is out there.
The s&p fell short of its next price objective 2368.00 finding a current high at 2366.75. A move to the stop price of 2361.75 found a low at 2361.50. However, a lower high at 2363.50 did lead a move to the 2359.00 price as it looks ready to step down the ladder rungs. This morning I mentioned a needed turn of the settle price, which in turn did happen after finding a test of the daily pivot / pivotal prices with a current low at 2354.00. To me that is the first clue that hints to a reversal of trend, but the bottom line will be the opening print 2356.00. Decision time heading into the noon hour. Overall the bottom line figure still is all about the 2351.75 price….Can it restrain itself from the turn. Acting a bit tougher than the tech sector although that future loves throwing us curve balls.
I’m not complaining about todays success. Whenever these two can find common ground it usually works in favor of the trend. Can’t say enough on how the daily pivots are the biggest constants day in day out.
Top Notch
