This year reminds me a lot of 2006 when we had a similar price open in the cash at 1352.03. It was the first time that we were back above 1300.00 coming from the lows in 2002. Yesterday we had another bullish close above my resistance at 1317. And we came just short of testing 1323.75. As long as trade stays above 1317. I believe we will trade 1323. And then possibly 1330.00.
This year reminds me a lot of 2006 when we had a similar price open in the cash at 1352.03. It was the first time that we were back above 1300.00 coming from the lows in 2002. Yesterday we had another bullish close above my resistance at 1317. And we came just short of testing 1323.75. As long as trade stays above 1317. I believe we will trade 1323. And then possibly 1330.00.
This year reminds me a lot of 2006 when we had a similar price open in the cash at 1352.03. It was the first time that we were back above 1300.00 coming from the lows in 2002. Yesterday we had another bullish close above my resistance at 1317. And we came just short of testing 1323.75. As long as trade stays above 1317. I believe we will trade 1323. And then possibly 1330.00.
This year reminds me a lot of 2006 when we had a similar price open in the cash at 1352.03. It was the first time that we were back above 1300.00 coming from the lows in 2002. I included a chart and drew horizontal lines showing the high in the cash in May at 1326.70 and the open in January at 1352.03. We had a big sell-off from 1326.70 in 2006 so if history repeats itself the same could happen again. History tends to repeat itself and that is why I am showing it. On to yesterday we had another bullish close above my resistance at 1317.50 and we came just short of testing 1323.75. As long as trade stays above 1317.50 I believe we will trade 1323.75 and then possibly 1330.00. If we can’t hold 1317.50 I believe we will trade back down to 131100 and possibly 1305.00. I will be watching that price in the cash from the 2006 high to see if there is resistance there (1326.70). I will be using 1317.50 as my pivot for direction today.
S&P Cash Top of Value 131950
E-Mini Daily E-Mini Weekly Weekly Bottom of Value 131500 • 133000 • 134325 • 135710 • 132375 • 132400 • 131435 Point of Control 131575 • 131750 • 130475 • 127150 High Volume Bar 131875 • 131100 Pivot • 128550 Pivot • 122860 Pivot • 130500 • 126625 • 118570 Prior Day’s 132175 Settlement • 129875 • 124700 • 114284 Average Trading 1407 • 129225 • 122800 • 109996 Range
10 Day Moving Average 130225 Prior Day High 132225
20 Day Moving Average 129390 Prior Day Low 131300 50 Day Moving Average 126500 Weekly High 132225 200 Day Moving Average 114925 Weekly Low 130600