The Market found strength with a gap upwards at open but lost its steam towards the end of the session today.
DIA:
The Diamonds opened with a Gap up with strong strength behind it. The diminished a little with a bit of selling to close the session above Resistance 2 (highly bull).
- We see a gap up at the open of the session
- We see a strong upward drive in price in early trading.
- We see price in a lateral channel most of the day to break below it in the late afternoon.
- We close right above resistance 2 which was a great day for the bulls.
Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 02/13/08, for DiA to look out for:
- Pivot Point = 123.82.
- Support 1 = 122.90. Support 2 = 122.04.
- Resistance 1 = 124.68. Resistance 2 = 125.60.
QQQQ:
We had a strong open with a bear flag that formed in the beginning of the session. Price fell, consolidated, and dropped off a cliff right after the consolidation. Let’s take a look.
- Beginning hour strength but formed a bear flag.
- Prices slowly trickled down.
- We saw a consolidation happen around 12:40PM until about 3:00PM.
- Right after the consolidation, price fell off the cliff.
- There is a little rally in the last 4 bars with small volume.
Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 02/13/08, for QQQQ to look out for:
- Pivot Point = 44.00
- Support 1 = 43.32. Support 2 = 42.83
- Resistance 1 = 44.49. Resistance 2 = 45.17
SPY:
There was a gap up to Resistance 1 where price found strength to trade above Resistance 2. There was a consolidation that broke out below, only to find its close right around the support of the consolidation.
- Gap up at open with strength to the upside
- Consolidation starting around 12:40PM until around 3:20PM
- There’s a break of the consolidation to the downside.
- Price found some strength at the end of session and closed right around the consolidation’s support levels.
Pivot Points and Price Targets (Supports and Resistance) for Wednesday, 02/13/08, for SPY to look out for:
- Pivot Point = 135.02
- Support 1 = 133.72. Support 2 = 132.46.
- Resistance 1 = 136.28. Resistance 2 = 137.58.
The market had a strong running of the bulls today where we gapped up and stayed higher in trading than the previous close. I noticed that the Pivot Points were not as useful today to find support and resistance but it did provide an excellent gauge on what the market sentiment was for today.
Its truly a volatile market so be safe!