Afternoon Index Numbers 8.23.13

TOUGH CALL TODAY AND I’M WONDERING IF THERE WILL BE ANY LINGERING EFFECTS ON WHAT HAPPENED WITH THE NASDAQ SHUTTING DOWN YESTERDAY.  BOY TALK ABOUT THOSE GUYS FROM CNBC BEATING SOMETHING TO DEATH, BUT “BY GOLLY” THEY DEMAND ANSWERS!!  GIVE IT A BREAK GUYS.  FOR TODAY- THE S&P DID FIND NEW HIGHS LATER IN THE SESSION, AS IT STOPPED DEAD AT A STOP PRICE OF 1657.00.  IT DID EXTEND ABOVE THAT PRICE LAST NIGHT MAKING A CURRENT HIGH OF 1658.00. 

I’VE BEEN LOOKING FOR THIS FUTURE TO TEST THE 1661.60 PRICE AND WITH THE DAILY FIB BEING AT 1662.20 FOR TODAY, IT WILL BE A PRIME TARGET FOR A FIRST TEST OF RESISTANCE IF SEEN.  THE 1665.20 SHOULD SHOW SOME MUSCLE AND I’LL LEAVE IT AT THAT FOR THE EARLY CALL UP TOP.  THE SHORT VALUE PRICE IS AT 1654.00, WHICH IS BELOW ITS SETTLE PRICE OF 1654.80.  WITH THE PIVOTAL PRICE AT 1653.20, I WOULD THINK THAT TIGHT AREA WOULD BE A SOLID FIRST TEST OF SUPPORT.  THE DAILY PIVOT FOLLOWS AT 1651.80, WHICH IS THE LAST LINE OF DEFENSE TO KEEP THIS FUTURE OFFENSIVE MINDED.  THE NASDAQ LOOKS FOR A FIRST TEST UPSIDE AT ITS # PRICE OF 3113.00.

THE DAILY FIB OF 3117.75 FOLLOWS, BUT BEST RESISTANCE AT THIS TIME FOR TODAYS SESSION WILL BE THE 3124.00 PRICE, WHICH I WILL SHORT IF SEEN.  I DO EXPECT A NICE PULL BACK FROM THAT PRICE IF SEEN.  ITS PIVOTAL PRICE OF 3101.00 IS 50 CENTS UNDER THE SHORT VALUE PRICE OF 3101.50, WHICH IN TURN IS A SWING POINT TODAY.  THE DAILY PIVOT OF 3096.00 WILL SHOW SOME MUSCLE, BUT ITS DOWNSIDE # PRICE SHOULD BE THE LEVEL TO BE RECKONED WITH AS BEST SUPPORT EARLY ON.  NEW HOME SALES OUT AT 9:00 A.M. AND I’LL SEE WHAT THE MORNING UPDATE WILL CONFIRM AS THE TRADE MOVES FORWARD.  GOOD TRADING!!