Afternoon Index Report 10.7.13

Since the shutdown these two index futures have been range bound trading one day up, the next day down.  Wax on, wax off.  The moving averages are streamlining which i believe is the cause for this scenario at hand.  It appears the markets are in need of some closure at hand, but i suspect all eyes are on this Wednesday’ s Fomc announcement.  The s&p feels it will open near its pivotal price of 1671.80.  A move above that level will find early tests of its upside # level of 1675.00, followed closely by the long value price of 1677.40.  However, a daily basis the daily pivot is a main focal point and today that price is key.

An open under Fridays low will look to test its # price of 1667.40 and if further erosion takes out todays daily fib of 1664.60 / last week’s low of 1663.60, solid tests of support come in at 1659.20 and 1656.70. The nasdaq much like the s&p feels an open near its pivotal price of 3213.50.  A move north looks for early tests of its upside # price of 3221.00, followed closely by todays daily pivot of 3226.25.

A move south tests its downside # price of 3203.00, followed by its daily fib of 3192.00, which is followed by a solid support trend line at 3188.75.  That’s it for the opening call.  Good trading.