Afternoon Index Report 8.26.13

BOTH FUTURES MADE THEIR HIGHS FOR THE WEEK ON FRIDAY AND DID SEE AN EXTENSION ABOVE THOSE LEVELS ON THE WEEKEND SESSION, WHICH SIGNALS THOSE LOWS LAST WEEK LOOK TO BE SOLID HEADING INTO THIS WEEKS TRADE.  HOWEVER, ONE MUST REMEMBER THAT THE GLOBEX LOW IN THE S&P WAS AT 1631.50 AND THE NASDAQ HAD A GLOBEX LOW OF 3055.50, SO WITH THIS IN MIND, THIS SCENARIO DOES HAVE SMALL RED FLAGS THAT COULD LEAD TO A MIXED SIGNAL AT HAND.

FOR TODAY- THE S&P’S FIRST POINT OF INTEREST WILL BE ITS UPSIDE # PRICE OF 1664.00, ITS DAILY FIB OF 1666.10 COMES NEXT, BUT I PREFER A SOLID TEST AT 1668.50 TO STEM THE TIDE.  THE PIVOTAL PRICE OF 1660.80 IS RIGHT UNDER ITS SETTLE PRICE OF 1661.40, HINTING TO AN OPEN AROUND THOSE LEVELS.  THE DAILY PIVOT AT 1658.70 WILL BE A FIRST POINT OF INTEREST WITH A MOVE UNDER THAT AREA AND IS FOLLOWED BY ITS DOWNSIDE # PRICE OF 1653.30, WHICH I EXPECT TO SHOW SOME MUSCLE.  THE NASDAQ MUCH LIKE THE S&P WEIGHS IN AT A FIRST TEST OF ITS UPSIDE # PRICE OF 3129.50.

ITS DAILY FIB IS AT 3133.50, BUT I PREFER OTHER RESISTANCE LEVELS AT 3136.50 AND 3145.50.  ITS PIVOTAL PRICE IS AT A SOLID LEVEL FROM FRIDAYS SESSION, 3124.00.  IT’S FOLLOWED BY THE DAILY PIVOT OF 3119.50, BUT THAT 3117.00 IS LOADED WITH KEY PRICES AND IS THE STRAW THAT WILL BREAK THE CAMELS BACK, THAT LEADS TO A BIG SWING IN MOMENTUM.  I’LL SEE WHAT THE EARLY UPDATE OFFERS AND WHAT OBJECTIVES CONFIRM AT THE TRADE MOVES FORWARD THIS MORNING.  GOOD TRADING!!