Morning Index Numbers 8.22.13

THE WHOLE SET UP TODAY IS SKEWED AND I SUSPECT THIS IS DUE TO THE FED MINUTES THAT WERE RELEASED YESTERDAY.  WITH THIS IN MIND, DON’T BE SURPRISED TO SEE SOME EARLY SHAKE AND BAKE, FOLLOWED BY THE SAME OLD PATTERN OF GOING INTO A GRIND.

FOR TODAY- I WAS LOOKING FOR THE S&P FOR TESTS ON THE DOWNSIDE OF 1635.50 AND 1629.10 ON THE MINUTES RELEASE.  FINDING A PIT LOW OF 1636.30 / MINI LOW OF 1636.00 ON THE CLOSE DID JUST MISS THE 1635.50 PRICE.  HOLDING A CURRENT LOW OF 1631.50 LAST NIGHT, BODES WELL ON HOW BIG THE SUPPORT PRICE OF 1629.10 IS, AS IT WORKS ABOVE ITS DAILY PRICE OF 1642.50

BEFORE THE OPEN OF TODAYS SESSION.  UPSIDE I WAS LOOKING FOR 1661.60 AND 1665.20 ON THE MINUTES RELEASE.  I FIND IT VERY INTERESTING TO SEE TODAYS UPSIDE DAILY FIB AT 1661.70, WHICH IS A PRIME TARGET FOR ANY EXTENDED MOVE HIGHER TODAY.  THE NASDAQ FINALLY DID SEE A TRADE UNDER ITS LOW OF 3065.00 YESTERDAY, BUT AT THIS TIME HAS HELD ITS THREE WEEK LOW PRICE OF 3056.00, MAKING A CURRENT GLOBEX LOW OF 3055.50.

FOLLOWING THE LEAD OF THE S&P, THIS FUTURE IS WORKING ABOVE ITS DAILY PIVOT OF 3072.50 AS WELL, BUT THE FACT IT’S ABOVE ALL THE DIRECTIONAL LEVELS AS I WRITE, DOES SUPPORT MORE STRENGTH THAN THE S&P.  THIS HAS BEEN THE SCENARIO ALL WEEK BETWEEN THE TWO AND I EXPECT IT WILL REMAIN THE SAME WHEN TODAYS TRADE UNFOLDS.  USE THE ABOVE CHART FOR KEY PRICE LEVELS AND I’LL SEE WHAT THE MORNING UPDATE CONFIRMS.  GOOD TRADING!!