Today is series s2L NORMAL with the SPILL PRESSURE UP.
In last week’s commentary, I said:
“THEY NEED to hold 1632.5 which was the Price of the day again yesterday and is a NON RECOVERED SLICE AND DICE.Simply put, they need enough CUSHION to weather the ‘normal pattern’..IF THEY FAIL and we take out the 1632.5 as a first TELL and CONFIRM with new lows for the overall move THEN the (C)is back in GEAR FOR ITS’ 3 OF (C)AS THE FAVORED LEAN CONTINUES TO TRACK…If they SUCCEED then price is still in 2 of (C)or on the way to (B) and the more probable bounce targets of 1651.5 and
EVERYTHING IN THAT PARAGRAPH is BINGO…The BEARS GOT THE NORMAL PATTERN, 1632.5 REMAINED THE PRICE OF THE DAY AND THE WEEK FOR THAT MATTER; THE BEARS GOT THE BREAK OF 1632.5 AT BOTH THE APPROPRIATE TIMES ,i.e., the LUNCH ON THE KERRY CIONFERENCE AND THE LAST HOUR LOW ; THE BULLS DEFENDED THE 1625 FUTURES LOW FROM THURSDAY AND MORE IMPORTANTLY THE 1627.47 CASH LOW.
BOTTOM LINE: BEARS DON’T COUNT THEIR CHICKENS BEFORE THEY HATCH or CALL IT ANOTHER SOAP DROP as the FAILED TO CONFIRM WITH NEW LOWS..
In essence NOTHING HAS CHANGED: The BEARS OWN THE CHART at the large level up to 1689 ; The BULLS WANT to hold the weekly pivot 1641.1 /1642.5 SPOT, NEED to hold 1637 , and MUST HOLD THE 1632.5 SPOT with confirmation we are going DEEPER on a break of last Thursday lows. On offense they are STILL SHOOTING for 1651.5, will almost certainly accomplish the 1642.5 MINIMUM for 2 of ©, nd can take price to the 1667 + (must take out 1669.51 CASH for the (B) ALT.with (A) LOW now labeled as the alt. @ 1625 PSOO/1627.47 cash .
TRADERS WILL RETURN THIS WEEK, PRETTY BIG WEEK OF ECON POINTING TO NFP, -SPOTS TA ROUNDIES…
By William Blount
FV -1.69 NUMBAHS S2L NORMAL 09/03/ 2013 SEP. contract
PIVOT 1632.0 1641.1
S1 1625.0 1615.2
S2 1618.7 1599.2
R1 1638.2 1657.1
R2 1645.3 1683.1
MAX H 1651.6 1699.2
MAX L 1611.7 1573.3
1621.9-1635.2 Primary 1607.2-1649.2
1628.5-1641.8 Alternate 1628.2-1670.2
1632.0 HIGH 1657.5
1626.1 LOW 1632.9
OPG 1639.0 1662.3
H 1639.0 1667.0
L 1625.7 1625.0
C 1631.3 1631.3