Tuesday, January 6, 2009

End-of-Day 01/06/09

The Floor Trader Pivot lines in the above chart were calculated from the 0930 ET to 1600 ET time frame, High-Low-Close Data. The market doesn't always turn at these points, but today the market found support at the Pivot and resistance at R1 and the halfway point between R1 and R2. The two resistance turns came with a $TICK divergence as the market kept testing the pivot highs for fifteen minutes each time. Thus far the market is refusing to correct to the downside very far.


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