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Hi Gang,
I have received several posts about my daily market report. Thought it
best to reply to the group to answer the various questions.
First, the Daily Pivots. Many of you already know about pivots. For
those
that don't, they are used by traders as a simple way to forecast targets
and trend. These numbers are used by both on and off floor traders.
The traditional formula for the pivots are:
R2 = P-S1+R1
R1 = (2xP)-low
Pivot = (O+H+L+C) /4
S1 = (2xP)-H
S2 = P-(R1-S1)
Basically, after determining the pivot numbers for the next session,
they become a road map. Simply, trading above the pivot is bullish,
below bearish. The support and resistance numbers become targets and are
used in the same way any other support or resistance numbers. Old
resistance becomes new support, old support becomes new resistance. When
used in connection with your other tools they can be very effective.
Other parts of the report contain the daily, average daily, and average
weekly range of the index. At a glance you can identify the 5 or 10 day
high low range and the daily and weekly range. This is very useful
information giving you some idea of what to look for each day, and
weekly in the way of range movement. Also you can tell if that if the
daily recent range is on the low or high side which will give early
signals that a large daily or weekly range change is imminent, i.e..
narrow range days Friday, Monday, Tuesday.
Three simple oscillators posted end of day are the McClellan Oscillator,
Contract Volume and daily Commodity Channel Indicator. These are useful
for spotting potential tops, bottoms and trend.
I appreciate your posts thanking me for this information. I will post my
report daily for your use.
By the way, note the McClellan triple top sell completed Monday and the
peak on the CCI last Thursday. Also Wednesday's target numbers compared
to the actual. Also noteworthy, McClellan held above the 0 line today.
Good Trading, todays report is attached below.
JD
Dundee Daily Market Report
S&P Daily Trader Pivots
WEEK 9/8/97 9 10 11 12 Weekly
MON TUES WEDS THRU FRI Range
Open $932.95 $932.30 $941.00 $925.00 $914.50 32
High $938.75 $941.50 $942.50 $928.00 $936.50
Low $931.75 $927.50 $925.00 $910.00 $914.50
Close $933.75 $933.50 $925.00 $918.00 $934.00
Change 2 0 -18 -7 16
Tic Vol 3933 3842 3734 3260 4381 Daily Avg
Range 7 14 17.5 18 22 15
Daily CCI 77 77 -15 -96 -22
McClel Osc -18 -25 39
R2 $0.00 $941.30 $947.70 $950.88 $938.25
R1 $0.00 $936.85 $939.90 $941.75 $930.50
PIVOT $0.00 $934.30 $933.70 $933.38 $920.25
S1 $0.00 $929.85 $925.90 $924.25 $912.50
S2 $0.00 $927.30 $919.70 $915.88 $902.25
WEEK 9/15/97 16 17 18 19 Weekly
MON TUES WEDS THRU FRI Range
Open $933.70 $933.60 $956.85 $958.00 $959.95 40
High $939.90 $960.00 $962.20 $970.50 $963.25
Low $929.20 $933.60 $951.50 $955.50 $953.00
Close $931.25 $955.50 $956.00 $958.50 $960.90
Change -2.75 24.25 0.5 2.5 2.4
Tic Vol 3784 4634 4028 3752 3769 Daily Avg
Range 10.7 26.4 10.7 15 10.25 14
Daily CCI 9 120 147 166 132
McClel Osc 39 100 82 90 64
R2 $946.88 $944.21 $972.08 $967.34 $975.63
R1 $935.25 $937.83 $957.75 $961.78 $965.75
PIVOT $924.88 $933.51 $945.68 $956.64 $960.63
S1 $913.25 $927.13 $931.35 $951.08 $950.75
S2 $902.88 $922.81 $919.28 $945.94 $945.63
Week 9/22/97 23 24 25 26
MON TUES WEDS THRU FRI
Open $963.80 $965.95 $961.30 $953.75
High $972.20 $967.45 $970.50 $957.45
Low $962.25 $956.80 $952.00 $945.50
Close $966.00 $962.00 $954.30 $946.00
Change 5.1 -4 -7.6 -7.9
Vol 52K 46K 68 79
Range 10 10.6 18.5 12
Daily CCI 106 67 51 -19
McClel OSC 75 43 29 5
R2 $969.53 $976.01 $973.70 $978.03 $962.63
R1 $965.55 $969.88 $969.30 $967.05 $955.85
PIVOT $959.28 $966.06 $963.05 $959.53 $950.68
S1 $955.30 $959.93 $958.65 $948.55 $943.90
S2 $949.03 $956.11 $952.40 $941.03 $938.73
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