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Princetontrader Pivot Report July 22, 2016

MARKET VIEW

6:01am ET: Up trending markets are build upon floors.  Floors are a term I use to describe multi-day multi-tested areas of support.  You only get so many trips to these areas before they are established as floors.  Floors are the base camps for the next climb higher.  During this up move we have established floors at 1981/82, 2081/82 and now 2152/53.  Unless the bears can close below this level in the next 1-2 sessions the tape will be set up for a move upward.  When any significant pullback does come these prior floors will act as signposts and tough areas to defeat..  The tape volatility picked up late in the day and allowed a couple of nice trades.  The short down into the floor area which we were then able to reverse at 2155.  Let the runners run.  Trade 'em well and I'll see everyone in the room.  Longer commentary over the weekend.

PIVOT TABLE

072216pvt

 

ES CHART

Daily Chart

Up trends are bulit upon floors.  The most recent could be 2052/2053.  As you can see it has represented stiff resistance and prevented the bears from testing and defeating the weekly pivot.  The move back to 2153.50 yesterday and subsequent bounce solidified floor staus.  Converting that area will be the first order of business for bears today and a prerequisite to any pullback.

Up trends are bulit upon floors. The most recent could be 2052/2053. As you can see it has represented stiff resistance and prevented the bears from testing and defeating the weekly pivot. The move back to 2153.50 yesterday and subsequent bounce solidified floor staus. Converting that area will be the first order of business for bears today and a prerequisite to any pullback.

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