Watch 1670 in the S&P

PB View

The S&P 500 futures are approaching a major level of support at 1670, with an additional band of support that spans from 1665 to 1666.25. How price responds to this zone could tell us how the market will react throughout much of the early part of the week.

We could see some decent selling that could eventually spark a much bigger buying spree later on. However, the market remains extremely bullish, so any short term selling pressure should be played carefully, as the market has been trapping bears left and right lately.

For my money, I’ll continue to watch 1670.

Cheers!

Frank Ochoa
PivotBoss | Own the Market

Follow me on Twitter: @PivotBoss
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E-Mini S&P 500

From Friday’s report, “If price continues to remain beneath the 1697 pivot, then we could see some potential chop between 1684 and 1697.”

The E-Mini S&P 500 futures has been downtrending since Sunday evening and have currently bounced from the 1675.25 low. The fact that the S&P was unable to rise above the 1697 level last week indicates more downside price discovery ahead.

Short term, watch the 1681 to 1683 zone. If price cannot rise above this zone, we could see tests at 1670 and 1666.25 below. Perhaps the biggest zone of support below spans from 1665 to 1666.25. Watch this zone very closely on first test, should one occur.

Overall, the S&P remains very bullish. However, a further retracement from current levels may be a welcomed move, as auctioning lower will allow the market to find new buyers.

The current pre-market high of 1687 suggests bear targets at 1677.50, 1674.50, and 1671.50, while the overnight low of 1675.25 forecasts bull targets of 1684.50, 1687.75, and 1690.75.

Today’s scheduled economic news:

1:00pm CT Federal Budget Balance

Here are the Key Levels and Targets for the current session:

PivotBoss Levels & Targets: E-Mini S&P 500 (ESU3)
Mon, Aug 12, 2013
KEY LEVELS		ADR TARGETS
1,722.50	Monthly R1	ADR (10)	ONH	ONL
1,713.00	Monthly H3	12.50	1,687.00	1,675.25
1,705.00	LVN	AWR (10)	WH	WL
1,702.50	Open Gap	26.00	1,286.25	1,286.25
1,702.50	nVPOC
1,701.75	HVN	DAILY TARGETS		WEEKLY TARGETS
1,696.25	PD High	BULL	BEAR	BULL	BEAR
1,696.25	LVN	1,690.88	1,680.75	1,312.25	1,266.75
1,695.25	Monthly VAH	1,687.75	1,677.63	1,305.75	1,260.25
1,689.75	VPOC	1,684.63	1,674.50
1,686.00	SETTLE	1,681.50	1,671.38
1,683.50	cVPOC	*BOLD indicates primary objectives
1,682.50	PD Low
1,673.00	LVN
1,671.50	Monthly TC
1,670.00	HVN
1,668.50	34PEMA
1,665.50	LVN
1,661.00	LVN

 

E-Mini NASDAQ 100

From Friday’s report, “With double bottom lows at 3118 this morning, we could see buys begin to enter the market between 3122 and 3124, which could send prices into 3130 for another shot at prior highs. A violation through 3118 indicates more weakness down toward 3110 for another test at yesterday’s low.”

The E-Mini NASDAQ 100 held within the 3105 to 3135 zone throughout Friday’s trading, but looks poised to moved this morning, as price is already trading outside Friday’s range. The first key level to watch is 3090, which held as support after an early sell-off last Wednesday. If this level if violated, we could see a drop down toward 3075, which is the next major HVN below.

Further development could occur within the boundaries of the current 7-day trading range, which spans from 3090 to 3140, but eventually a breakout could spark some decent range expansion.

The current pre-market high of 3118 forecasts bear targets at 3104.50, 3098, and 3091.25, while the pre-market low of 3094.25 suggests bull targets at 3107.50, 3114.25, and 3121.

Here are the targets for the current session and the week ahead:

PivotBoss Levels & Targets: E-Mini NASDAQ 100 (NQU3)
Mon, Aug 12, 2013
KEY LEVELS		ADR TARGETS
3,160.50	Monthly R1	ADR (10)	ONH	ONL
3,141.00	Monthly H3	26.75	3,118.00	3,094.25
3,140.00	LVN	AWR (10)	WH	WL
3,134.75	PD High	65.25	3,113.25	3,113.25
3,132.50	VPOC
3,132.25	HVN	DAILY TARGETS		WEEKLY TARGETS
3,124.00	LVN	BULL	BEAR	BULL	BEAR
3,114.75	SETTLE	3,127.69	3,104.63	3,178.50	3,064.31
3,110.00	HVN	3,121.00	3,097.94	3,162.19	3,048.00
3,107.00	PD Low	3,114.31	3,091.25
3,105.25	LVN	3,107.63	3,084.56
3,097.25	13PEMA	*BOLD indicates primary objectives
3,093.00	HVN
3,090.00	LVN
3,075.00	HVN
3,069.50	nVPOC
3,062.75	LVN
3,034.00	cVPOC

 

Crude Oil

From Friday’s report, “Clearly the 105 level remains a major line in the sand for CL, and a break through this level could spark another major swing move higher toward 105.75, followed by 106.83.”

Crude Oil futures saw an impressive rally Friday, with price pushing higher off the 103.70 support zone en route to tests at 105, 105.75, and even above 106. Clearly, Crude Oil continues to develop within a large trading range that spans from 102 to 109, and is currently making another pass higher within the range.

If price can remain above the 105 level, we could see another round of strength higher toward 107.50, and even 109. However, this will depend on how the market responds to 105.75, which has become a clear pivot in the charts.

Short term, watch 105.25 and 106.40 for early directional conviction. The current pre-market high of 106.40 suggests bear targets at 105.27, 104.71, and 104.14, while the current low of 105.34 forecasts bull targets at 106.79, 107.36, and 107.92.

Here are the targets for the current session and the week ahead:

PivotBoss Levels & Targets: Crude Oil (CLU3)
Mon, Aug 12, 2013
KEY LEVELS		ADR TARGETS
110.00	Yearly R1	ADR (10)	ONH	ONL
108.48	LVN	2.26	106.40	105.66
108.00	LVN	AWR (10)	WH	WL
107.59	nVPOC	5.21	105.97	105.97
107.35	LVN
106.83	HVN	DAILY TARGETS		WEEKLY TARGETS
106.24	PD High	BULL	BEAR	BULL	BEAR
106.01	SETTLE	108.49	105.27	111.18	102.06
105.96	HVN	107.92	104.71	109.88	100.76
105.75	LVN	107.36	104.14
105.34	cVPOC	106.79	103.58
104.89	HVN	*BOLD indicates primary objectives
104.05	LVN
103.62	PD Low
103.09	HVN
102.64	VPOC
102.25	LVN

 

Gold

From Friday’s report, “The key pivot in the higher timeframe chart is 1296. If price remains above this level, we are likely to test 1320 above. A break through 1320 opens the door to a test at the next resistance level above at 1338.50.”

Gold futures have been incredibly bullish since reversing from the low 1270’s last week. Prices shot through the 1296 level and have pushed higher ever since, reaching 1333 so far in pre-market trading. The big zone of resistance above is 1338.50 to 1340.

If Gold can break through this zone, we could see a big wave of strength toward the 1400 level soon. As long as Gold can remain above 1296, further upside momentum is likely in the near term.

Today’s current low of 1313.50 projects bull targets at 1331.10 and 1337, while today’s current high price of 1333 suggests bear targets at 1321.30, 1315.40, and 1309.50.

Here are the targets for the current session and the week ahead:

PivotBoss Levels & Targets: Gold (GCQ3)
Mon, Aug 12, 2013
KEY LEVELS		ADR TARGETS
1,340.00	HVN	ADR (10)	ONH	ONL
1,329.50	HVN	23.5	1,333.00	1,313.50
1,329.30	nVPOC	AWR (10)	WH	WL
1,316.50	PD High	48.00	1,312.20	1,312.20
1,316.30	LVN
1,312.20	HVN	DAILY TARGETS		WEEKLY TARGETS
1,312.00	SETTLE	BULL	BEAR	BULL	BEAR
1,309.90	VPOC	1,342.88	1,321.25	1,360.20	1,276.20
1,306.40	PD Low	1,337.00	1,315.38	1,348.20	1,264.20
1,300.90	Monthly TC	1,331.13	1,309.50
1,296.30	LVN	1,325.25	1,303.63
1,291.70	HVN	*BOLD indicates primary objectives
1,288.00	LVN
1,285.80	HVN
1,284.10	nVPOC
1,283.60	cVPOC
1,270.50	LVN
1,260.00	LVN