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3 Responses to “Wrap – Week Ended 08/31/12 (in progress)”
Weekly S&P 500 Futures
Notes… Choppy low volume balance between 1392.50-1416.25. Low volume areas above and below. Demand volume, breadth, POMO supportive.
Thoughts… Upside bias above long and short term volume pivot at 1409 with only minor support or resistance nearby. Need to see which way volume pushes after Labor Day break. Expect pullbacks to get bought. Breakouts have room to move with little volume structure above 1433.
CLVN=Low Volume Rejection Zone – CHVN= High Volume Price Acceptance and Congestion Zone
1423-33 Minor CHVN/Congestion. 1424.75 Swing high. Low volume zone above to 1440 and above.
1412-1416 Minor Resistance, CLVN
1409 Long and Short term volume pivot. CHVN
1392.50 Minor Support, CLVN….low volume zone below to 1373.75 and below . Held on test last week
1383 Minor Support, CLVN, Gap below
1373.75 Minor Support, CLVN
1351 CHVN, Short/Intermediate term Volume Pivot. Intermediate Bullish bias above.
1340.25 CLVN. Break lower works to 1321.
1321 CLVN, Support
1309 Major Long and Intermediate CHVN
S&P Futures http://www.charthub.com/images/2012/09/03/ES_Composite.png