Monday, May 6, 2013

Woodie's Pivots for the Month

Here we have the 2584 interval Tick chart. In the after hours trading price bounced very well off of the linear regression curve calculated off of the prior five trading days. The hook from extreme, on the CCI study, is even more evident on this interval, breaching beyond -250. Woodie's R1, (not visible) is at 1625.50. Price is again underneath the 25 period LSMA, Least-Squares Moving Average, and also the 34 period Exponential Moving Average. It is also of note how the price of the index bounced at 1578.13, resembling a Bump & Run Bottom. Any further downside pressure, would find S1 as the first line in the sand under the Monthly Pivot.