Homework for Friday 2009.01.02

2. January 2009
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ES - Summary 16:30 CST -  To my surprise, another big up day for the major indexes.  However, it proved to be an interesting one.  Since the up move was so strong, many levels were ignored (except for R2, which provided some temporary resistance, then a quick support before marching upward).  
 
I am still tweaking my technique in determining the best choice for rotation points (the 50-yard line of an expected target).  Today, R1 (909.75) seemed to be the majic number, so I need to start looking at R1/S1 as possible choices.  This also caused the daily Pivot Point ("PP", 898.25) to fall square on the 25% rotation.  Coincidence?  This also puts the 100% rotation at 933 (see blue text and arrows on chart), which is also the intraday 240° (180+60), which is also the daily 585° (360+180+45).  Lots of confluence.  Today's high, 932.75!  One tick away from this level.  Then a 22.5° fall before close.
 
Running the numbers, this would've been my homework. 
 
DAILY

UP: 902.75, 917.75, 933

DN: 887.75 (S1), 878.25, 873

ROTATION: 909.75 (R1)

INTRA-DAY 

UP: 912.75 (180), 933, 943.25

DN: 892.75, 882.75 (90), 876.75 (S2) 

 

Homework

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