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View Full Version : Still No New Advised Setups - October 24, 2011



Billy
10-24-2011, 04:29 AM
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IWM is poised to try to break a very strong first resistance cluster and it won’t be easy.
The Quarterly pivot (71.25) marked the triple reversal level of last week’s trading range and the Yearly pivot (71.84) is waiting just above, presenting a material possibility of a failed breakout and reversal above the Quarterly pivot. A daily close above yearly pivot acting as support on the following days would of course be the most bullish development.

The IWM robot settings are still telling us to avoid any new position with a positive but overbought 20 DMF background.

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The floor resistance clusters for GDX are totaling a strength of 37 versus 19 for the support clusters or selling pressure twice as high as buying pressure. Since the stop (59.38) of the initial position is just above the second resistance cluster, it has a very low probability to be hit from a multi-pivot perspective. No new position is advised by the robot.
Billy

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