April 29, 2013 Market Overview and Pivot Play

 The daily S&P chart still shows that the market is in  a bullish market.  The Stochastics have turned upward as well as the MACD is crossing over on a daily basis.  The price is also above the 8 and 21 day moving average

 On the 5 minute chart it was a good day to be long.  You could get in at each of the pull backs to  the 8 period moving average and it matched the 21 period meoving average.

 

The final piece of the puzzle that is interesting is that the futures started out at the pivot point. Several hours before the opening it went to R1 and then right after trading it went to R2 and finally stopped at R3 before turning back down.  The volume was high to start with, but price continued to trend upward all day.  The high volume shows it will be a trending day to start with.