Opening Play for Tuesday 3/18

3-17-2014 3-22-16 PMCommentary:

Good Morning Traders!

Open-  Drive – test –   reject – hold  PDH and end up  range bound… one (!)….or, price equals  time getting  more  extreme.  IBM  and V  were at top of top 40 NYSE  list  and top 40  stayed in the green 95% of the day.  (HD  and MO  had brief blip into red  territory.)  Chart of Visa shows  successful test of lower end of range.   Overall range  bound  environment may  persist?   Daily s got a  bit oversold,  weeklies still at  top of  swing.    SPs  blew through the 1842 level….For Tuesday:  main reference points:  1855.75   PDH….and 1845.75  the pit session low.

Gold –  Buy  flush below PDL (1361.9)

Bonds pinball Buy – upside may be limited though since just  rejected top of  range.

CD – 9035 has been tested twice…..If CD  takes this out,  Buy stops  will trigger.  Otherwise,  mired in dead  range for now.  BP – another case of converging trend lines on  intraday chart….

EC remains in steady uptrending  channel . a daily chart of the Dollar index  shows MAJOR breakout pattern from the past  three day’s chart formation.

Have a great  day!  Linda



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