For the past few days I have been listening to CME trader Jack Broz's opening bell discussions. After an initial overview he goes down to the floor to get the daily pivots from the traders there for the S&P 500, Bonds and Dow cash. The numbers he comes back with have no correlation to any pivot formula I currently know.
Can anyone figure out how these figures are calculated?
Pivots for S&P500 for Fri. Feb. 15/08
1357.25 strong resistance
1350.75
1347.50
1339-1340 Daily pivot area
1333
1328
1323
1320.50 strong support
Obviously, if these are the support and resistance levels the floor traders are using - I need to retool.
And yes, I have asked Jack how they are calculated and he says he doesn't know he just uses them.
