[pivots] New Pivots?

[Minetoo 10]

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.

[brownsfan019 17]

Good thread MT. I've glanced at Jack's site through the years and it looks like there is value in what he provides. As for the levels, my best guess (and just a guess) is that these numbers may not have a hard formula, like most standard pivot formulas use. I would guess that while these are called 'pivots' it's more support/resistance than anything.

[Minetoo 10]

Perhaps these guys are using pre-opening or opening numbers (sort of like a rolling pivot) to come up with these levels. They seem to account for the frequent opening gaps.

[BlowFish 10]

Interesting that there are 4 downside and only 3 upside levels. I can see some correlations (47.50 is a weekly PP using 'classic H+L+C/3 for example). I wonder if they are coming from some sort of advisory service and been done by someone in a partly discretionary fashion? Certainly wouldn't be the first time.

[Minetoo 10]

Oops. Jack is a CBOT trader. Anyway, he's a a little fuzzy and harried in the morning so maybe that's why a level is missing. I will post more floor numbers in the coming days and perhaps some mathamagician will be able to figure out how they calculate them.

[Minetoo 10]

Found this site where you can hear Broz' daily morning call. It may be tape delayed but you can still get the S&R numbers floor traders are looking at.

http://www.futuresboard.com/?ab=audio&id=jackbroz&num=71