SPI Futures traded in a 110 point range Friday night, with a high of 6485, low of 6375, and a close on Saturday morning of 6400 (yep, the magic round number), down 86 points, on volume of 15,891 contracts. Gaps from Friday night up at 6431, 6413, 6406, 6404 and 6403, with the next gap down from a previous day at 6357.
President Trump orders US companies not to deal with, or in, China (which apparently he can legally do), after China introduces retaliatory trade tariffs. DOW down 2.37 pct, SNP down 2.59 pct and Canada (resource driven) down less, at 1.33 pct, which is probably why SPI isn't down more, and VIX up 19.12 pct to 19.87, but not into the scary zone yet. SPI is indicating XJO to be down 1.20 pct to 6450, so the question is, is that too much, too little, or just enough ?. ES futures just opened and gapped down, and are in the red, so I am 'thinking' that XJO will be down more that SPI was indicating, and 6400 sounds about right, but let the price action do the talking. Rules of engagement for an opening gap on a day like today. Gap up, nice, let it hit a level then short for the gap. No gap, usually means she is going down. Gap down, don't be a hero, wait for a level. Have a nice safe day.
SPI Friday night
XJO daily
Today in 1959, the British Motor Corporation introduced the Morris Mini-Minor. Designed by Alec Issigonis, it was only 10 ft long, but seated 4 passengers, the Mini was a response to the fuel shortages caused by the Suez Canal crisis. Its compact form was designed to give as much room for passengers and luggage as possible, with its space-saving transverse engine, front-wheel drive layout – allowing 80% of the area of the car's floorpan to be used. The Mini proved to be tremendously popular and 5.3 million were sold worldwide before production ceased of the model in 2000. The world record for how many people can fit into a mini, is 23. Err, 23 ? Well, mini-me..
Column 1 Column 2 0 H 6485 1 L 6375 2 C 6400 3 R 110 4 R6 6530 5 R5 6503 6 R4 6488 7 R3 6475 8 R2 6462 9 R1 6448 10 PP 6420 11 S1 6393 12 S2 6378 13 S3 6365 14 S4 6352 15 S5 6338 16 S6 6310
As of Friday, the backwardation of SPI to XJO was 50 points, so S6 on SPI is 6310, so on XJO would be 6310 + 50 = 6360.
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