SPI Futures traded in a 37 point range last night, with a high of 6639, low of 6602, and a close this morning of 6617, down 22 points, on volume of 12,723 contracts. Based on that range, my pivot point and R and S levels are below. The outstanding 09 gap filled last night, leaving two gaps from last night, up at 6637 and 6639, then yesterdays opening morning gap at 6676, then 6680, 6682 and 6683.
In the headlines - The US markets got the rate cut they wanted, but not happy with the word 'pause' on further cuts. China having doubts as to whether the world's two largest economies can reach a full trade war deal. Trump blaming the market dip on the word 'Impeachment'. With the markets currently in 'trade the headlines' mode, all rather predictable really. DOW down .52 pct, SNP down .30 pct and Canada (resource driven), down less at .14 pct. VIX up 7.22 pct to 13.22. An interesting day yesterday. Many would have thought the XJO would have gone up due to the rate cut and the US markets being up, but no, down she went, with a red arrow for most of the day. One clue was that SPI Futures didn't do much during the previous night, was only up 6 points, and then gapped down at the open. It was also end of month, so could have been a locking in profits day, and with today being a Friday, and the beginning of the new month, will that gap fill - Sell yesterday, buy today ? SPI had a small run up at the end of the night session, so yeah, maybe. Now I need to figure out how to get last nights Halloween costume off. Have a nice day.
Today in 1997, the film "Titanic" directed by James Cameron, starring Leonardo DiCaprio and Kate Winslet premiered at the Tokyo International Film Festival. The film won an Academy Award for Best Picture in 1998. With an initial worldwide gross of over $1.84 billion, Titanic was the first film to reach the billion dollar mark, becoming the highest grossing film ever at the time, until Cameron's Avatar surpassed it in 2010. RMS Titanic, touted as the unsinkable ship, sank on her maiden voyage after striking an iceberg. Yes traders, you have to look out for those iceberg orders, being large single orders divided into smaller limit orders, hiding the actual larger order quantity. If you hit them, they can leave you with that sinking feeling.
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