Market theories are like belly buttons. Everybody has one, and...

Market theories are like belly buttons. Everybody has one, and most are full of fluff. SPI futures traded in yet another narrow 24 point range last night, high being 6109, low being 6085, with a close this morning of 6093, down 7 points on volume of 11,886 contracts. Based on that move, my high resistance line is 6120, low support line is 6072, with the pivot point at 6096. Yes, the pivot point has finally started moving lower. Well, the 6100 opening gap filled yesterday, so SPI slowly getting back to normal. Gaps from last night up at 6098 and 6102, and then down at 6075 and 6053 from previous days. US markets in the red, Canada (resource driven) in the green, which is probably why SPI didn't do much last night. I'm hoping they gap her up, fill the remnants from last night and then from a gap traders perspective, given it's getting closer to June expiration, they should start hunting the lower ones. A few 100 point days and nights on the downside, and we could even see the 5739 gap fill. Yesterdays SPI backwardation going from 20 to zero yesterday surprised me, so keep an eye on that. I was expecting a 10 point move, but not parity with the XJO just yet. Also, keep an eye on that 10 past 4 guy, as the significance is that trades are made during the day, and get entered into the system at 10 past 4, as if they tried to get thousands filled via the market depth etc, they would clog the system. Have a nice day and don't worry about the fluff.