Friday May 10 - Golden Spike day

SPI Futures traded in a 48 point range last night, with a high of 6269, low of 6221 and a close near the top, at 6263, down 9 points on better volume of 17,000 contracts. Based on that range, my pivot point and R and S levels are below. The lower gap at 26 filled last night, but she never made it down to the next ones at 6211 and 6201. Gaps from last night, are up at the open of the night session 6272 and 6269, and down at 6257 and 6240.
DOW down .54 pct, SNP down .30 pct and Canada (resource driven) down .46 pct. VIX down 1.55 pct, bucking the inverse correlation - Humm.
The lower gap on the ES daily chart filled last night and then she reversed. Since both the ES and SPI gapped down at the open on May 6th, the ES is down 2.54 pct and the SPI is down 1.34 pct, so one could say we are not doing that bad. So, news and Tweets in the spotlight, and It's Friday the anything can happen day. Nice. Have a nice day.



ES daily


Today in 1869, the Golden Spike was driven, completing the first US Transcontinental Railroad at Promontory Summit Utah, and connected the Central Pacific Railroad with the Union Pacific Railroad. The driving of the golden spike realized the achievement of a decades held dream for most Americans, the completion of a transcontinental railroad. The railroad tied the United States together east and west. The last spike really was golden, made out of 17.6-karat copper-alloyed gold and weighed 14.03 troy ounces (436 g). It was a gift of San Francisco financier David Hewes and can still be viewed at the Cantor Arts Center, Stanford University. Today, President Trump can either drive a Golden Spike through the US-China trade negotiations, or offer a Golden Carrot. The market awaits his mood and Tweet.



A bit cheesy I know, but President Trump - making America great again..

	Column 1	Column 2
0	H	6269
1	L	6221
2	C	6263
3	R	48
4	R6	6299
5	R5	6287
6	R4	6281
7	R3	6275
8	R2	6269
9	R1	6263
10	PP	6251
11	S1	6239
12	S2	6233
13	S3	6227
14	S4	6221
15	S5	6215
16	S6	6203