Good Morning. For a variety of reason, this will be my last morning opening post. I wish you all well for the 'future'. SPI Futures traded in a 36 point range last night, with a high of 6740, low of 6704, and a close this morning of 6713, up 10 points, on volume of 14,381 contracts. Based on that range, my pivot point and R and S levels are below. A 70 point green to red arrow ride took out numerous upper gaps yesterday, leaving two from last night at 6718 and 6725, and one from a previous day, up at 6812. From last night on the downside, is 6703, which is yesterdays day session close, and 6676 and 6672 from yesterday, then 6639, 6613, 6564, 6534, 6498, 6492, 6466, and 6462.
In the headlines - depends which one you read and when. Markets jumped on news of an 'agreed' US-China tariff rollback, followed by 'there are still road blocks in the way of getting a phase one deal signed', then 'a tariff rollback was not part of the phase one talks'. So, stay tuned. Yes, the difference in the news at the moment, is like night and day, so just follow your trading methodology, as the 'chart' knows the news well before you do. DOW up .66 pct, SNP up .27 pct and Canada (resource driven), up less, at .33 pct. VIX up 1.03 pct to 12.75. Have a nice Friday, the anything can happen day.
Today in 1978, Tom Stoppard's play "Night & Day" premiered at the Phoenix Theatre in central London. The play was a satire on the British news media, with themes of colonization, journalism, language, and alternate or multiple realities. The plot unfolds through the silent or subconscious thoughts of Ruth Carson, who is a by-stander to the main events taking place around her. She is regularly shown to express conflicting ideas between what she is saying, and what she is actually thinking. Yes traders, like conflicting news, what the market looks like doing, and what she actually does, can be as different as night and day.
SPI Futures traded in a 36 point range last night, with a high of 6740, low of 6704, and a close this morning of 6713, up 10 points, on volume of 14,381 contracts. Based on that range, my pivot point and R and S levels are below. A 70 point green to red arrow ride took out numerous upper gaps yesterday, leaving two from last night at 6718 and 6725, and one from a previous day, up at 6812. From last night on the downside, is 6703, which is yesterdays day session close, and 6676 and 6672 from yesterday, then 6639, 6613, 6564, 6534, 6498, 6492, 6466, and 6462.
(20min delay)