SPI Futures traded in a 50 point range Friday night, with a high of 5629, low of 5579 and a close on Saturday morning of 5580, one point off the bottom and down 32 points on volume of 16,783 contracts. March expiration closed at 5527. Based on the December range, my resistance lines are 5646, 5634, 5627, 5621, 5615 and 5609, with the pivot point at 5596 and support lines at 5584, 5577, 5571, 5565, 5559 and 5546. Red across the board on Friday, with Europe and Asia down then the DOW down 2.02 pct, SNP down 1.91 pct and Canada (resource driven) down less, at 1.05 pct. VIX up 4.75 pct to 21.63 but nothing that scary yet. Four trading days till December expiration, but users of investing.com will notice that the current real-time futures CFD has rolled into March already. There are three unfilled gaps on the December contract, down at 5551, 5541 and 5532 from previous days, and on the upside at 5733, 5636, 5754, 5772, 5818 and 5912 - safe to say that some of those will not fill. Gaps on the upside from Friday night at 5599, 5603 and 5616. So, what will today bring ? Did SPI do all the work already, or is there more to come.. watch the open of the US futures for a clue. If they go up before XJO opens, those upper gaps look good - if they open down, err.... Have a nice day.
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