September is Chicken Month, page-5

Friday again already. In general, I don't like Friday afternoons. Last night, SPI futures printed yet another small  range of 23 points, high being 5707, low being 5684, with a close this morning of 5695, up 5 points on volume of 7,349 contracts. Based on that move, my high resistance line is 5718, low support line is 5672, with the pivot point at 5695. This small range was despite a good innings from overseas markets, with Europe in the green, the  DOW up .25 pct, SPX up .57 pct and Canada up .52 pct. VIX  down 5.61 pct to 10.59, way back into the complacency zone. Yesterday XJO filled the gap at 5710, leaving a very small gap back down at 5670. SPI filled the gaps up to 5685 after playing hard to get in the beginning. The green arrow at midnight was good for 50 points, hence the need for robotic trading. Now we have gaps down at 5651 to 5654 from yesterdays open, with a red arrow at 5:55 this morning, so is it take profit Friday, or push it up a bit more Friday.  After the small night range, I'm  leaning towards down a bit, with a possible gap up to short at the open.  The gap down at 45 is still there too, but with only a few weeks to September expiration, this small nightly  gaps take on less relevance, but they are still there.



Have a nice day.

Spot  the short trader.