Thursday 4th Jan - Hindenburg Omen Day

Good Morning and welcome to Hindenburg Omen day. Hindenburg Omen was a proposed technical analysis pattern, named after the Hindenburg disaster of May 6, 1937. It was promoted by Jim Miekka, who gave up on the theory that it portended a stock market crash in 2010.



Last night, SPI futures traded in a 35 point range, high being 6065, low being 6030, with a close this morning of 6063, up 32 points, on volume of 7,733 contracts.  Based on that move, my high resistance line for today is 6088, low support line is 6018, with the pivot point at 6053. Intermediate R and S levels are on the chart.  The gap at 6049 was filled last night (am happy about that), leaving gaps on the downside at 6007, 6010, 6024, 6031, 6033, 6040 and 6042. Given the 15 point run up at the close this morning, one would expect the 42 gap to fill early.



Wall Street closed at a new record high for the second day in a row, with the DOW up .40 pct, SNP up .64 pct and the VIX down 11.50 pct to 9.77. Gold and Silver were down. Have a nice day.