Tuesday 2nd Jan 2018 - And so it begins

Hoping everyone had a great festive season, and a Happy New Year to all.



The first trading day of 2018 is upon us, and I wish everyone the best of luck for the coming year.

On the last trading day of 2017, SPI futures did a 36 point range, high being 6044, low being 6008, with a close last Friday of 6020. Based on that move, my high resistance line for today is 6060, low support line is 6988, with the pivot point at 6024. Intermediate R and S levels are on the chart. The only gap on the chart is up at 6049.



Negative leads from the final bell of 2017 on Wall Street, with the DOW down .48 pct, S&P 500 down .52 pct and the VIX up 8.45 pct to 11.04. This could signal a little defensive posturing ahead of the first week of the new year, as US investors may be inclined to secure long-term capital gains early in 2018, after deferring them at the end of 2017 as the new tax bill was being worked out. We shall see, but as we open first, let's hope for some decent volume after last weeks light volume sessions.

May the force be with you.... Have a nice day.