SPI Futures traded in a 58 point range last night, with a high of 6442, low of 6384 and a close this morning of 6419, up 19 points, on volume of 14,700 contracts. Based on that range, my pivot point and R and S levels are below. A rally into yesterdays day session close, and an 18 point gap up at the open of the night session due to a Trump Tweet regarding potential for a deal with China. A 25 point gap down at the open of the day session, and an 18 point gap up at the open of the night session, which both filled. What will today bring ? We are off to an unusual start already, as there are zero gaps left from last night, which is unusual. Next gap up from a previous day is at 6558, and the next gap down from a previous day is at 6357, so 200 points between them. Humm. Somehow I don't think it's over yet.
In the US headlines- Maybe a trade deal in the works with China, maybe not, maybe Trump starting to regret his stance, maybe not, August on track to be the fifth month of the year in which insider selling tops $10 billion, (the only other times this has happened was 2006 and 2007, the period before the last bear market in stocks), the Chicago Fed National Activity Index down 0.4 pct, - (a negative index number representing below-trend growth), and Durable Goods orders for July up 2.1% for the month, much more than expected. DOW up 1.05 pct, SNP up 1.10 pct and Canada (resource driven) up less at .38 pct. VIX down 2.77 pct to 19.32. Have a nice day.
Today in 1970, Jimi Hendrix created his last studio recording at Electric Lady Studios in New York, an instrumental called "Slow Blues". Jimi left soon after this recording to play at the Isle of Wight festival in England, and less than a month later, he passed away at age 27. The smoldering “Slow Blues,” was finally released in the year 2000, as part of the “The Jimi Hendrix Experience” compilation. Jimi was not able to read or write music, but boy, could he play that guitar. Yes Jimi, when the market is slow, we know it has the blues, and when the market is on fire, we know it has Purple Haze.
(20min delay)