SPI futures traded in a 57 point range last night, with a high of 6297, low of 6240 and a close of 6275 (after a 20 point closing drop-off) up 25 points on lowish volume of 8,500 contracts, bang on the nose - Humm. Based on that rather large range, my pivot point and R and S levels are below. What a day yesterday was. A 45 point opening gap, which is big, but have seen bigger, taking out numerous gaps on the way down then stopped and clawed back. The opening night session gap filled in under 5 minutes which was a sign of better things to come. The ES filled half of their opening gap and the US did well to retrace once they opened. DOW down .25 pct, SNP down .45 pct and Canada (resource driven) flat, which is a good sign for the XJO. VIX up 19.97 pct to 15.44. Gaps - above at 6290, 6318, 6328, 6337, 6340, 6342, 6344, 6345, 6350 (the big one) 6351, 6353, 6361, 6370 and 6382. Gaps - down at 6273 (a 3 pointer which always fill), 6263, 6247, and 6202. Have a nice day. Oh, and the ES just opend and appears to be being hammered.. Go figure.
Today in 2019, overnight, there was no blood bath, no rapid and hard selling, no everybody knows where this is going massive sell off, no sell wave, no 6200 day session lows, no fermentation of the stale milk and no stops getting massacred - unless you went short at the bottom. Time and Price must equal. They sold it off on the news and by the time the US opened, they clawed back from a DOW down 500 odd points (SPI follows the SPX, not the DOW, but you get the point) to being down 55 points. Don't get caught up in the hype. Was it reasonable that the US would be down 3 pct due to a Tweet from a Twit who was probably a bit more upset about the Rocket man than China, about something everybody already knows about - Tariffs ? Is it reasonable that a pent up, news driven rather large gap will not fill ? Now there is only half a gap on the US markets. Is half a gap still a gap ? I think so, but that's just me. When is a gap not a gap ? When it's half a gap. I think the sell off is coming, but not yet. Try to keep a level head and ignore the big, broad, unsubstantiated, usually incorrect statements. Trade the chart - don't let it trade you - or shout at you.
Oh, and the ES just opend and appears to be being hammered.. Go figure.
(20min delay)