SPI Futures - September contract - traded in a 33 point range last night, with a high of 6687, low of 6654, and a close this morning of 6661, down 16 points, on volume of 37,471 contracts. December contract closed at 6650. Based on that range, my pivot point and R and S levels are below. September contract expiration in three days (tick, tick, tick) - Gaps from last night up at 6685 and 6671, then 6812, 6783, 6739, 6731, 6716, 6708 from previous days. There are three gaps on the downside from previous days, at 6607, 6604 and 6601, then six below that which one would assume will not fill due to the September contract expiring on Thusday, well, unless a war breaks out between now and then. So, out of over 500 price gaps (which is when I stop counting), for this contract, there are 17 unfilled ones... funny that. The SPI opening gap from yesterday morning filled, the ES one did not.
In the headlines - Oil prices having their biggest spike in a decade after the Saudi attacks, which the US is now saying 'could' have been from Iran (here we go again), and also, 'could' have been cruise missiles, not drones.. Humm, I wonder where they got those from ?. Trump saying the US is 'locked and loaded'. Well, at lease he used the right phrase this time.
Stock and bond markets painting two different scenarios regarding the state of the US economy, with stocks near record highs, but the 'gap' between the three-month and 10-year Treasury bond, still upside down after first inverting in the spring. That's the yield curve the New York Federal Reserve monitors to forecast recessions, and they now 'estimate' a 38 pct chance of a recession in the United States over the next 12 months. Looks like those planets are lining up, or is it a black hole into which your money get's sucked into ?. DOW down .52 pct, SNP down 31 pct and Canada (resource driven), up .41 pct. VIX up 6.77 pct to 14.67. Have a nice day.
View attachment 1735270
Today in 1966, the TV series "Mission Impossible" premiered on CBS-TV. Chronicling the exploits of a team of secret government agents known as the Impossible Missions Force (IMF), each episode opened with a fast-paced montage of shots from that episode, as the series' theme music, composed by Lalo Schifrin played, after which, the leader of the IMF received his instructions from a voice delivered on a recording, which then self-destructs. Trading can seem like Mission Impossible sometimes, some of the stuff you read can get into your head and stick, but the only voice you want inside your head, is that of your own trading system, otherwise your trading plan can self destruct... in 5 seconds.
View attachment 1735246
|
Column 1 |
Column 2 |
| 1 |
H |
6687 |
| 2 |
L |
6654 |
| 3 |
C |
6661 |
| 4 |
R |
33 |
| 5 |
R6 |
6700 |
| 6 |
R5 |
6692 |
| 7 |
R4 |
6688 |
| 8 |
R3 |
6684 |
| 9 |
R2 |
6680 |
| 10 |
R1 |
6676 |
| 11 |
PP |
6667 |
| 12 |
S1 |
6659 |
| 13 |
S2 |
6655 |
| 14 |
S3 |
6651 |
| 15 |
S4 |
6647 |
| 16 |
S5 |
6643 |
| 17 |
S6 |
6634 |
(20min delay)