SPI Futures traded in a 61 point range last night, with a high of 6838, low of 6777, and a close this morning of 6786, down 35 points, on volume of 11,405 contracts. Based on that rather large range, my pivot point and R and S levels are below. What a day yesterday was. The 12 gap (which I didn't 'think' would fill) did, and then up she went, only to retrace and fill the gaps left behind at 6803 and 6788. A 40 point green arrow, followed by a 45 point red arrow, leaving gaps from last night up at 6807, 6814, 6816, 6822, 6824 and 6831. Next one down from a previous day is at 6741. Probably a gap up at the open.
In the headlines - The usual suspects. US-China trade deal optimism with the Trump administration extending a waiver allowing American companies to sell components to Huawei which could be seen as a goodwill gesture. A surprise meeting between Federal Reserve Chairman Jerome Powell and President Donald Trump surprising the market. Surprise, surprise. Apparently it was very 'cordial'. Warnings of 'dire consequences' to protestors in Hong Kong. One wonders when protestors throwing molotov cocktails (not cordial) are labelled terrorists throwing molotov cocktails. If it were happening anywhere else in the world, it may have been 'sorted' by now - seems to be something more going on than meets the eye. Somehow I don't think it would go on for so long if it was happening in Sydney. Australian and China economic data due today. DOW down .36 pct, SNP down .06 pct and Canada (resource driven) down .10 pct. VIX up 3.21 pct to 12.86. Have a nice day.
Today in 1981, former Beatles' drummer Ringo Starr released his "Stop and Smell the Roses" album. The album included the hit single "Wrack My Brain", which was written and produced by George Harrison but otherwise, the album failed to find commercial success. Yes traders, if thing's don't go according to plan and if you don't find initial success, don't wrack your brain too much, just stop and smell the roses for a while.
(20min delay)