SPI Futures traded in a 32 point range last night, with a high of 6688, low of 6656, and a close this morning of 6686, up 19 points, on volume of 11,143 contracts. Based on that range, my pivot point and R and S levels for today are below. Five upper gaps filled last night, leaving ones above from a previous day at 6690, 6702 (yesterdays open) and 6704, and down at 6680, 6678, 6676, 6671, 6670, 6665, 6660 from last night, then 6655, 6649, 6639 and 6637 from a previous day.
In the headlines - hopium for a pause in the US-China trade war taking the stage. Since the US and China 'agreed' to a "phase one" deal, the progress appears to have stalled as it remains unclear when and where the two parties will sign the 'agreement'. Well, you would think it would be worth a plane ticket somewhere. The hopium is that the US will suspend tariffs on $156 billion of Chinese imports scheduled to take effect on December 15. In more tangible Economic news, the Institute of Supply Management's nonmanufacturing index climbed to 54.7 in October, beating estimates of 53.5. A reading above 50 denotes economic growth in the sector. DOW up .11 pct, SNP down .12 pct and Canada (resource driven) up .07 pct. VIX up 2.10 pct to 13.10. All three volatility indices in the green - again. No rate cut yesterday from the RBA - boo hoo. Have a nice day.
Today in 1975, saw the first performance of the Sex Pistols at St Martins College, London. An English punk rock band that formed in London in 1975, they were responsible for initiating the punk movement in the United Kingdom and inspiring many later punk and alternative rock musicians. Although their initial career lasted just two and a half years and produced only four singles and one studio album, and despite their controversial lyrics and style at the time, they are now regarded as one of the most influential acts in the history of popular music. To quote their lead singer Johnny Rotten, "I'm not here for your amusement. You're here for mine". True, true.
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