SPI Futures traded in a 90 point range last night, with a high of 6734, low of 6644, and a close this morning at 6653, down 75 points, on volume of 14,258 contracts. Based on that range, my pivot point and R and S levels are below. The outstanding gap from yesterday at 15 filled as I went to bed, then the poof alarm woke me up at 4 am when the lower 44 gap filled, after the 49 filled at 2 am. A red arrow at midnight took her down 82 points to the lower gap, and 75 points to the next green arrow. Gaps from last night are up at 6699 and down at 6648 and 6644 - again. 44 was the low of the night session where the gap was - funny that. There are now no unfilled gaps above or below from a previous day.
In the headlines - It appears the "Missiles of October' have fired the first shot, with a Hong Kong protestor being shot at close quarters with a live round on China's 70th celebration of communism day. Trump tweets "Congratulations" - isn't he in enough trouble already ? A key economic data report on American factory activity fell for the second month in a row in September. The ISM manufacturing index dropped to 47.8 in September, compared with the consensus forecast of 50.1. A level above 50 marks growth. It was the lowest number since June 2009, being the last month of the recession. Down she goes. Europe mostly in the red, DOW down 1.28 pct, SNP down 1.23 pct, and Canada (resource driven) down 1.27 pct. VIX up 14.29 pct to 18.56. RBA cut rates yesterday, yes, that's how good we are going. Have a nice day.
Today in 1872, Phileas Fogg set out on his journey as depicted in Jules Verne's "Around the World in Eighty Days" Fogg made a wager of £20,000 (£2 million in today's money) with members of London's Reform Club that he could circumnatvigate the world in 80 days or less. He sets out with his French servant to win the wager, unaware that he is being followed by a detective named Fix, who suspects Fogg of having robbed the Bank of England. Inspiration for the character was the real round-the-world travels of American writer and adventurer William Perry Fogg. Yes, working on my own version, entitled "Around the chart in 80 points, arrow to arrow". I'm sure it will make a good beer coaster.
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