Behind every successful male trader, stands a surprised woman. SPI futures were no surprise last night, trading in a 40 point range, high being 5926, low being 5886, with a close this morning of 5919, up 22 points on volume of 15,485 contracts. June contract closed at 5900. Based on that move, the pivot point calculation suggests my high resistance line is 5950, low support line is 5870, with the pivot point at 5910. However, given the large opening gap from yesterday at 57, I would say that will be the high, and the gap at 68 on the low side would be the low. Two more gaps from last night are one down at 5903, and one up at 5926. With six trading days left on the March contract, although nothing is a slam dunk, I would be extremely surprised if the upper 57 gap did not close as the gap is 33 points big. DOW down .33 pct, SNP down .05 pct, but nothing like US futures suggested during the day our time yesterday. There is a gap trader in the US that eliminates the overnight price action from his gap analysis, so that would be the movements during our day. Something to consider. The VIX was down 4.30 pct to 17.57 even though the SNP was down a tad. So, not the end of the world yet. Have a nice day.
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