XJO 0.20% 6,730.8 s&p/asx 200

Monday Oct 29th - Is it over yet ?

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    SPI Futures traded in a 97 point range Friday night, with a high of 5685, a low of 5588 and a close on Saturday morning of 5644, down 17 points, on volume of 15,232 contracts. Not a bad result considering the DOW was down 1.19 pct, SNP was down 1.73 pct. Canada (resource driven) were down less at .24 pct and the VIX was also down .25 pct, to 24.16, bucking the inverse correlation - again. Based on Friday nights move, my high resistance line is 5736, then 5712, 5699, 5688, 5676, 5663, the pivot point is at 5639, and low support line at 5542, then 5566, 5579, 5591, 5602 and 5615. Big 51 point gap down at the open of Friday, half of which filled in the first 20 minutes, and more filled after the XJO closed, so will the rest fill today ? Gaps up at 5656, 5683,5701, and 5718 and one down at 5726 from Friday. Monday has a tendency for a rise, but will she buck the trend today and go with the overnight US results ? Watch the open of US futures for a clue. Have a nice day. Hopefully no black Monday, as on this day ten years ago Hong Kong were down 12 pct... ouch

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