SPI Futures traded in a small 24 point range last night, with a high of 6447, low of 6423, and a close this morning of 6440, up 12 points, on low volume of 8,600 contracts. Based on that small range, my pivot point and R and S levels are below, but would be careful around the S6/R6 levels today, due to the small range.
SPI opened the night session with an eight point gap up, which filled, and the chart appears kind of messy flat-line ish, with gaps down at 6438, 6436 and 6433 from last night and 6404, 6395 (remnant of the morning open) and 6391, from a previous day. The next gap up is 6493.
In the headlines - investors grow increasingly optimistic about a potential resolution to the the trade war and a limit to its economic fallout. Note the words 'optimistic' and 'potential'. Stock traders focused on the White House's rosy view of the future, and not economists' increasingly negative outlook, where, according to the National Association for Business Economics, 74% of US economists believe a recession is coming in the next two years. Also, driving the big green bus, err, bar, The People's Bank of China on Saturday announced it will be making corporate borrowing easier and cheaper - so, akin to a rate cut. Yes, hopes (hopium) of global economic stimulus, or the calm before the storm ?. DOW up 1.07 pct, SNP up 1.33 pct and Canada (resource driven), up less at .98. VIX down 10.18 pct to 16.59. Have a nice day.
Today in 1908, America's Great White Fleet arrived in Sydney, Australia, to be greeted with a tremendous welcome. In the last years of his administration, President Theodore Roosevelt had ordered a massive US Naval fleet to circumnavigate the globe to project American naval power. The fleet, their hulls painted white, was meant as a showpiece of American goodwill, making courtesy calls at a number of ports globally. The American sailors liked Australia so much, that over 200 of them deserted whilst in Australian ports. There ya go. We should have built that wall..
Column 1 Column 2 0 H 6447 1 L 6423 2 C 6440 3 R 24 4 R6 6461 5 R5 6455 6 R4 6451 7 R3 6449 8 R2 6446 9 R1 6443 10 PP 6437 11 S1 6431 12 S2 6427 13 S3 6425 14 S4 6422 15 S5 6419 16 S6 6413
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