Plenty of opportunities lie ahead
Friday ended with a narrow range red day across the broader markets.Â
Light volume helped to keep Friday’s action contained. The mixed job’s data confused the market and left the market lacking momentum. Crude finished the day lower by 27 cents at $59.76. No word on the OPEC meeting being moved up left the crude market pretty quiet today. The week did close down 5%. Gold fell for most of the day but rallied back late day to close up $1.30 at $576.80 on the day. Still closed down about $27.00 on the week or about 4%.
Monday look for some buyers to test Thursdays closing zone and then to pullback. I expect a fairly quiet day and doubt the market will see a lot of volatility with partial closures due to Columbus day. Tuesday we are likely to wake up and start the movement. Two Dow components (AA and GE) report earnings this week that along with the FOMC meeting minutes could keep the weekly lively.
Some earnings for the week of September 9-13th Monday nothing of interest, Tuesday pre market JBHT, QMED and after the bell AA, DNA. Wednesday pre market FAST, INFY, MTB, PGR and after the bell LRCX, RI, YUM. Thursday COST, GENZ, MTG, PEP, PII, WGO and after the bell CAMP. Friday pre market GE.
Economic data for the Week of October 9 — October 13
Monday no economic data and it is Columbus Day the Financial markets (Interest rates and FX) are closed, equity markets are open. Tuesday 10:00 Wholesale Inventories, 14:00 Treasury Budget, Wednesday 10:30 Crude Inventories, 14:00 FOMC Minutes, Thursday 08:30 Initial Claims, 08:30 Trade Balance, 14:00 Fed’s Beige Book, Friday 08:30 Export Prices ex-ag., 08:30 Import Prices ex-oil, 08:30 Retail Sales, 08:30 Retail Sales ex-auto, 09:50 Mich Sentiment Prel., 10:00 Business Inventories.
ES (S&P 500 e-mini) Prior weeks data: H= 1363.25, L=1336 and C=1358.75. Weekly pivot and support/resistance data: PP=1352.75, R1 1369.25, R2=1380 R3=1407.25 and S1=1342, S2=1325.50, S3=1298.25. Pivot for Monday is 1357. Support 1358, 1356.50, 1354.25, 1352.50, 1350.50, 1347.50. Resistance 1360.75, 1363.25, 1365.75, 1367.75, 1369.25. Friday’s small pullback and narrow range day left the market dull. The ES still has an open gap to fill at 1360.75. Monday with it being a partial holiday with some markets closed, I think we’ll have a fairly slow quiet day. The gap fill and stay within range is likely to be the day. Each week we’ve managed to pullback to the weekly pivot on Monday or Tuesday for the past four weeks, so watch for that 1352.75 and it has also been the bottom for four weeks. A pullback lower than that would likely signal lower ground. But until then we’ll call that our corrective pullback and look for the bulls.
Good trading to everyone and remember if it is quiet Monday, there will be plenty of opportunity the rest of the week. Don’t push buttons out of boredom.
Teresa
Teresa Appleton has traded equities and options for
nine years and futures for seven. She founder and CEO of TradeLogic, LLC. For
more information about Teresa and the training she offers stock, options and
futures traders,
click here.