Here is what I expect today
Thursday started strong and sold off. Our sell into strength worked well today. Volume increased again today, making the for four consecutive days of higher volume. However, today’s was a distribution day. This is our first pullback on heavier volume and ends the three days of buying streak.
Crude rallied today to close up $1.33 at $61.16 on the day. Two week high on the barrel and gold rallied with oil today. Up $18.50 on the day to close at $636.80 on the day. Higher energy prices gave equities some concerns today and helped push us into red territory. Also keep in mind we’ve rallied hard for three day so this pullback was healthy and expected.
Going into Friday we can expect a quiet day with no economic or earnings news to help push us around. After today’s “thumpin†(Ok sorry Pres. Bush I’m borrowing your word because it is appropriate today) the market may finally put in a quiet day. This has been a roller coaster ride and to finish quietly ahead of options expiration next week would be good. We held nice support today, so looking for some early upside and then hold in range. Pulling back further would not surprise me but I respect the support we held today. I think we bounce off it early and then look to continue lower. I am just not expecting the big drop for range expansion, but it could surprise us. The week has been full of surprises, but keep expectations low for range.
Some earnings for the week of November 6 — 10: Friday pre market — IAG.
Economic Data for the week of November 6—11:
Friday no data due out.
ES (S&P 500 e-mini) Friday’s pivot is 1386.50, weekly pivot is 1373.75. Volume again was high, but didn’t surpass yesterdays. Any move under 1382.50 would be bearish for the ES and a move back over 1387.50 would give us a retest of the highs where the double top sits at 1393. Intra day Support: 1382.50, 1380.25, 1376, 1371.50. Resistance: 1386, 1387.5, 1389, 1391 and 1393.
Compx (Nasdaq composite) closed -8.93 at 2376.01. Support: 2375.45, 2350.80, 2337.83, 2328.59. Resistance: 2401.33, 2413.52, 2437.74, 2468.59.
Good trading to everyone and enjoy the weekend.
Teresa Appleton has traded equities and options for
nine years and futures for seven. She is founder and CEO of TradeLogic, LLC. For
more information about Teresa and the training she offers stock, options and
futures traders,
click here.