New Earnings Season Kicks Off Today
The December S&P 500
futures (SPZ and ESZ) opened Monday’s session with a 1-point gap
to
the upside, with light volume expected due to the Yom Kippur holiday.
Trading
was anemic from the open as the contract chopped in a 3-4 point range for
the
first 2-1/2 hours before finally breaking its Daily Pivot in the 1,031 area
and
hitting stops to a new session high. The futures held the upper end of the
range throughout the afternoon as volume came in spurts due to the sparse
amount
of players.
The December S&P 500 futures closed Monday’s
session with a gain of +5.00 points, and finished in the top 1/3 of its
daily
range. Volume in the ES was estimated at 332,000 contracts, which was 40%
of
Friday’s pace, and well below the daily average.
On a daily basis, nothing really changed in
terms
of support and resistance as the contract posted an inside day with a higher
close On an intraday basis, the 60-min and 13-min “ping pong” panned out
into
symmetrical triangles with 1,034 resistance and 1,030 support (see chart).
The
1-min 3-Line Break chart closed with a long bias and a break price of
1,033.75.
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The new earnings season officially kicks off
on
Tuesday, with a handful of reports throughout the week from
(
AA |
Quote |
Chart |
News |
PowerRating),
(
DNA |
Quote |
Chart |
News |
PowerRating),
(
YHOO |
Quote |
Chart |
News |
PowerRating), and
(
GE |
Quote |
Chart |
News |
PowerRating). The economic calendar remains quiet until
Wednesday
morning’s Wholesale Inventories report.
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Please feel free to email me with any
questions
you might have, and have a great trading day on Tuesday!
Chris Curran
chrisc@tradingmarkets.com