Before the Open (Nov 4)

Posted on by Jason Leavitt

Good morning. Happy Friday.
The Asian/Pacific markets closed up across the board. Hong Kong and South Korea rallied more than 3%; Australia and Indonesia gained more than 2%. Europe is currently mixed. Germany and France are down, and Stockholm and London are up. Futures here in the States prior to the release of the latest employment numbers pointed towards a weakish open for the cash market, but this can obviously change.
We’ve gotten big gap downs on Monday and Tuesday and decent gap ups on Wednesday and Thursday. The indexes are down for the week, but so far November is an up month. This isn’t bad considering October was one of the best months in two decades and the best October in 25 years. Unfortunately the charts of many individual stocks are a total mess. After having many great set ups to play last month, I don’t see much to work with now. Support and resistance are hard to define, so we don’t have a frame of reference to trade from. The charts need to reset, and I’m laying low until that happens. If it takes a few days, fine. If it takes a week, that’s fine too.
Here are the employment numbers:
unemployment rate: 9.0% (from 9.1%)
nonfarm payrolls: up 80K
private payrolls: up 104K
average workweek: stayed same – 34.3 min
hourly earnings: up 0.2%
The futures moved up to being flat on the news.
headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings
this week’s Economic Numbers

0 thoughts on “Before the Open (Nov 4)”

  2. In my opinion, it’s not good for the short term bullish case (at least) if SPX starts trading below 1242, as that leaves open further downside to 1210.

  4. only question is am i a trianglula bull or a impulsive bear
    longtermers 1258 is a good hold short,but i can only have a small portion for that portfollio
    i much prefer my daytraders -sniper/scalping portfolio
    for that i can have 10 x or 10 times the parcell size for a 15 min to couple hours trade
    —-atm flat from a impulsive drop with negative tick and close to y/days piviot lows
    may re enter soon,but i dont take bull moves as bears have to sleep sometimes

    1. AussieJS – I don’t know if you’ll agree but, since the SPX 1292ish high, the downside moves have had an impulsive look & the upside moves are more corrective looking. I’m watching the daily MACD (13,20,9) as it rolls over and turns slightly negative. If it gives a short signal, I’ll go more longer term short (beyond a daytrade), looking for SPX 1160-1180.
      Right now, I am short at 1244 on what I think was a failure at intraday 1245-1248 resistance, but I’ll cover that at little risk if the downside doesn’t resume shortly.

      1. so u are looking a last thur weeks spx high –we made the impulsive 5 wave low tues
        and have corrected with overlap to y/days 5/8 gann fib and gaped down today–ind we couldnt go on with it–up and it exhausted
        however as i trade the world all at once—ftse/dax/spx/ndx/dji and sometimes n225 and axjo
        i rely mostly on piviot points–tick ind –ma’s and euro ind ect
        this is only because im insane that i have to trade all these at once because if i was to have all my bets on just one horse the parcell size would scare me

        1. Whoa! I’ll leave it you young lions to handle all of that trading. My attention span and stamina doesn’t allow me to even think about that. However, I appreciate the feedback as it reminds to check the other world indexes etc. for what I hope is a better overall perspective.

  7. At the USA noon hour (EDT), SPX seems to want to grind higher. I’m looking to short again if 1246-1248 holds as resistance. If higher,1250-1254 is my next upside resistance.

  9. the pop up in indexes just now was a pop up in euro as the currency zones change to usa contol from europe
    the are 3 currency zones
    japan first then europe takes over and after europe closes it goes to usa

Leave a Reply