Forecast on Index Futures

Emini-S&P trade plan for day traders

Nov 14th 2016 Updated at 10:57 pm EDT on Nov 13th 2016

For Fri Nov 11th – I’d offered the following analysis “While the bulls appear to be in control, Emini S&P has that important 9-month trendline resistance at 2163 so holding below here appears less positive for today and we risk sliding to decent support in the 2146~2145 area”. Well, we halted our fall to this approximate area and never managed to muster the strength on Friday to recover.

Emini S&P has very little support at 2162/61 and we happen to gap down below prior to the open we rish tagging 2154 and that Friday low area in the 2146 or about which in my opinion would hold the fall again tomorrow. If you are attempting longs here it is an excellent thought but keep your stops placed wide enough to not get stopped out as continued selling intraday may take us to about 2124 although the possibility of this happening is remote but not non-existent.

Emini S&P went has high as 2173.75 here in the Globex session as I write this and has scaled back a tad bit to 2170 now. We could rally from here in the day session initially to 2181 and then toward that all-time high in the 2191.50 region. Closing above here today is a good buy signal and targets 2197 initially on the way thru to 2205 and 2212 later this week.

Cam Pivots for Nov 11th, 2016

R3=2176 | R2=2179.50 || R1=2165.50 | S1=2157.50 || S2=2153.50 | S3= 2147

News related to Asian Markets in the Globex Session

Nov 14th 2016 Updated at 10:57 pm EDT on Nov 13th 2016

The U.S. dollar touched a nine-month peak in Asia on Monday as the risk of faster domestic inflation and wider budget deficits sent Treasury yields ever higher, a painful mix for assets in many emerging market countries. The dollar bounded above 107 yen in brisk morning trade to hit 107.37 , while the euro touched its lowest since January around $1.0773 . It also made a nine-month high against a basket of currencies (DXY). The dollar has been on a tear since the victory U.S. presidential election on Nov. 8 triggered a massive sell off in Treasuries. Yields on the U.S. 10-year Treasury notes climbed to their highest since January on Monday at 2.20 percent. Just two days of selling last week wiped out more than $1 trillion across global bond markets, the worst rout in nearly 1-1/2 years, according to Bank of America Merrill Lynch (NYSE:BAC).

The jump in yields on safe-haven U.S. debt threatened to suck funds out of emerging markets, while the risk of a trade war between the United States and China soured the mood in Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan was off 1.1 percent having suffered its lowest close since mid-July on Friday. In contrast, Japan’s Nikkei jumped 1.5 percent on the weakening yen to reach its highest in nine months. It got an added boost from data showing Japan’s economy grew at an annualized rate of 2.2 percent in the third quarter, handily beating forecasts. E-mini futures for the S&P 500 added another 0.3 percent early on Monday.

Emini S&P (ES) Daily Chart Analysis

es-weekly-11-14-16

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