Friday 29 October

The expiration today in the weeklies went decent, although some spikes hit the performance a bit. I will post the trading result and trades Monday.
Could be a possible "no demand" bar on the daily chart, so I keep that in mind for next week.
Still simply bullish above 1175 for me in S&P emini, need to see daily close below this 1175 to change my mind.
Seems like everybody and his brother are looking for a move lower, so that is maybe enough to make it go higher?

We also have the US midterm election and it tends to support stocks, dow is up 0.28% on average on election day vs. 0.03% average all days since 1900, see the link for more info:
http://www.bespokeinvest.com/thinkbig/2010/10/28/historical-midterm-election-results-and-market-performance.html

Some comments from my daily report today:
The S&P had an inside day today, trading inside yesterday’s range and high to low was only 6.75 points today. That is a tight range and the close was in the upper part, which makes it a possible no demand bar, even though it is not a perfect no demand bar as it didn’t close top of the range, but volume wise it was less volume than previous two sessions. We will see start of next week if today’s was a no demand and confirmation would be a wide down bar within the next 2 sessions. Trading wise we traded basically sideways the whole week and I stick by what I have said the whole week:
To keep it stupidly simple I would say that as long as we don’t see a daily close below 1175 in the S&P futures the trend is up and next key resistance remains 1198 and 1207. If we close below 1175 support, the next target would be 1150 followed by 1127.

See link for complete report:
http://avantagefinancial.ch/images_up/avantagefinancial.ch/pdfs/daily29oct.pdf

Have a great weekend