S&P500 Futures Update For November 7th (SPX)

We had a fairly interesting open this evening starting off with a spill off the 1223.5 level down to 1219.25 where buyers stepped in. We melted from 1219.50 back up to 1222 in typical fashion, the 1222 level is soft resistance with 1223.50 being the first stop on the upside with a big line in the sand at 1124.50, Friday's session highs.

Downside levels which probably wont even be touched are 1218 - 1217 Friday session lows. Pre market lows Friday were 1212.50, line in sand is 1210 even.

Next week we have SPX overbought conditions we need to work off, as well as a 23 handle pierce of the upper bollinger on the daily. Will this happen, we do not know, though be ready for anything violent up or down. The last two candles put in on the daily SPX look like very far reaching moves on moderate volume, almost unsustainable and un-natural looking.

Watch the 75.63 level as support and 76.90 as resistance in the DXY.
Watch the upcoming 1400 level in spot GOLD. 1398.7 as resistance and 11375 as a line in the sand.

Tuesday we have wholesale inventories at 10am est.