I smelled a rate yesterday. I smell a rat today too, except today I feel like I'm in a rat trap, and the market is the rat catcher, just like a cat, ready to pounce, or, is this a dead cat bounce ?. SPI futures bounced around last night, trading in a 48 point range, high being 5755, low being 5707, with a close this morning of 5740, up 19 points, on volume of 21,498 contracts. Based on that move, my high resistance line for today is 5782, low support line is 5686, with the pivot point at 5734. Wasn't it nice watching that nice big 60 point gap fill yesterday, proving the opening gap theory to be worthy of consideration, and when it comes to gaps, the bigger the better, or so they say. More days like that and I would only have to work once a week. But alas, here I am again. Two gaps from last night, down at 5724 and 5707 which will be my targets for today. Have a nice day, and don't get involved in Rat Trading, but, well, that's another story. Cheers.
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