Daily Numbers for Thursday, Nov. 1/07

Summary

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ES Resistance @1548-1552, 1558-1561, 1574-1578
ES support @1535-1538, 1527-1530, 1515-1519, 1495-1500

VAH=1552.75
POC=1546.75
VAL=1541.75
Weekly Pivot @1426.25

Open gap: 1525 (10/26)



The low volume prior to the FOMC meeting indicated not too much institutional participation in today's morning session in the S&P500 eMini Futures market. However, things got interesting pretty quick once the FOMC announced the 25bps cut just as I had previously predicted.
One interesting thing from today's afternoon session was that ES filled yesterday's gap down, and this morning's gap up, all in one fell swoop. The gap up from last Friday's session still remains unfilled, and I will interpret that as bullish sentiment. Just from looking at the futures market in the past 2 weeks, there is an underlying bullish bias pushing the market higher bit by bit. Today the market managed to close above the double top resistance @1550, so this clears the way for a continued bullish bias into November.
And with tomorrow being the first of the month, and also the beginning of the most bullish month of the year, I will be looking for a rally. Probably a buy somewhere in the mid 1540's