BGC Chart Chatter SP 500 Futures First Look…..Nov. 28, 2011

*Today's theme: Friday's note had SP 500 futures, EURUSD, DAX futures reaching downside objectives, with SP 500 achieving its measured objective from the wedge violation at 1150. The last 3 sessions have seen am weakness, post EU close rebound attempt with aggressive selling into futures' close. Globex's gap on EU zone hopes to give a twist to the recent pattern. End of month fund mechanics in play with T+3. Now a tale of two price gaps in the SP 500 futures, above from 1209-1213.90 and below a gaper left at 1153.90-1170*

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*SP 500 Futures (1186.50 last)* Friday's note saw SP 500 futures finding footing against 1147.50-1148.40-1149.80 after EURUSD and DAX futures find footing against their next downside objectives at 5350 and 1.3214, respectively. Gap opening from 1253.50 – 1170 now looms large for a fill, leaves the mid range of the gap at 1161.70 as the target ( against dailies at 1163.00). US Black Friday sales gives life back to the seasonal trade, while chatter of fresh Eurozone officials are working on a slew of policy responses to the Eurozone debt crisis. We need to see whether selling on close continues. A hold above 1188 close opens the door for a reach to 1206-1221 area for best risk reward selling levels. ****

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*Daily chart / short term: *Friday gets a defense of 1150.00, measured objective for the wedge resolution. Our next ledge of grouped daily chart supports comes in at 1141-1138.00. The overnight gap above pinching 3/5 day SMAs at 1167.00 for momentum relief. Today's closing resistance at 1188.00 (for continuation) to open groupings at 1199, 1206, or 1221 (which would complete an underside retest of the wedge failure. Initial support is 1172.00 (to maintain). ****

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*SP 500 Futures VST 5 min chart* ……Friday saw VST OS < 1148.50. The first reach into VST overbought in the globex session > 1187.00 reached at 5:00am. …….next phase for VST OB > 1199 ……VST OS < 1167 good until noon. *** *

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*SP 500 Futures Daily Chart Model*

Resistance : 1186-1188, 1198-1199, 1206, 1213-1215, 1221 / 1229 key……..1244, 1257****

Support: 1172, 1166-1163, 1156-1154-1150 …….1141………1127……1112****

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*SP 500 Futures Weekly Chart Model*…..a case of dueling wedges with dailies resolved to the downside has a target to test the apex of the weekly chart wedge at 1159 into early Dec (completed). The bottom of the previous wedge is at 1142.00 holds last week test. Continuations above 1191 sees concentrated scaled up layers from 1203-1207-1209****

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Resistance: 1176, 1187, 1191, 1203, 1209****

Support: 1171, 1159-1157, 1142, 1129-1126 major****

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*EURUSD Daily Chart*….basing pattern underway on a retest and hold of the October lows having filled an air pocket from 1.3335 to 1.3214 as outlined Friday. More work needs to be done to further repair, sees 1.3430-1.3445 as next ledge above****

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*Daily Chart Stances Quick Look*

*ND 100 Futures*: finding footing against the September 23 low at 2134 having filled an air pockets to 2150. A close above 2208 to begin a relief bounce. Next grouping at 2229, 2263 now becomes major****

*DJ Industrials*: (futures +262.00 at 11440) short term relief levels at 11450-11540 sees the top of the chart range at 11710. Reworking closing support at 11370 for bearish restart. ****

*DAX Futures*: Friday's note had futures finding footing at the next ledge of grouped supports at 5358, competing the first downside objective following the failure at 5700. First technical relief above 5548.00 opens an air pocket to 5651/5700 currently being filled. A close above 5751 is needed for continuation with air pockets to 5800, then 5910****

*EuroStoxx 50 Futures*: Friday's note had prices finding footing against the next ledge of key chart support against the August lows at 2070.00 with chart line working at 2069.00. The first ledge for technical relief bounce is 2122.00, filling a price gap from 2172.00 to 2208 sees next concentrated at 2232- 2243****

*Gold*: higher low is left in the wake of a retest of 1669.00 line. We continue to work major support at the rising 144-day SMA at 1656.50. Leaves a consolidation range with multiple layers of resistance forming at 1711-1715-1721 and again at 1733 where 21/89 day SMAs are crossing. ****

*Crude Oil:* lower high forming with dailies with aggressive sellers uncovered above 100.60. Daily moving averages move into mixed sideways configuration signals choppy waters ahead. Momentum loss sub 96.20 has the November breakout line at 94.80 keeping the daily charts from full roll over. ****

*Copper:* finding footing against the next continuation line at 318.00 leaves major at 307.00 (Sept / Oct lows) unscathed. A defensive pattern with falling and fanning moving averages provide scaled up resistance above 340.00-343.00****

*German 10yr Bund Yields:* double bottom pattern in continuation. Chart resistances follow at 2.38%-2.42% with next major at 2.51%****

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*Short Term Technical Array….Friday saw short term negative but moderating….now will measure how indicators behave on underside retest of falling moving averages*

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______________________________________________________________****

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Roger Volz****

Director****

BGC FINANCIAL L.P.****

Cash Equities****

646-346-7412****

1-866-323-1585****

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