Monthly Archives: October 2013

07 Oct

Debt-Ceiling Showdown E-Mini SP-500

Opening today below the 1476.25 ** level is likely, able to contain strength into later week, 1468.25 able to contain initial selling, below which 1651.25 is attainable intra-day, likely to contain session weakness. Given the continued “dare not blink” deadlock in Washington over the fiscal funding / debt-default ceiling showdown, today’s illustrated 1640.25 level is expected this week following a settlement today below 1676.25. We’re reducing it’s containment potential to “weekly” only (1640.25 ***), for if the powers-that-be refuse to bend into next week, longer-term support at 1593.75 is certainly in reach over this time horizon (before Oct 17 deadline).