S&P rises as investors hopeful for budget resolution

(CME:ESZ13) -Tune out the negative media "fear mongering" use the technicals:  Equities soared yesterday as traders and investors alike become hopeful that a budget deal is within reach in Washington, and soon. The S&P reached the highest level since Monday, Sept. 23, less than a week after the FOMC left its bond purchasing program unchanged. This is where the market began correcting as investors locked in profits to finish the third quarter and plan for a crisis in Washington. Yesterday's high was 1706.75, and today we continued higher reaching 1709.75. A close above the 1710.50 level will keep momentum immediate term bullish. The 1717.75-18.25 level is what all traders are watching, the highest all time close; a close above here will signal that we should be on our way to test our yearend 1757 target. Only a close back below 1698.50 will signal a failure.

Resistance - 1710.50**, 1717.75-1718.25*, 1723.25**, 1739**, 1757****

Support - 1704*, 1698.50**, 1684-87***, 1674***, 1660.75-1662.50***

(NYMEX:CLX13) - Daily Inside "Bar" keeps technical bears on their heels, impending Nov expiration keeps oil trapped in a range, which provides a great opportunity to take quick trades: Crude Oil has held nearly a $1 range last night as it has given up gains from yesterday after stalling out at the major resistance level at 102.20-102.37 of 102.62 yesterday and 102.46 in today's session. A stronger Dollar on hopes that we see a budget deal in Washington has been a major factor in keeping Oil in check to the upside. Although the trend is down, traders are finding value at levels just above $100 to help keep this market afloat. Look for a close below 101.05 in order to ignite a new bear leg lower. Only a close back above 102.41, yesterday's marked floor close will signal a rejection and consolidation higher, taking control out of the hands of the bears. Continue to play the levels until a new swing low close is established.

Pivot - 101.50-.64

Resistance - 102.20-102.37**, 102.65*, 103.07*, 103.74-103.93***, 104.54-104.40**

Support -    101.05-101.16**, 100.58**, 100-99.78***98.00-96.00

About the Author
Rich Ilczyszyn

Rich Ilczyszyn is Founder and Chief Market Strategist of iiTRADER.com. Rich excels at creating dynamic trading strategies for clients that establish solid positions, while remaining flexible enough to capitalize on market opportunities when they arise. By identifying market trends, breakouts, and failures in a timely fashion, Rich presents clients with the opportunity to realize their objectives while effectively managing their risk.

Rich is featured expert/trader and contributor on CNBC's "Futures Now" Show, and has been quoted in multiple of top-tier publications, including: The Wall Street Journal, Associated Press, Bloomberg News and Reuters.

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