Hurricane Sandy (by Springheel Jack)

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A very unusual day today as Hurricane Sandy is closing all New York markets for the day, including futures outside Globex hours. Today is effectively therefore a forced market holiday, so I'll just do a quick post for the futures traders and as an advance on tomorrow, though markets may well be closed for the same reason tomorrow of course. 

ES is trickling down a support trendline on the 60min. Support there is at 1393.25 this morning and if it continues to trickle down it can reach strong support at 1388 on this trendline tomorrow:

The defining setup for this equities decline so far has been the strong declining channel on NQ and NDX. Channel support on NQ is at 2617 now, and as long as this channel holds I'll be expecting a bounce soon. Declining channel resistance is now in the 720 area:

The decline on oil has stalled at 85, and a small descending triangle has been forming there. These break down 64% of the time:

With the usual caveat that I don't rate these signals that highly, a Vix Buy (equities) Signal confirmed on Friday with a lower close on Vix. The last two of these both marked important lows. While I don't rate these signals highly they are of course a signal that equities are very oversold, and that volatility is reversing, so this area is naturally a better long than a short entry statistically:

The last chart for today is the possible rising wedge that has been forming from the October 2011 low. I posted this on my weekend post at MarketShadows which you can see here. If this is a rising wedge then it really needs a bounce at wedge support to confirm that, and wedge support is just above 1380, with the 2300 DMA slightly below. This is key uptrend support here and a break below would look very bearish:

My understanding is that equity markets in the US will be closed today and most likely tomorrow, and that equity futures will trade only Globex hours today, so will close at 9.15 this morning. I'll probably do a post tomorrow even if the same restrictions apply.