Happy Friday. Alright lets get rolling!
We'll first look at how the US market performed last night.
The Dow closed down -69 points or -0.53% to close at 12,964
The S&P500 closed down -8 points or -0.59% to close at 1,377
The Nasdaq closed down -24 points or -0.79% to close at 3,008The S&P500 closed down -8 points or -0.59% to close at 1,377
S&P: Alright we closed down a little less than yesterday's down move. But the real fact is that unlike yesterday where we traded in a small range of about 10 points, last night we traded in a 24.5 point range! the bar on the daily chart has tails on both ends of the candle and the body is somewhere in the middle. We went up to test the weekly high of 88s and touch a high of 90 and then went back down to test the support at 65.5 which held nicely. As of this post at 8.14 am, we are now trading at 1375, up 2 points. What's in store for the S&P tonight? Well tonight its Options Expiry night! And Its a Friday, and we have IMF meeting starting today and tomorrow. Also, I would like to make a correction. There are no economic report in the Us tonight as I previously stated. With the combination of the above, I'm pretty sure we'll be having a choppy day tonight.
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What's in store for us?
Alright.. looking at the above, I suppose we are going to gap down a bit also? Or perhaps not like yesterday? In any case, we have quite good support down below. But please bear in mind that today is Friday and with the IMF meeting coming today and tomorrow, I think traders will be looking to lighten their position over the weekend due to the increased uncertainty, both long and shorts.
I expect a choppy session today but with support still holding the same. I think you should take your profits quickly today if you're scalping or the market will take it away from you as soon as you're not expecting on a choppy day. But I could be wrong tho. So trade your levels carefully.
If we really turn out to be a range trading and choppy day like yesterday, do not be caught buying the top and selling the low. And if you are trading a breakout, make sure there is enough energy in the breakout to sustain the price to reach your target.
Here are the levels for today:
KLCI
Upper Resistance: 1595, 1598, 1601
Lower Support: 1590, 1587, 1585, 1582
Cash Index:
Upper Resistance: 1600, 1602
Lower Support: 1594, 1592, 1589
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FCPO - The CME grains seems to be bouncing a bit from the support levels. We did also in fact touch our Weekly low of 3440 and bounced up from there. If you haven't read our weekly levels, you can click here.
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Alright trade safe all!
I'll update here is there are any major news on the wires! Ciao!
Best Wishes,
Tech Trader
P/s: sorry for typo, I will come back to correct it later.. market opening soon and I've still got stuff to do. Byee!
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