How is everyone doing? I slept quite early last night at 10pm and felt much rested today.
Aright lets proceed with the daily updates.
S&P
Here is the daily chart for the S&P Futures.
As I mention yesterday, although we made two long tails, it was not an opportunity to buy yet unless we break above the 72-75 area. That proved to be correct as we made a new low yesterday at 1339, which is just above our weekly low forecast range of 1336. This is the third time that market tried to push down and made a new lows this time, but each time it tried to do that, prices was supported and we subsequently recovered the losses again. So, what is going to happen next? Now is not a buying opportunity yet unless we have an upside breakout. However, if you have tried to short the past 3 days, you would have made no headway too. I think we need more price action for confirmation for the next move so we will let the market develop a bit more for now. I am in favor of a slightly upside biased as market tried to push down 3 times but failed in the next few days.
However we did close lower last night and here are the traded prices.
The Dow closed down 97 points or -0.75% to close at 12,835
The S&P500 closed down 9 or -0.67% to close at 1,355
The Nasdaq closed down 12 points or -0.39% to close at 2,935
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Alright lets move on to our local market.
So we closed lower yesterday. There will be some support down here so we will see how committed the sellers are in breaking these support. The buyers were not able to push the cash market up to break the 91 level for the past 3 days.
The sellers in the US market was not able to maintain prices at the lows and made 3 long tails on the daily chart. So, if the Us market move on the upside a bit, we should see some reduced or slower downside movements in our local market.
There are report tonight in the US so I think there are possibilities that we might have a range trading session today looking how close the supports are. So trade carefully and watch your levels. If you are planning to take a breakout trade, make sure that there are enough energy in the move to take prices all the way to your target.
Here are the levels for today:
FKLI
Upper Resistance: 1580, 1583, 1585, 1587Lower Support: 1577, 1575, 1573, 1570
Cash Index
Upper Resistance: 1587, 1590, 1591Lower Support: 1583, 1580, 1578, 1575
Trade safe and make some money!
Best Wishes,
Tech Trader
P/s: sorry ahh.. I change computer so don't know why the font's cacat.. I tried to change back to normal but couldn't pulak.. haha.. trade safe!
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