Morning Traders,
Lets get rolling!
Lets look at last Friday's close for the US market.
The Dow closed down 34, Nasdaq closed unchanged and S&P500 closed down 5.
S&P futures are now trading down 3 and Dow futures are down 17 as of 8.12am. Futures opened lower and it is now going back to fill the gap. We will see what happens after the gap is filled.
If you haven't read the weekly updates, you can click here to read it.
Alright. Seasonally, it is believed that May and midyear onwards are quite bearish months. If you would look at the charts, you will find the same thing.. more biased to the downside and the upside seems more limited. Perhaps it is due to many factors including the seasonal economic factors. However on the charts, prices are just trading within a range and we have to wait for a break out for a confirmation on where this market wants to go. If we take a position within this range, whether it is long or short, it is basically a 50/50 shot.
So we will wait for more price development in the coming days.
-----
FKLI
*guys I will update the charts a bit later*
Alright.. we have basically traded sideways for one and a half weeks in the cash market. In the futures market, we have both sided market, but basically, we are trading sideways too.
I think things are not about to change until we see a definite breakout from this range.
Cash needs to close out of the 92-93 and 75-78 range while FKLI needs to break out of 90s and 70 range convincingly to determine the next trend.
So trade carefully and make sure the support and resistance levels are holding before entering a trade.
Here are the levels for today:
FKLI
Upper Resistance: 1577, 1580, 1583, 1585, 1588
Lower Support: 1572, 1570, 1567, 1565
Cash Index
Upper Resistance: 1588, 1590-91, 1593
Lower Support: 1583, 1580, 1576, 1573
I'll update the weekly range a bit later.
Trade safe!
Best Wishes,
Tech Trader
No comments:
Post a Comment