Morning Traders,
Alright lets proceed with the daily updates.
Here are the closing for today:
Dow12,599-33-0.26%
Nasdaq2,874-20-0.68%
S&P 5001,325-6-0.44%
During cash trading last night, the market was up and at one point, the Dow was up by more than 80 points. then it slowly slid from there and we closed down negative again.
So, what do you all think? Is this the start of things going to crap big time? Or will we somehow manage to survive this and bounce back up? There will be unemployment claims tonight.. A good number will give traders a reason to rally a bit from the recent loss and a bad one will really sent this puppy down.
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Alright lets proceed with out local market.
We have been having heavy losses the past few days. I think many of the sleeping longs in the cash market either are already aware and have been liquidating or are just starting to consider to take action.
The question I have in my mind is that, why are the Asian market selling down so much? Is it due to the possible financial crisis in Europe? The French, German and Switzerland's market would be closed today so please take note.
I am flat today so I should be able to take new position and see which way it breaks. I don't know if the heavy selling in the Cash market is due to retails or institutional selling, but whichever it is, what concerns is where they are going. If people are going to sell down cash, then the futures will have to follow too.
But after a few days of heavy selling, please be aware of possible pause as well.
Trade your levels and watch if your support or resistance is holding.
Here are the levels for today:
FKLI
Upper Resistance: 1531, 1537, 1545, 1550, 1555
Lower Support: 1520, 1515, 1506, 1500, 1490, 1480, 1470
Cash Index
Upper Resistance: 1550, 1553, 1560, 1565
Lower Support: 1530, 1524, 1517, 1510, 1500, 1490
Trade Safe!
Best Wishes,
Tech Trader
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