Morning Traders,
Good Monday and lets get started with the updates this morning.
Alright, currently the US futures are up +53 for Dow and up +6 for S&P futures. The Nikkei is up +46 and Korea is up +20.
Looks like the market reacted slightly positively to the G* meeting but nothing too bullish at the moment. If you haven't read the weekly updates, you can click here. Basically, we have now closed below the 20ema in the weekly for the S&P during last week and that is a bearish indication for us.
There will be a few major numbers to be released this week so we will be on the watch out for that.
-----
(I will update the chart later)
On our local front, we have dropped significantly in the past week and are now trading at the 200ema area for the FKLI. I really do not think that the bottom is anywhere near at all. Usually at a bottom, you would see an acceleration of price going down, sort of a spike down with increased volume, only to go back up just as fast and maybe close the day up.
However, I think there is a possibility that we may see a bounce or a pause in the decline before continuing the move down again. In any case, we will let the cash market be our lead. I think price could be due for a slight pull back towards the direction of the 20ema if there are no fresh negative news on the horizon.
So trade your levels and buy at where support are holding and if you are looking to sell, make sure it is at resistance point that are holding nicely. You do not want to be standing in front of a train or catching a falling knife, using some old trading cliché.
Here are the levels for today:
FKLI
Upper Resistance: 1527, 1531, 1537, 1542, 1547
Lower Support: 1520, 1515, 1510, 1505
Cash Index
Upper Resistance: 1541, 1546, 1549, 1553
Lower Support: 1530, 1524, 1520, 1514, 1510
Trade safe and lets make some money this week!
Best Wishes,
Tech Trader
No comments:
Post a Comment