How are you all today? I hope everyone out there is doing great! I went to bed early with a slight fever and felt much better after waking up this morning.
So lets proceed with today's update.
Europe closed back flat yesterday. Dow futures finally came back down a bit from its highs last night too. Currently, Dow is now trading at +22 points.
Price have yet to break the 28 level yet as of now in the S&P for yesterday But we are still trading above the 200ema in the Daily chart. I am more favourable for the S&P to trade sideways to a slightly down in tonight's trading.
So we will see what happens. Should price breaks down, the 200ema will provide some measure of support there as well at around the 1312 area.
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FKLI
Cash Index
Alright.. lets see what we have going on here in our local market.
Yesterday we had another up day. Futures was trailing cash very tightly. Today is the 29th and we are fast approaching the end of the month so expect to see more roll-overs.
The US market looks sideways and actually a bit bearish. However, that doesn't mean that our local market would fall today. We will need to see the final close of their cash index tomorrow morning to see what has unfold.
As for our local index, we closed at 55.94 yesterday and the next 20ema is at 60. I think there is a possibility that we might go back up to test that level in the coming days, so you need to be on the watch out for that.
As for the FKLI, if the cash really goes up to test the 60 level, I think the futures might do the same and break above the 20ema and test upper resistance. But I still believe that the maximum high for the week would not surpass the 65-70 area.
So trade your levels carefully. I am not sure if FKLI will be trading as tight to the Cash index just like yesterday or not so you have to be prepared for that as well. We have Consumer Confidence report in the US tonight so there is a possibility we might end in a range trading day as well so do not be caught buying the top unless you are trading a break out, in which case, you need to make sure that there is sufficient strength in the move to reach your target.
Here are your trading levels for today:
FKLI
Upper Resistance: 1555, 1558, 1562, 1565, 1570
Lower Support: 1548, 1545, 1540, 1537
Cash Index
Upper Resistance: 1556, 1560, 1565, 1568, 1570
Lower Support: 1552, 1550, 1546, 1540
Trade safe!
Best Wishes,
Tech Trader
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