Morning Traders,
Wow.. Us market tanked last night after the banking downgrade.
I have no position at this moment but I am looking to sell right off at the open.
However, bear in mind that there will be support levels below here in the S&P as well.
In the FKLI, there will also be support levels below and a trend line at 85 which will act as strong resistance. The 20ema is at 78 and the 50ema is at 71 which will both act as support so an end of the world drop is still not in the cards yet so you need to be careful.
I have no over night shorts but its ok. I hope the trend continues and I can ride along with it for today.
Here are your levels for today:
FKLI
Upper Resistance: 1601, 1604,
Lower Support: 1598, 1595, 1591, 1587, 1585, 1580
Cash Index
Upper Resistance: 1601, 1605
Lower Support: 1596, 1590, 1587, 1585, 1580
Trade safe and all the best!
Best Wishes,
Tech Trader
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