Wow.. what an expiration we had! Being relatively quite new to the local market, just looking at the final 1 1/2 hour of the cash index just fascinated me. Looking at how a big group of people can match price up or down depending on their position.
I'm not being critical or anything. This is the market that we are trading and we have to adapt to it as best as we can. Since these people are openly doing it, I believe it is legal or else, the exchanges would have taken action. But anyway, I have nothing much to say on this matter. You can make your own opinion on what to think of our local market.
------
The US market closed mildly down from the bad numbers. Doe closed down -26 while the S&P was down -3. Both the cash index and the futures for the S&P are now trading below the 200ema. If price for the cash index opens lower today, and closed lower also, then probably the next swing is still to the low side. We will see where futures trade today and how the cash market close tomorrow morning.
------
FKLI
Cash Index
Alright.. first of all, I think I will disclose my positions, then I will read the market to you objectively as I see it. I am still short June from the 80 level. I plan to swing this position if all the regional market confirms to my views. Otherwise, I will cut it and then reposition after that.
-------
Alright.. Yesterday the Cash index made a new recent high and closed at 80.67. The futures for June made a high of 86 but you won't see that in the chart above as it is a continuous running chart for the active spot month only.
Well.. I think we will need to see how the regional perform from here. I am looking at sideways market to downside, but if you are looking at the chart, things are looking pretty strong!
So make your opinions and trade your levels carefully.
Here are your trading levels:
FKLI
Upper Resistance: 1583, 1586, 1589, 1591, 1595
Lower Support: 1578, 1575, 1572, 1570
Cash Index
Upper Resistance: 1583, 1586, 1588, 1590, 1593
Lower Support: 1578, 1575, 1571, 1568, 1565
Trade safe!
Best Wishes,
Tech Trader
No comments:
Post a Comment