Morning Updates - 11th June 2012

Morning Traders,

Alright.. just a brief one and I will come back to update the charts a bit later.

The US market closed up last Friday and futures are also now opened much higher. Dow futures are now opened 131 points and the S&P is now trading up 14.25 points as of now.

I think this is mostly due to Spain's requesting the aid for its banking crisis issue. However, price is now trading exactly at 1336 in the S&P which is a resistance point so be aware. Price may still go up further later tonight, or it may come back down so you need to follow price action and not just jump into a trade.

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Alright.. lets try to look at the market objectively.

If you were long over the weekend, you would be a very happy camper now. If you were short, I think the last thing you want to see on a Monday morning is a big gap up.

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From the charts, it looks like sideways market so I think there will be two sided trading this week. I think it will be harder to hold positions overnight so you need to be careful.

As of now, I will be looking to scalp and day trade only. I will update again later if I have held any position overnight.

Here are your trading levels:

FKLI

Upper Resistance: 1575, 1580, 1583, 1585, 1588, 1591
Lower Support: 1569, 1565, 1562, 1558

Cash Indes

Upper Resistance: 1573, 1576, 1580, 1582, 1584, 1587, 1590
Lower Support: 1568, 1566, 1560, 1558

Trade safe everyone!

Best Wishes,
Tech Trader