Morning Traders,
Alright lets get on with the show.
The US market closed up after good housing data, up by a decent amount, not a full bull type of a day. I think market still favours sideways to an upside market. But the 50ema is just somewhere up there on the S&P so we need to be watchful for that as well.
We have the EU Economic summit today so I think traders will be cautious until the event is over. I think unemployment claims numbers won't have such a big surprise tonight as well.
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Alright.. in our local FKLI, I am still long July 1601 from yesterday. I'm not sure how much we will gap up today. If we gap up a lot, then I will take profits, then reposition for price to test the long side again.
You need to be careful to short a strong market here. If the regional market rallies, then our market would take this opportunity to rally further.
Trade safe and watch your levels.
Here are your trading levels for today:
FKLI
Upper Resistance: 1608, 1612, 1615, 1618
Lower Support: 1601, 1598, 1595, 1591
Cash Index
Upper Resistance: 1605, 1607, 1609, 1611
Lower Support: 1601, 1598, 1595
Bring home the bacon!
Best Wishes,
Tech Trader
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