Morning Traders,
How are you all doing? Hope everyone is going great!
Yesterday we took our shorts profit and went long and did a few scalps which were profitable so its good. Lets see what we can do today.
The US market closed slightly up last night. The Dow was up 26 points while the S&P was up 7 points. We retrace about half of last Friday's drop.
Old boy Bernanke will be speaking tomorrow and not today. I think I mention it was suppose to be today so apologies for that. I think market will be slightly choppy as everyone is waiting for what the Feds will do and whether a stimulus package is in the offering.
Alright lets look at our local market.
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Yesterday we went up as expected. The Dow is currently up 21 and the S&P is currently up 5.75 points. With not much direction from the market and with so much economic data coming out today including an ECB press conference, I think this is not the time to start a swing trade, whether it is a long or a short.
I think scalping and taking your profits is the way to go at least for today. As for the direction of the market, being a boleh-land market, I think there is a possibility we might test the resistance ahead again. So trade your levels carefully.
Look for resistance and support to hold before establishing your trades.
Here are your trading levels for today:
FKLI
Upper Resistance: 1560, 1563, 1565, 1568, 1570
Lower Support: 1553, 1550, 1545, 1548, 1542
Cash Index
Upper Resistance: 1563, 1567, 1570, 1573, 1576
Lower Support: 1553, 1550, 1544, 1541
Trade safe and take your profits!
Best Wishes,
Tech Trader
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