Alright.. Lets get this out before market open.
US market closed up heavy and its the same with Europe. The Dow was up 287 points while the S&P was up 30 points.
We are now trading at 1316-1318 in the S&P which is the 22ema so that will give some measure of resistance. The market is now expecting a market stimulus but I'm wondering what would happen if Bernanke decided on no stimulus. Haha.. Dangerous eh?
Lets move on to our local market.
*** here are the charts - sorry for being late - 11am
FKLI
Cash Index
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So I have long positions overnight and I am in a good position. If the gap up is not too much, perhaps we can add a bit more to scalp on the way up. I will decide if I will keep the long overnight today near the end of the day.
Naturally, I am long so I hope the market to go up. I am thinking that being a Malaysia boleh country, it is possible that we might rally more. But I want to highlight that there will be resistance overhead too.
By and far, the global markets are just going sideways or up slightly but our market is already back to the pre-drop levels so you need to be careful.
Trade safe, keep your profits and be aware of Bernanke's talk tonight if you are thinking to hold overnight any positions whether long or short.
Here are your trading levels:
FKLI
Upper Resistance: 1575, 1580, 1583, 1586, 1589, 1591
Lower Support: 1570, 1568, 1565, 1562, 1560
Cash Index
Upper Resistance: 1573, 1576, 1580, 1583, 1585, 1587
Lower Support: 1566, 1563, 1558, 1553
Trade safe and all the best.
If I have time I'll come back to update the charts later. Ciao!
Best Wishes,
Tech Trader
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