Morning Traders,
Alright market opening soon so I will keep this brief.
US market closed largely unchanged except for Dow which closed up 46 points.
Futures then gapped down slightly and is now trading at: Dow -28 and S&P -3.25.
There were no hints of stimulus from Bernanke last night although the unemployment claims numbers were ok but the market could not push up through the resistance.
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Alright lets move on to our local market here.
I don't know.. with the recent increase in volatility, the daily swings are going to be more. I have no over night positions and I am trying to find a bias for the market to trade today.
I am more biased to the downside to be honest. I think the last rally was a bit over done. I may be wrong so you need to make your own judgement. It is also a Friday so you need to be careful of possibility of price being choppy also.
Here are your trading levels:
FKLI
Upper Resistance: 1575, 1577, 1580, 1583
Lower Support: 1570, 1568, 1564, 1562, 1560, 1558, 1553
Cash Index
Upper Resistance: 1576, 1578, 1580, 1583
Lower Support: 1573, 1570, 1568, 1563, 1560
Trade safe! Keep in mind it is a Friday trade!
Best Wishes,
Tech Trader
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