Morning Traders,
Alright US market closed down a little and was mostly flat-ish with lower volume. All eyes will be directed to the FOMC and the ECB later this week and also with a host of other numbers.
We seem to have broken out of the consolidation area but we have to see if there are any follow through there.
--------
Alright we had a late rally in the cash market yesterday to close at 32.35. I want to see if the buying in the cash market is still there or not. I have established a few longer terms longs in August contract and will monitor it closely.
Price have not been able to break below 15 yet so that is a good sign. Lets see if this is just a pull back from the highs and whether we can go back to test the highs again.
Here are your levels for today:
FKLI
Upper Resistance: 1630, 33, 36, 38, 40
Lower Support: 1626, 22, 20, 18, 15
Cash Index: 1633, 36, 38, 40
Lower Support: 1626, 23, 20, 18
Ok trade safe all.
Best Wishes,
Tech Trader
Tuesday, 31 July 2012
Thursday, 26 July 2012
Morning Updates - 26th July 2012
Morning Traders,
Alright. US market was up slightly. Dow was up 59 while S&P was unchanged. Looks like the matching is lower today. Support for S&P remains at 1318 and we have not break it yet. We have a host of numbers coming our tonight so be on the watch for that too.
---
Ok sorry for the late updates. We had a lot of calls this morning.
Market open slightly lower at 37.50 from last close of 39. Then we just shot up to the sky and touched 43.
From the highs, sellers came in full force and sold down to 36 from the highs.
I am looking to short if it breaks lower. I want to see price trade in a small range now first. After the small range is formed, I will trade the break out from there.
Here are the levels for today:
FKLI
Upper Resistance: 1640, 43, 46, 49
Lower Support: 1636, 32, 29, 26
Cash Index
Upper Resistance: 1639, 42, 45, 47
Lower Support: 1632, 29, 25
Trade safe all!
Best Wishes,
Tech Trader
Alright. US market was up slightly. Dow was up 59 while S&P was unchanged. Looks like the matching is lower today. Support for S&P remains at 1318 and we have not break it yet. We have a host of numbers coming our tonight so be on the watch for that too.
---
Ok sorry for the late updates. We had a lot of calls this morning.
Market open slightly lower at 37.50 from last close of 39. Then we just shot up to the sky and touched 43.
From the highs, sellers came in full force and sold down to 36 from the highs.
I am looking to short if it breaks lower. I want to see price trade in a small range now first. After the small range is formed, I will trade the break out from there.
Here are the levels for today:
FKLI
Upper Resistance: 1640, 43, 46, 49
Lower Support: 1636, 32, 29, 26
Cash Index
Upper Resistance: 1639, 42, 45, 47
Lower Support: 1632, 29, 25
Trade safe all!
Best Wishes,
Tech Trader
Wednesday, 25 July 2012
Morning Updates - 25th July 2012
Morning Traders,
Alright another down day in the US. Dow closed down -104 and S&P closed down 12. We have housing data tonight so be on the look out for that. On the weekly chart, we are trading near the lower end of the consolidation pattern so lets see if we can break through that and if not, whether a bounce is in order.
-----
Alright back home. The support at 30 broke yesterday. This basically signifies that the up trend has been broken.
But we might not just fall through the floor just like that. What it means that the bull trend line will now become less steeper and less steeper until one day, the reversal come and the bull trend line is being replaced with a bear trend line.
The 20ema is at 24 so that would provide some measure of support. I would like to see how it opens and if price goes up, I want to see if resistance hold. If yes, then I would like to short if the momentum is still there.
For now, I think I will just sit on the sidelines and just watch price develops more and stick to day trading.
Here are your levels for today:
FKLI
Upper Resistance: 1630, 33, 36, 38
Lower Support: 1627, 24, 22, 19, 15
Cash Index
Upper Resistance: 1632, 35, 37, 40
Lower Support: 1629, 26, 24, 22, 20
Trade safe all!
Best Wishes,
Tech Trader
Alright another down day in the US. Dow closed down -104 and S&P closed down 12. We have housing data tonight so be on the look out for that. On the weekly chart, we are trading near the lower end of the consolidation pattern so lets see if we can break through that and if not, whether a bounce is in order.
-----
Alright back home. The support at 30 broke yesterday. This basically signifies that the up trend has been broken.
But we might not just fall through the floor just like that. What it means that the bull trend line will now become less steeper and less steeper until one day, the reversal come and the bull trend line is being replaced with a bear trend line.
The 20ema is at 24 so that would provide some measure of support. I would like to see how it opens and if price goes up, I want to see if resistance hold. If yes, then I would like to short if the momentum is still there.
For now, I think I will just sit on the sidelines and just watch price develops more and stick to day trading.
Here are your levels for today:
FKLI
Upper Resistance: 1630, 33, 36, 38
Lower Support: 1627, 24, 22, 19, 15
Cash Index
Upper Resistance: 1632, 35, 37, 40
Lower Support: 1629, 26, 24, 22, 20
Trade safe all!
Best Wishes,
Tech Trader
Tuesday, 24 July 2012
Morning Updates - 24th July 2012
Morning Traders,
Alright. Us market closed down. Dow ooened down -200 plus but recovered to close at only down -101 and S&P closed down -12 only.
Bernanko will be coming on again tonight.
-----
Alright what's in store for us today?
Major support at 32-30. If these levels hold, then I think I will scalp upwards from here.
We only broke down in the afternoon session yesterday after triggering some stops. In the morning, we held like a rock despite the regional looking like crap.
Until we break a major trend line and the 20ema, I will assume that the trend is still upwards.
Here are your levels for today:
FKLI
Upper Resistance: 1636, 40, 42, 46
Lower Support: 1632, 30, 27, 24, 22
Cash Index
Upper Resistance: 1637, 40, 42, 45
Lower Support: 1632, 29, 27, 25, 20
Trade safe all!
Best Wishes,
Tech Trader
Alright. Us market closed down. Dow ooened down -200 plus but recovered to close at only down -101 and S&P closed down -12 only.
Bernanko will be coming on again tonight.
-----
Alright what's in store for us today?
Major support at 32-30. If these levels hold, then I think I will scalp upwards from here.
We only broke down in the afternoon session yesterday after triggering some stops. In the morning, we held like a rock despite the regional looking like crap.
Until we break a major trend line and the 20ema, I will assume that the trend is still upwards.
Here are your levels for today:
FKLI
Upper Resistance: 1636, 40, 42, 46
Lower Support: 1632, 30, 27, 24, 22
Cash Index
Upper Resistance: 1637, 40, 42, 45
Lower Support: 1632, 29, 27, 25, 20
Trade safe all!
Best Wishes,
Tech Trader
Monday, 23 July 2012
Morning Updates - 23rd July 2012
Morning Traders,
Alright.. US market closed down on Friday, Dow futures are down about -40 over as of this writing. We have a few major numbers coming our namely the housing data and the advance gdp on Friday.
----
What's in store for us back home?
Alright we opened at 41, then traded up to 43 right after that.
We have a few major support at 42, 36 and 30.
I wan't to see what prices do when it touches those support levels. If support holds, then I might go long there.
For now, I'm taking a look and see approach for now.
Here are your trading levels for today:
FKLI
Upper Resistance: 1647, 49, 51, 53
Lower Support: 1642, 39, 36, 33, 30
Cash Index
Upper Resistance: 1645, 47, 50, 52
Lower Support: 1640, 37, 35, 32
Trade safe all!
Best Wishes,
Tech Trader
Alright.. US market closed down on Friday, Dow futures are down about -40 over as of this writing. We have a few major numbers coming our namely the housing data and the advance gdp on Friday.
----
What's in store for us back home?
Alright we opened at 41, then traded up to 43 right after that.
We have a few major support at 42, 36 and 30.
I wan't to see what prices do when it touches those support levels. If support holds, then I might go long there.
For now, I'm taking a look and see approach for now.
Here are your trading levels for today:
FKLI
Upper Resistance: 1647, 49, 51, 53
Lower Support: 1642, 39, 36, 33, 30
Cash Index
Upper Resistance: 1645, 47, 50, 52
Lower Support: 1640, 37, 35, 32
Trade safe all!
Best Wishes,
Tech Trader
Friday, 20 July 2012
Morning Updates - 20th July 2012
Morning Traders,
Alright.. Market about to open in a bit.
US market closed slightly up. Dow up +34 and S&P + 3.
No major numbers coming out from the US tonight but some from Europe.
-----
So.. what do you guys think?
I remember at closing last night I saw that many of the counters in the index was either red or some were unchanged. Only a few counters were up. This is quite significant for me because the regional was up by quite a lot and we didn't continue the up move.
But volume was crappy.
I think I will sit on the sidelines or just day trade if the opportunity arise. Major support for futures at 40.
Here are your levels:
FKLI
Upper Resistance: 1648, 51, 53, 55, 58
Lower Support: 1646, 43, 40, 38, 36
Cash Index
Upper Resistance: 1647, 49, 51, 53, 55
Lower Support: 1642, 40, 37, 35, 32
Trade safe!
Best Wishes,
Tech Trader
Alright.. Market about to open in a bit.
US market closed slightly up. Dow up +34 and S&P + 3.
No major numbers coming out from the US tonight but some from Europe.
-----
So.. what do you guys think?
I remember at closing last night I saw that many of the counters in the index was either red or some were unchanged. Only a few counters were up. This is quite significant for me because the regional was up by quite a lot and we didn't continue the up move.
But volume was crappy.
I think I will sit on the sidelines or just day trade if the opportunity arise. Major support for futures at 40.
Here are your levels:
FKLI
Upper Resistance: 1648, 51, 53, 55, 58
Lower Support: 1646, 43, 40, 38, 36
Cash Index
Upper Resistance: 1647, 49, 51, 53, 55
Lower Support: 1642, 40, 37, 35, 32
Trade safe!
Best Wishes,
Tech Trader
Thursday, 19 July 2012
Morning Updates - 19th July 2012
Morning Traders,
I think I won't be in time for the open today.. Raining lah.. caused the roads to be very jam.. sorry..
Alright.. US market closed up nicely, S&P has broken the bear trend line at 68, there will be resistance at 74 so we will see what price do when it reaches there.
We have a few major numbers coming out today mainly unemployment claims, Philly Fed Manufacturing Index and Existing Home Sales.
Sooooooo... What's up ahead? That remains the million dollar question.. :)
-----
Ok back home.. What's in store? The market has opened already.. Cash is at all time high again, futures opened at 50, made a high of 51, and pulled back to a low of 46 and it is now trading at 46.50-47.
Personally, I think if these support holds, I think the move is upside. A strong market will remain strong until a conditional change occurs. So watch your levels and trade carefully.
Here are the levels for today:
FKLI
Upper Resistance: 1648, 50, 53, 55, 58
Lower Support: 1643, 40, 38, 36
Cash Index
Upper Resistance: 1647, 49, 51, 53, 55
Lower Support: 1642, 40, 37, 33
Trade safe all!
Best Wishes,
Tech Trader
I think I won't be in time for the open today.. Raining lah.. caused the roads to be very jam.. sorry..
Alright.. US market closed up nicely, S&P has broken the bear trend line at 68, there will be resistance at 74 so we will see what price do when it reaches there.
We have a few major numbers coming out today mainly unemployment claims, Philly Fed Manufacturing Index and Existing Home Sales.
Sooooooo... What's up ahead? That remains the million dollar question.. :)
-----
Ok back home.. What's in store? The market has opened already.. Cash is at all time high again, futures opened at 50, made a high of 51, and pulled back to a low of 46 and it is now trading at 46.50-47.
Personally, I think if these support holds, I think the move is upside. A strong market will remain strong until a conditional change occurs. So watch your levels and trade carefully.
Here are the levels for today:
FKLI
Upper Resistance: 1648, 50, 53, 55, 58
Lower Support: 1643, 40, 38, 36
Cash Index
Upper Resistance: 1647, 49, 51, 53, 55
Lower Support: 1642, 40, 37, 33
Trade safe all!
Best Wishes,
Tech Trader
Wednesday, 18 July 2012
Morning Updates - 18th July 2012
Morning Traders,
Alright.. tonight we have Bernanko testifying for the second day. Also we have building permits and also a few major numbers coming out in the UK and a few other major countries.
The US market closed up moderately with the Dow up +78 and the S&P +10.
On the charts, I want to see if S&P futures can break the 68 level as the bear trend line is there. We will wait for more price action to clarify this.
----
Alright back home. Yesterday at a glimpse, I actually saw that only about 9-10 counter was actually up out of all the 30 index linked counters.
I think I will be monitoring the counters again to look for signs of weakness developing there. The music has to stop somewhere right? I'm not saying it is now, but I always want to be on the look our for signs so that I do not be caught unprepared.
We have some strong support should price break namely at 32 for futures.
There really isn't much indication other than our cash market is very strong. But looking at yesterday how the majority of the counters are not following the action, I think I will start to look for cracks in the wall so to speak.
I will remain in day trading mode should I see any opportunity.
Here are your levels for today:
FKLI
Upper Resistance: 1646, 48, 50, 53
Lower Support: 39-40, 36, 32, 30
Cash Index
Upper resistance: 1640, 43, 47, 49
Lower Support: 37, 33, 29, 25
Trade safe all!
Best Wishes,
Tech Trader
Alright.. tonight we have Bernanko testifying for the second day. Also we have building permits and also a few major numbers coming out in the UK and a few other major countries.
The US market closed up moderately with the Dow up +78 and the S&P +10.
On the charts, I want to see if S&P futures can break the 68 level as the bear trend line is there. We will wait for more price action to clarify this.
----
Alright back home. Yesterday at a glimpse, I actually saw that only about 9-10 counter was actually up out of all the 30 index linked counters.
I think I will be monitoring the counters again to look for signs of weakness developing there. The music has to stop somewhere right? I'm not saying it is now, but I always want to be on the look our for signs so that I do not be caught unprepared.
We have some strong support should price break namely at 32 for futures.
There really isn't much indication other than our cash market is very strong. But looking at yesterday how the majority of the counters are not following the action, I think I will start to look for cracks in the wall so to speak.
I will remain in day trading mode should I see any opportunity.
Here are your levels for today:
FKLI
Upper Resistance: 1646, 48, 50, 53
Lower Support: 39-40, 36, 32, 30
Cash Index
Upper resistance: 1640, 43, 47, 49
Lower Support: 37, 33, 29, 25
Trade safe all!
Best Wishes,
Tech Trader
Tuesday, 17 July 2012
Morning Updates - 17th July 2012
Morning Traders,
Just this morning I thought about how this month had gone past in the blink of an eye and its the middle of the month already.
I have been sleeping earlier and that extra rest felt good for me.
Alright lets proceed with the updates for today.
US market closed down moderately last night. Dow closed down -50 while S&P was almost unchanged at -3.
There is a correction. Bernanko will be speaking tonight and not tomorrow night so take note of that.
-----
As for our local market, I just can't do anything but admire the strength in our cash market. I felt that our futures side lost a bit of its upside momentum yesterday as you can see price had difficulty to push upside. But our cash market remains strong and pushed to new high.
If cash market remains so strong, there is nothing that futures can do other than follow it upside too.
I think we need to look at cash market again today and see if the strength and buying is still there and let that be our lead. But take note that yesterday, we traded at par for most of the day and went discount towards the end of the day. But this doesn't mean that we can't go back to premium mode again in the coming days.
These relationship between prices can change any time if the big buyers start coming back in the futures so you need to be on the look out for that.
I will stick to day trading and let cash be my lead.
Here are the levels for today:
FKLI
Upper Resistance: 1635, 38, 41, 43
Lower Support: 1630, 28, 26, 22
Cash Index
Upper Resistance: 1636, 38, 40, 42
Lower Support: 1632, 29, 25
Trade safe all.
Best Wishes,
Tech Trader
Just this morning I thought about how this month had gone past in the blink of an eye and its the middle of the month already.
I have been sleeping earlier and that extra rest felt good for me.
Alright lets proceed with the updates for today.
US market closed down moderately last night. Dow closed down -50 while S&P was almost unchanged at -3.
There is a correction. Bernanko will be speaking tonight and not tomorrow night so take note of that.
-----
As for our local market, I just can't do anything but admire the strength in our cash market. I felt that our futures side lost a bit of its upside momentum yesterday as you can see price had difficulty to push upside. But our cash market remains strong and pushed to new high.
If cash market remains so strong, there is nothing that futures can do other than follow it upside too.
I think we need to look at cash market again today and see if the strength and buying is still there and let that be our lead. But take note that yesterday, we traded at par for most of the day and went discount towards the end of the day. But this doesn't mean that we can't go back to premium mode again in the coming days.
These relationship between prices can change any time if the big buyers start coming back in the futures so you need to be on the look out for that.
I will stick to day trading and let cash be my lead.
Here are the levels for today:
FKLI
Upper Resistance: 1635, 38, 41, 43
Lower Support: 1630, 28, 26, 22
Cash Index
Upper Resistance: 1636, 38, 40, 42
Lower Support: 1632, 29, 25
Trade safe all.
Best Wishes,
Tech Trader
Monday, 16 July 2012
Morning Updates - 16th July 2012
Morning Traders,
Alright.. we have a host of numbers coming out this week with old boy Bernanko testifying on Wednesday.
Last Friday, market closed up significantly with Dow closing up +204 and with S&P closing +22. Effectively, we are still in a sideways market and I think we will remain so until any further conclusive break outs.
I read somewhere that the numbers coming out will be weaker in the summer months so be on the look out for that too.
---------
Alright.. with the US closing up so much, the overnight shorts are going to experience some pain this morning at open I guess.
But how are we going to trade today? Are we going to resume the strong surge again? This remains to be seen. That is definitely a possibility.
However, you need to be careful also because the sellers may come back at some point during the day.
I think I will be on the look out for both side of the market and not get too complacent here and stick to day trading only.
Here are your levels for today:
FKLI
Upper Resistance: 1629, 32, 36, 38, 41
Lower Support: 1623, 19, 16, 12
Cash Index:
Upper Resistance: 1629, 32, 35, 38
Lower Support: 1621, 17, 14, 11
Trade safe all!
Best Wishes,
Tech Trader
Alright.. we have a host of numbers coming out this week with old boy Bernanko testifying on Wednesday.
Last Friday, market closed up significantly with Dow closing up +204 and with S&P closing +22. Effectively, we are still in a sideways market and I think we will remain so until any further conclusive break outs.
I read somewhere that the numbers coming out will be weaker in the summer months so be on the look out for that too.
---------
Alright.. with the US closing up so much, the overnight shorts are going to experience some pain this morning at open I guess.
But how are we going to trade today? Are we going to resume the strong surge again? This remains to be seen. That is definitely a possibility.
However, you need to be careful also because the sellers may come back at some point during the day.
I think I will be on the look out for both side of the market and not get too complacent here and stick to day trading only.
Here are your levels for today:
FKLI
Upper Resistance: 1629, 32, 36, 38, 41
Lower Support: 1623, 19, 16, 12
Cash Index:
Upper Resistance: 1629, 32, 35, 38
Lower Support: 1621, 17, 14, 11
Trade safe all!
Best Wishes,
Tech Trader
Friday, 13 July 2012
Morning Updates - 13th July 2012
Morning Traders,
Alright.. US market closed mildly down. Nasdaq was down heavier percentage wise. We have China's GDP at 10am. Then we will have a host of economic numbers in the US tonight. To be honest, looking at the closing for the Dow and the S&P, it was looking much more ugly at one point compared to the actual closing.
------
Alright.. lets head back on home..
Finally we see a pull back.. A breath of relief for the bears really..
What do you all think? There will be a major support at around the 15 level.
Being a Friday, I think I will be more careful and maybe just sit on the sidelines. Unless I see a good set up like price testing near the 15 level and can't break support, I may go long for a scalp.
Here are your levels for today:
FKLI
Upper Resistance: 1626, 29, 32, 35, 38
Lower Support: 1622, 20, 17, 15, 12, 08
Cash Index
Upper Resistance: 1629, 32, 35
Lower Support: 1625, 23, 20, 18, 15
Trade safe all!
Best Wishes,
Tech Trader
Alright.. US market closed mildly down. Nasdaq was down heavier percentage wise. We have China's GDP at 10am. Then we will have a host of economic numbers in the US tonight. To be honest, looking at the closing for the Dow and the S&P, it was looking much more ugly at one point compared to the actual closing.
------
Alright.. lets head back on home..
Finally we see a pull back.. A breath of relief for the bears really..
What do you all think? There will be a major support at around the 15 level.
Being a Friday, I think I will be more careful and maybe just sit on the sidelines. Unless I see a good set up like price testing near the 15 level and can't break support, I may go long for a scalp.
Here are your levels for today:
FKLI
Upper Resistance: 1626, 29, 32, 35, 38
Lower Support: 1622, 20, 17, 15, 12, 08
Cash Index
Upper Resistance: 1629, 32, 35
Lower Support: 1625, 23, 20, 18, 15
Trade safe all!
Best Wishes,
Tech Trader
Thursday, 12 July 2012
Morning Updates - 12th July 2012
Morning Traders,
Alright I will keep this brief.
Us market closed down moderately. Tonight we have unemployment claims. S&P is still trading at 1336 support.
----------
Alright.. unbelievable as it may seem, the party goes on!
We made a new high yesterday again. There is just no fighting this market. If I'm not mistaken, the volume on the cash market also uncreased right?
I think we should continue to have the upside mentality until we have a conditional change.
That means I will keep buying the dips until it doesn't work any more, and then I will reverse.
As for today, I will see if support holds near 30 or not. If yes, then I will go long. I will have my stops in place if it decides to reverse today. Trade safe.
Here are your levels.
FKLI
Upper Resistance: 1636, 38, 41, 43
Lower support: 1630, 26, 22, 20
Cash Index
Upper Resistance: 1632, 35, 38
Lower Support: 1628, 25, 20
Trade safe all!
Best Wishes,
Tech Trader
Alright I will keep this brief.
Us market closed down moderately. Tonight we have unemployment claims. S&P is still trading at 1336 support.
----------
Alright.. unbelievable as it may seem, the party goes on!
We made a new high yesterday again. There is just no fighting this market. If I'm not mistaken, the volume on the cash market also uncreased right?
I think we should continue to have the upside mentality until we have a conditional change.
That means I will keep buying the dips until it doesn't work any more, and then I will reverse.
As for today, I will see if support holds near 30 or not. If yes, then I will go long. I will have my stops in place if it decides to reverse today. Trade safe.
Here are your levels.
FKLI
Upper Resistance: 1636, 38, 41, 43
Lower support: 1630, 26, 22, 20
Cash Index
Upper Resistance: 1632, 35, 38
Lower Support: 1628, 25, 20
Trade safe all!
Best Wishes,
Tech Trader
Wednesday, 11 July 2012
Morning Updates - 11th July 2012
Morning Traders,
Alright.. sorry for the late updates this morning.
Let go and do a brief one.
The Dow was higher before cash open and started to lose it gains to close down -83. For the S&P futures, we are nto trading right at the 22ema in the weekly which is the 1333-1336 levels which should provide some measure of support. The drop in the last few days was gradual, but it was a down few days nonetheless. We have the Trade balance numbers and the FOMC minutes tonight so be aware.
------
Alright.. we reached an all time high again yesterday like we expected. But what is in store for today? That's the same question that I have in my mind now.
With the US market showing general weakness, it is really quite a feat for us to keep showing a brave front and shooting to new highs continuously. How much of this are from real demand you would need to ask eventually. But if we keep doing this and shoot to new highs while the whole world are still sideways, the pull back could be a sharp one.
As of now, we have just been buying the dips and it has been working nicely. And it will keep working until it does work. And when it doesn't work any more, we will then reverse our outlook on the market.
As for today, I have no position on for now. With the FOMC on tonight, I might just want to sit on the sidelines. If we manage to spike up sharply, but could not sustain the move, then I will fade and do a day trade and short it. Similar on the short side, if we push down sharply, and support holds, then I would consider to go long on a day trade. I kinda feel that today is one of those 50/50 type of days, days when it would be better to just sit on the sidelines.
So be careful.
FKLI
Upper Resistance: 1630, 1632, 1635, 1638
Lower Support: 1627, 1625, 1622, 1620, 1615
Cash Index
Upper Resistance: 1625, 1627, 1629, 1632
Lower Support: 1622, 1620, 1618, 1615, 1612
Trade safe all.
Best Wishes,
Tech Trader
Alright.. sorry for the late updates this morning.
Let go and do a brief one.
The Dow was higher before cash open and started to lose it gains to close down -83. For the S&P futures, we are nto trading right at the 22ema in the weekly which is the 1333-1336 levels which should provide some measure of support. The drop in the last few days was gradual, but it was a down few days nonetheless. We have the Trade balance numbers and the FOMC minutes tonight so be aware.
------
Alright.. we reached an all time high again yesterday like we expected. But what is in store for today? That's the same question that I have in my mind now.
With the US market showing general weakness, it is really quite a feat for us to keep showing a brave front and shooting to new highs continuously. How much of this are from real demand you would need to ask eventually. But if we keep doing this and shoot to new highs while the whole world are still sideways, the pull back could be a sharp one.
As of now, we have just been buying the dips and it has been working nicely. And it will keep working until it does work. And when it doesn't work any more, we will then reverse our outlook on the market.
As for today, I have no position on for now. With the FOMC on tonight, I might just want to sit on the sidelines. If we manage to spike up sharply, but could not sustain the move, then I will fade and do a day trade and short it. Similar on the short side, if we push down sharply, and support holds, then I would consider to go long on a day trade. I kinda feel that today is one of those 50/50 type of days, days when it would be better to just sit on the sidelines.
So be careful.
FKLI
Upper Resistance: 1630, 1632, 1635, 1638
Lower Support: 1627, 1625, 1622, 1620, 1615
Cash Index
Upper Resistance: 1625, 1627, 1629, 1632
Lower Support: 1622, 1620, 1618, 1615, 1612
Trade safe all.
Best Wishes,
Tech Trader
Tuesday, 10 July 2012
Morning Updates - 10th July 2012
Morning Traders,
Alright. US market closed slightly down. There are no major data tonight. Supports are holding at the moment.
-----
So.. what do you guys think? Yesterday we closed as a doji in the FKLI. The Cash market was just super strong in the face of regional decline. We remained at at the 19 level for most of the day and closed at 20!
I don't know.. for me, that is strength. I am really more inclined to be trading to the upside today. I'm looking for cash to break new highs again... so crazy right? I know! That's what a new high can do to you. People get all enthusiastic about the market and push things higher.
Also I noted something yesterday on the open. The bid-ask spread for the component stocks was very wide. That actually would prevented people from selling the stocks, wouldn't it? so if I see the same thing again today, I would take that as a confirmation of bullish biased.
However, I will also have stops in case price decides to just go to the dumps. Don't want to be caught like a sucker in this crazy market would I?
Ok here are your trading levels.
FKLI
Upper Resistance: 1626, 29, 32, 35
Lower Support: 1620, 15, 12, 10, 08
Cash Index
Upper Resistance: 1620, 23, 25, 29
Lower Support: 1615, 11, 09, 07
Trade safe!
Best Wishes,
Tech Trader
Alright. US market closed slightly down. There are no major data tonight. Supports are holding at the moment.
-----
So.. what do you guys think? Yesterday we closed as a doji in the FKLI. The Cash market was just super strong in the face of regional decline. We remained at at the 19 level for most of the day and closed at 20!
I don't know.. for me, that is strength. I am really more inclined to be trading to the upside today. I'm looking for cash to break new highs again... so crazy right? I know! That's what a new high can do to you. People get all enthusiastic about the market and push things higher.
Also I noted something yesterday on the open. The bid-ask spread for the component stocks was very wide. That actually would prevented people from selling the stocks, wouldn't it? so if I see the same thing again today, I would take that as a confirmation of bullish biased.
However, I will also have stops in case price decides to just go to the dumps. Don't want to be caught like a sucker in this crazy market would I?
Ok here are your trading levels.
FKLI
Upper Resistance: 1626, 29, 32, 35
Lower Support: 1620, 15, 12, 10, 08
Cash Index
Upper Resistance: 1620, 23, 25, 29
Lower Support: 1615, 11, 09, 07
Trade safe!
Best Wishes,
Tech Trader
Monday, 9 July 2012
Morning Updates - 9th July 2012
Morning Traders,
Firstly, many apologies about the weekend updates.
Perhaps I will stay back today and post it at the end of the evening. I really hope I can save my hard disk though because I have not back up the latest 3 months of data. :(
Alright lets move on and see whats in store for us today.
The US market closed down on Friday. Price did bounce up towards the end to close a bit better from the day's lows.
Alright.. should we break down, I think the 1336 in the S&P should hold. There will be some major numbers this week especially the FOMC coming out this Wednesday.
-----
Alright.. what's in store for our local market?
Would we see a pull back finally? or are we going to see a continuation?
Well, two of these possibilities are in the cards. On one hand, we have got up to quite a high level already. It is possible we might see sellers comeback to take control and for buyers to take some of the profits.
One the other hand. when price are at new highs, the sheer enthusiasm of traders can push prices to unrealistic highs.
So I want to be on the look out for both today. I will also want to see how the cash is doing.
What is possible is that morning we see a slight pull back, then when price trade at support and it holds, then maybe it will go back up again.
I will let price action be my lead today.
Here are your levels for today:
FKLI
Upper Resistance: 1626, 29, 32, 35
Lower Support: 1620, 15, 12, 10, 08
Cash Index
Upper Resistance: 1620, 23, 25, 29
Lower Support: 1615, 11, 09, 07
Trade safe all!
Best Wishes,
Tech Trader
Firstly, many apologies about the weekend updates.
Perhaps I will stay back today and post it at the end of the evening. I really hope I can save my hard disk though because I have not back up the latest 3 months of data. :(
Alright lets move on and see whats in store for us today.
The US market closed down on Friday. Price did bounce up towards the end to close a bit better from the day's lows.
Alright.. should we break down, I think the 1336 in the S&P should hold. There will be some major numbers this week especially the FOMC coming out this Wednesday.
-----
Alright.. what's in store for our local market?
Would we see a pull back finally? or are we going to see a continuation?
Well, two of these possibilities are in the cards. On one hand, we have got up to quite a high level already. It is possible we might see sellers comeback to take control and for buyers to take some of the profits.
One the other hand. when price are at new highs, the sheer enthusiasm of traders can push prices to unrealistic highs.
So I want to be on the look out for both today. I will also want to see how the cash is doing.
What is possible is that morning we see a slight pull back, then when price trade at support and it holds, then maybe it will go back up again.
I will let price action be my lead today.
Here are your levels for today:
FKLI
Upper Resistance: 1626, 29, 32, 35
Lower Support: 1620, 15, 12, 10, 08
Cash Index
Upper Resistance: 1620, 23, 25, 29
Lower Support: 1615, 11, 09, 07
Trade safe all!
Best Wishes,
Tech Trader
Sunday, 8 July 2012
Weekend updated
Guys, good evening.
My pc's hard disk just crashed..
I'm trying to save the files inside and all now.. Hope I'll be able to do that..
So there will be no weekend updates for this week. I'm posting this from my phone now. All my charts are on my computer.
I'll see you in the morning updates tomorrow in the office. Have a good evening everyone.
Sincerely,
Tech Trader
My pc's hard disk just crashed..
I'm trying to save the files inside and all now.. Hope I'll be able to do that..
So there will be no weekend updates for this week. I'm posting this from my phone now. All my charts are on my computer.
I'll see you in the morning updates tomorrow in the office. Have a good evening everyone.
Sincerely,
Tech Trader
Friday, 6 July 2012
Morning Updates - 6th July 2012
Morning Traders,
Alright. The jobs report last night was good but the ISM numbers were disappointing. ECB cut rates and Bank of England increased the size of its qualitative easing with China also cutting rates further. Dow closed down -47 points, Dow down -6 points while Nasdaq closed unchanged.
How do you interpret this? Hmm.. A tough call to be honest. But looking at the market not reacting much to all these following action, I think we need to be careful and not assume good times are ahead. Don't you agree?
So far we have traded in a sideways and slightly upside as expected and I will assume that today won't be that different too. There will be Non-farm employment change tonight. Last month's numbers was the bad one coming out at +69k jobs added only. Analyst estimates for this coming one is 97k jobs added. We will see how the actual numbers come out tonight. Price could go either way depending on the actual numbers.
------
Alright.. as for our local market, we have been making new highs everyday in our futures market. Yesterday we touched a high of 1620. Cash almost touched its new high too.
So what do you think? Think we are going to keep going higher? It is definitely possible.. We are at an all time high for a reason. How much of it is being artificially supported or whether it is from genuine demand, we will never know. But what concerns us is that price is strong and making new highs. I think that it is not wise to go against the trend here.
Unless price spike to unrealistic highs, then I think we can put on a short position. Otherwise, it would all be for scalping only. If price comes down and finds some levels that are being supported, then probably I might look to go long. But considering it is also a Friday, I might just sit it out unless something looks good.
Here are your levels:
FKLI
Upper Resistance: 1620, 1623, 1625, 1628
Lower Support: 1615, 12, 08, 16, 04
Cash Index
Upper Resistance: 1615, 17, 19, 21
Lower Support: 1611, 09, 07, 05
So trade safe everyone.
Best Wishes,
Tech Trader
Alright. The jobs report last night was good but the ISM numbers were disappointing. ECB cut rates and Bank of England increased the size of its qualitative easing with China also cutting rates further. Dow closed down -47 points, Dow down -6 points while Nasdaq closed unchanged.
How do you interpret this? Hmm.. A tough call to be honest. But looking at the market not reacting much to all these following action, I think we need to be careful and not assume good times are ahead. Don't you agree?
So far we have traded in a sideways and slightly upside as expected and I will assume that today won't be that different too. There will be Non-farm employment change tonight. Last month's numbers was the bad one coming out at +69k jobs added only. Analyst estimates for this coming one is 97k jobs added. We will see how the actual numbers come out tonight. Price could go either way depending on the actual numbers.
------
Alright.. as for our local market, we have been making new highs everyday in our futures market. Yesterday we touched a high of 1620. Cash almost touched its new high too.
So what do you think? Think we are going to keep going higher? It is definitely possible.. We are at an all time high for a reason. How much of it is being artificially supported or whether it is from genuine demand, we will never know. But what concerns us is that price is strong and making new highs. I think that it is not wise to go against the trend here.
Unless price spike to unrealistic highs, then I think we can put on a short position. Otherwise, it would all be for scalping only. If price comes down and finds some levels that are being supported, then probably I might look to go long. But considering it is also a Friday, I might just sit it out unless something looks good.
Here are your levels:
FKLI
Upper Resistance: 1620, 1623, 1625, 1628
Lower Support: 1615, 12, 08, 16, 04
Cash Index
Upper Resistance: 1615, 17, 19, 21
Lower Support: 1611, 09, 07, 05
So trade safe everyone.
Best Wishes,
Tech Trader
Thursday, 5 July 2012
Morning Updates -
Morning Traders,
How are you all doing?
Alright I will keep this brief.
We have the non-farm payroll numbers tonight in the US. Last month's numbers came out bad and we sank like a rock if you remember. But that was also near the low print already as we recovered from there to where we are not. We also have the ECB press conference and we will see if there is any interest rate cuts or not. A cut should boost the market up.
-------
In our local market, we are still performing strong. We reached a new high for cash yesterday and also for futures. Regional are all still flat at this moment. Dow is now trading -23 and the S&P is now trading at -3.25.
With so many major data coming out tonight, I'm looking at the possibility that traders are going to take a cautious approach to the market today. I would prefer not to hold any overnight position as the numbers could send the market to either side.
I will probably stick to day trading for today and see what happens after that. With our market trading at new highs, people could get all excited and push things to unrealistic levels and at other times, sellers may come back to take control of the market again.
Here are your trading levels:
FKLI
Upper Resistance: 1619, 23, 25
Lower Support: 1615, 12, 08, 06, 04
Cash Index
Upper Resistance: 1615, 17, 19, 21
Lower Support: 1611, 09, 07, 04
Trade safe and be careful.
Best Wishes,
Tech Trader
How are you all doing?
Alright I will keep this brief.
We have the non-farm payroll numbers tonight in the US. Last month's numbers came out bad and we sank like a rock if you remember. But that was also near the low print already as we recovered from there to where we are not. We also have the ECB press conference and we will see if there is any interest rate cuts or not. A cut should boost the market up.
-------
In our local market, we are still performing strong. We reached a new high for cash yesterday and also for futures. Regional are all still flat at this moment. Dow is now trading -23 and the S&P is now trading at -3.25.
With so many major data coming out tonight, I'm looking at the possibility that traders are going to take a cautious approach to the market today. I would prefer not to hold any overnight position as the numbers could send the market to either side.
I will probably stick to day trading for today and see what happens after that. With our market trading at new highs, people could get all excited and push things to unrealistic levels and at other times, sellers may come back to take control of the market again.
Here are your trading levels:
FKLI
Upper Resistance: 1619, 23, 25
Lower Support: 1615, 12, 08, 06, 04
Cash Index
Upper Resistance: 1615, 17, 19, 21
Lower Support: 1611, 09, 07, 04
Trade safe and be careful.
Best Wishes,
Tech Trader
Wednesday, 4 July 2012
Morning Updates - 4th July 2012
Morning Traders,
Sorry for the late post today. Hope I'm still in time for the open.
Alright.. US market closed up slightly. It is Independence Day there so there will be no trading in the equity market. Futures will me open till Europe close.
--
We are at new highs. Things can get difficult to see when at new highs. Sometimes, the enthusiasm from traders caused by new highs can push things to an unrealistic levels. Sometimes, sellers step in to take control of the market. Take into consideration that the US market will be closed, I think things are going going to be difficult to read today.
I am actually considering to sit on the sidelines and maybe stick to day trading only and wait for market to resume normal trading tomorrow.
Here are you levels:
FKLI
Upper Resistance: 1615, 1618, 1620, 1623
Lower Support: 1612, 08, 05, 01, 98
Cash Index
Upper Resistance: 1609, 11, 13, 15
Lower Support: 1604, 01, 1598
Trade safe!
Best Wishes,
Tech Trader
Sorry for the late post today. Hope I'm still in time for the open.
Alright.. US market closed up slightly. It is Independence Day there so there will be no trading in the equity market. Futures will me open till Europe close.
--
We are at new highs. Things can get difficult to see when at new highs. Sometimes, the enthusiasm from traders caused by new highs can push things to an unrealistic levels. Sometimes, sellers step in to take control of the market. Take into consideration that the US market will be closed, I think things are going going to be difficult to read today.
I am actually considering to sit on the sidelines and maybe stick to day trading only and wait for market to resume normal trading tomorrow.
Here are you levels:
FKLI
Upper Resistance: 1615, 1618, 1620, 1623
Lower Support: 1612, 08, 05, 01, 98
Cash Index
Upper Resistance: 1609, 11, 13, 15
Lower Support: 1604, 01, 1598
Trade safe!
Best Wishes,
Tech Trader
Tuesday, 3 July 2012
Morning Updates - 3rd July 2012
Morning Traders,
Alright I'm going to do a brief one this morning.
The Dow was down about 60+ when I last checked before going to bed earlier last night. When I woke up, it went back to close at down -9 only. S&P closed positive 3 and Nasdaq closed positive 16 so market closed quite mixed.
I am still of the opinion that the market is in a sideways chop and will continue to hold the view until any significant changes occurs.
------
Alright.. What's in store for us here? the open interest has increased to 36k today from 31k yesterday. Trend line support is at 95 for today. The 20ema is at 90 and the 50ema is at 78.
Would we seen a pull back? Or a continuation? it still remains to be seen. any breakdown should find support at the above levels so no end of the world drop even if we have a pull back.
I would suggest to stick to day trading and not hold any overnight positions. I think there is a possibility that we might see a trading range so if that occurs, be careful not to buy the top and sell the bottom. And if you are trading a breakout, then use a stop limit to place your entry outside the range and make sure the trend is strong enough to take price to your target.
Here are your levels for today:
FKLI
Upper Resistance: 1606, 08, 10, 12, 15
Lower Support: 1601, 1598, 95, 91, 89
Cash Index
Upper Resistance: 1603, 1605, 1607
Lower Support: 1598, 95, 93 90
Trade safe!
Best Wishes,
Tech Trader
Alright I'm going to do a brief one this morning.
The Dow was down about 60+ when I last checked before going to bed earlier last night. When I woke up, it went back to close at down -9 only. S&P closed positive 3 and Nasdaq closed positive 16 so market closed quite mixed.
I am still of the opinion that the market is in a sideways chop and will continue to hold the view until any significant changes occurs.
------
Alright.. What's in store for us here? the open interest has increased to 36k today from 31k yesterday. Trend line support is at 95 for today. The 20ema is at 90 and the 50ema is at 78.
Would we seen a pull back? Or a continuation? it still remains to be seen. any breakdown should find support at the above levels so no end of the world drop even if we have a pull back.
I would suggest to stick to day trading and not hold any overnight positions. I think there is a possibility that we might see a trading range so if that occurs, be careful not to buy the top and sell the bottom. And if you are trading a breakout, then use a stop limit to place your entry outside the range and make sure the trend is strong enough to take price to your target.
Here are your levels for today:
FKLI
Upper Resistance: 1606, 08, 10, 12, 15
Lower Support: 1601, 1598, 95, 91, 89
Cash Index
Upper Resistance: 1603, 1605, 1607
Lower Support: 1598, 95, 93 90
Trade safe!
Best Wishes,
Tech Trader
Monday, 2 July 2012
Morning Updates - 2nd July 2012
Morning Traders,
Alright lets proceed with the morning updates.
If you haven't read our weekly updates, you can click here.
Dow was up slightly this morning but have now turned negative. Dow futures is now trading at -19 and S&P futures is trading at -1.5, down slightly too. Nikkei is trading up 38.64, which really isn't that much.
We will have some major numbers coming up which includes the non-farm payroll numbers. The 4th of July is this Wednesday so its a banking holiday in the US. With all of these events coming up, I think we are headed into a quieter week so heads up there.
----
Alright.. what do you all think is in store for us in the FKLI?
I don't know.. Last Friday we didn't really see any enthusiasm in the market to push this higher in the afternoon session. I still favor a sideways market as the Daily chart are having overlapping bars. Most likely we will open higher, but would we trade down right after that? Maybe.. so be on the watch out for that. In any case, we can't keep going up if we gap up too much so price might pull back a bit.
There will be support levels here down below in the 90s area so be on the watch out for that. Major support is at 87 and 77 which are the 20ema and the 50ema respectively.
Here are your trading levels:
FKLI
Upper Resistance: 1604, 1607, 1612, 1615
Lower Support: 1598, 1595, 1591, 1587
Cash Index
Upper Resistance: 1603, 1605, 1607, 1609, 1612
Lower Support: 1596, 1593, 1591
Trade Safe!
Best Wishes,
Tech Trader
Alright lets proceed with the morning updates.
If you haven't read our weekly updates, you can click here.
Dow was up slightly this morning but have now turned negative. Dow futures is now trading at -19 and S&P futures is trading at -1.5, down slightly too. Nikkei is trading up 38.64, which really isn't that much.
We will have some major numbers coming up which includes the non-farm payroll numbers. The 4th of July is this Wednesday so its a banking holiday in the US. With all of these events coming up, I think we are headed into a quieter week so heads up there.
----
Alright.. what do you all think is in store for us in the FKLI?
I don't know.. Last Friday we didn't really see any enthusiasm in the market to push this higher in the afternoon session. I still favor a sideways market as the Daily chart are having overlapping bars. Most likely we will open higher, but would we trade down right after that? Maybe.. so be on the watch out for that. In any case, we can't keep going up if we gap up too much so price might pull back a bit.
There will be support levels here down below in the 90s area so be on the watch out for that. Major support is at 87 and 77 which are the 20ema and the 50ema respectively.
Here are your trading levels:
FKLI
Upper Resistance: 1604, 1607, 1612, 1615
Lower Support: 1598, 1595, 1591, 1587
Cash Index
Upper Resistance: 1603, 1605, 1607, 1609, 1612
Lower Support: 1596, 1593, 1591
Trade Safe!
Best Wishes,
Tech Trader
Sunday, 1 July 2012
Weekend Updates - 2-6th July 2012 - S&P500, Soybean Oil, Soybean, Wheat and Corn Futures
Good evening traders,
How are you all doing? I'm doing alright here and I hope you're doing fine too where ever you are.
Alright.. lets proceed to see what is in store for us next week.
If you have not read our last week's update, you can click here.
S&P500 Futures - /es
We traded to these following levels last week:
Opened: 1325.50
High: 1359.50
Low: 1302.50
Closed: 1358.25
Our levels for last week was:
Possible Weekly Upper Range: 1354 and 1375 should we break up more.
Possible Weekly Lower Range: 1270
Alright.. Our possible weekly high was 1354 and we were actually quite close. The high made for the week was 1359.50 which was just a few points away so not too bad.
Last week, we mention that the if the sellers want to push this market down, they need to break below the 1313-1300 level convincingly. These support level held nicely as price only made a low of 1302.50 for the week and never had the strength to break below that.
We also said that volatility was trading very low and there was not much fear in the market so an upside probability outweigh the downside for the week so we are right on that count too.
So we closed the week as nice healthy green bar with a moderate tail. Volatility closed at 17 last Friday. What is in store for next week?
Well, I think it is too easy to say that things are nice and rosy and good again after the strong rally. The resulting rally following the EU summit is a good thing and maybe can be considered a nice change in the fundamental aspect of the world economy. Whether we can keep pushing upside remains to be seen.
For me, I prefer to take a sideways to an slightly upside biased market posture for next week. Yes I would look if price can continue upwards. But I will also be careful if it doesn't. If you look at the weekly chart, we are just having overlapping bars so we are really just stuck inside of a sideways market. There is also a possibility we might trade in a small range with the 4th July Banking holiday so be on the look out for that too.
I am still favoring a two sided market market next week. Nothing too bullish for me yet at this moment unless we see more confirmation next week. With the EU summit rally, things could change so you never know until more price plays out so as a prudent trader, we will always keep an eye out and follow where the trend goes even though we might have a bias for the market already.
Here are the possible range for next week:
Possible Weekly Upper Range: 1400
Possible Weekly Lower Range: 1309
Look at our morning updates for more details.
---
Soybean Oil Futures
We traded to these following levels last week:
Opened: 51.30
High: 53.26
Low: 51.21
Closed: 53.18
Our levels for last week was:
Possible upper weekly range is: 52 and 52.70 should we break further.
Possible lower weekly range is: 48.30 and 47 should we break further.
Alright.. Soybean Oil performed better than our expectation. Our upside target was 52.70 highest but we went and exceeded that and made a high of 53.26.
This is good because if we continue to go make higher levels, then perhaps out FCPO will follow suit soon too.
We closed as a nice green bar and I am hoping to see a continuation of these strength. We have broke the upper trend line and have closed back into the triangle pattern.
Alright.. The immediate resistance ahead is the 54 level. I want to see if price can break it and remain above it. If yes, then I would assume that the upside strength is still there. I am putting a higher upside target for next week. Lets see if we can reach there by the end of the week.
We should have some support at the 52 and 51 level if we break down so things are not looking too bad in this commodity.
Here are the levels for next week:
Possible upper weekly range is: 54 first, then to test the 54.86 level, then 55.55 if there is continuation.
Possible lower weekly range is: 52 and 51.10 should we break further.
----
Soybean Futures
We traded to these following levels last week:
Opened: 1399
High: 1439.75
Low: 1392.75
Closed: 1428.75
Our levels for last week was:
The possible upper weekly range is: 1450
The possible lower weekly range is: 1300
Hola.. guessed what happened here? That's right! Nothing.. We are still stick in the sideways market that I have been talking about which is the 1450 and 1300 range. I am looking for price to keep trading within this ranges until further break out occurs. Perhaps a stronger Soybean Oil Futures can pull this contract up? We will see. Until price really breaks above the 1450, then I will assume we will be trading in between the range of 1450 and 1300. If we break above the 1450, the next resistance would be the 1465 and the 1480 level.
Here are the levels for next week:
The possible upper weekly range is: 1450
The possible lower weekly range is: 1350
----
Wheat Futures
We traded to these following levels last week:
Opened: 696.25
High: 763.50
Low: 696.25
Closed: 758.50
Our levels for last week was:
The possible upper weekly range is: 725
The possible lower weekly range is: 650
Alright.. what a strong performance by Wheat. We said that last week if we can break the 690 level, then we might have a chance for an upside break out. Price opened above the 690 level and traded upwards from there and had a strong rally. We broke above our weekly range to test and break above our second resistance at 753 and actually made a high of 763.50 and closed at 758.50.
So we are now trading firmly above the triangle pattern. This time, the breakout seems genuine and strong so we will take it as what is it. I am looking to see if price can go up to test higher resistance above. When price breaks out of a trading range firmly like this, a continuation is quite likely. But we would also be wise to keep an eye out in case this commodity does the opposite and we would not be caught like a deer in headlights. I think if a pull back occurs, the 725 level should hold.
Here are the levels for next week:
Here are the levels for next week:
The possible upper weekly range is: 834
The possible lower weekly range is: 725
----
Corn Futures
We traded to these following levels last week:
Opened: 570.25
High: 656.75
Low: 570.25
Closed: 634
Our levels for last week was:
Possible upper weekly range: 630
Possible lower weekly range: 542
Alright.. This contract slightly better than we expected. Price exceeded out high range but closed near to our level at 634.
However, from the weekly charts, this contract remains in a sideways chop so there is not much to read into it.
I think there will be quite strong resistance at 665 ahead. I still favor a sideways trading for this contract so we can only follow its intraday movements.
Here are the levels for next week:
Possible upper weekly range: 665-675
Possible lower weekly range: 591
----
Alright see you all in the morning updates tomorrow! Have a good evening! Ciao!
Best Wishes,
Tech Trader
How are you all doing? I'm doing alright here and I hope you're doing fine too where ever you are.
Alright.. lets proceed to see what is in store for us next week.
If you have not read our last week's update, you can click here.
S&P500 Futures - /es
We traded to these following levels last week:
Opened: 1325.50
High: 1359.50
Low: 1302.50
Closed: 1358.25
Our levels for last week was:
Possible Weekly Upper Range: 1354 and 1375 should we break up more.
Possible Weekly Lower Range: 1270
Alright.. Our possible weekly high was 1354 and we were actually quite close. The high made for the week was 1359.50 which was just a few points away so not too bad.
Last week, we mention that the if the sellers want to push this market down, they need to break below the 1313-1300 level convincingly. These support level held nicely as price only made a low of 1302.50 for the week and never had the strength to break below that.
We also said that volatility was trading very low and there was not much fear in the market so an upside probability outweigh the downside for the week so we are right on that count too.
So we closed the week as nice healthy green bar with a moderate tail. Volatility closed at 17 last Friday. What is in store for next week?
Well, I think it is too easy to say that things are nice and rosy and good again after the strong rally. The resulting rally following the EU summit is a good thing and maybe can be considered a nice change in the fundamental aspect of the world economy. Whether we can keep pushing upside remains to be seen.
For me, I prefer to take a sideways to an slightly upside biased market posture for next week. Yes I would look if price can continue upwards. But I will also be careful if it doesn't. If you look at the weekly chart, we are just having overlapping bars so we are really just stuck inside of a sideways market. There is also a possibility we might trade in a small range with the 4th July Banking holiday so be on the look out for that too.
I am still favoring a two sided market market next week. Nothing too bullish for me yet at this moment unless we see more confirmation next week. With the EU summit rally, things could change so you never know until more price plays out so as a prudent trader, we will always keep an eye out and follow where the trend goes even though we might have a bias for the market already.
Here are the possible range for next week:
Possible Weekly Upper Range: 1400
Possible Weekly Lower Range: 1309
Look at our morning updates for more details.
---
Soybean Oil Futures
We traded to these following levels last week:
Opened: 51.30
High: 53.26
Low: 51.21
Closed: 53.18
Our levels for last week was:
Possible upper weekly range is: 52 and 52.70 should we break further.
Possible lower weekly range is: 48.30 and 47 should we break further.
Alright.. Soybean Oil performed better than our expectation. Our upside target was 52.70 highest but we went and exceeded that and made a high of 53.26.
This is good because if we continue to go make higher levels, then perhaps out FCPO will follow suit soon too.
We closed as a nice green bar and I am hoping to see a continuation of these strength. We have broke the upper trend line and have closed back into the triangle pattern.
Alright.. The immediate resistance ahead is the 54 level. I want to see if price can break it and remain above it. If yes, then I would assume that the upside strength is still there. I am putting a higher upside target for next week. Lets see if we can reach there by the end of the week.
We should have some support at the 52 and 51 level if we break down so things are not looking too bad in this commodity.
Here are the levels for next week:
Possible upper weekly range is: 54 first, then to test the 54.86 level, then 55.55 if there is continuation.
Possible lower weekly range is: 52 and 51.10 should we break further.
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Soybean Futures
We traded to these following levels last week:
Opened: 1399
High: 1439.75
Low: 1392.75
Closed: 1428.75
Our levels for last week was:
The possible upper weekly range is: 1450
The possible lower weekly range is: 1300
Hola.. guessed what happened here? That's right! Nothing.. We are still stick in the sideways market that I have been talking about which is the 1450 and 1300 range. I am looking for price to keep trading within this ranges until further break out occurs. Perhaps a stronger Soybean Oil Futures can pull this contract up? We will see. Until price really breaks above the 1450, then I will assume we will be trading in between the range of 1450 and 1300. If we break above the 1450, the next resistance would be the 1465 and the 1480 level.
Here are the levels for next week:
The possible upper weekly range is: 1450
The possible lower weekly range is: 1350
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Wheat Futures
We traded to these following levels last week:
Opened: 696.25
High: 763.50
Low: 696.25
Closed: 758.50
Our levels for last week was:
The possible upper weekly range is: 725
The possible lower weekly range is: 650
Alright.. what a strong performance by Wheat. We said that last week if we can break the 690 level, then we might have a chance for an upside break out. Price opened above the 690 level and traded upwards from there and had a strong rally. We broke above our weekly range to test and break above our second resistance at 753 and actually made a high of 763.50 and closed at 758.50.
So we are now trading firmly above the triangle pattern. This time, the breakout seems genuine and strong so we will take it as what is it. I am looking to see if price can go up to test higher resistance above. When price breaks out of a trading range firmly like this, a continuation is quite likely. But we would also be wise to keep an eye out in case this commodity does the opposite and we would not be caught like a deer in headlights. I think if a pull back occurs, the 725 level should hold.
Here are the levels for next week:
Here are the levels for next week:
The possible upper weekly range is: 834
The possible lower weekly range is: 725
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Corn Futures
We traded to these following levels last week:
Opened: 570.25
High: 656.75
Low: 570.25
Closed: 634
Our levels for last week was:
Possible upper weekly range: 630
Possible lower weekly range: 542
Alright.. This contract slightly better than we expected. Price exceeded out high range but closed near to our level at 634.
However, from the weekly charts, this contract remains in a sideways chop so there is not much to read into it.
I think there will be quite strong resistance at 665 ahead. I still favor a sideways trading for this contract so we can only follow its intraday movements.
Here are the levels for next week:
Possible upper weekly range: 665-675
Possible lower weekly range: 591
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Alright see you all in the morning updates tomorrow! Have a good evening! Ciao!
Best Wishes,
Tech Trader
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