Morning Traders,
Alright. US market closed slightly down. There are no major data tonight. Supports are holding at the moment.
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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
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