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.
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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
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