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.
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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
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