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.
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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
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