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.

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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