Morning Traders,
Alright lets proceed with the morning updates.
If you haven't read our weekly updates, you can click here.
Dow was up slightly this morning but have now turned negative. Dow futures is now trading at -19 and S&P futures is trading at -1.5, down slightly too. Nikkei is trading up 38.64, which really isn't that much.
We will have some major numbers coming up which includes the non-farm payroll numbers. The 4th of July is this Wednesday so its a banking holiday in the US. With all of these events coming up, I think we are headed into a quieter week so heads up there.
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Alright.. what do you all think is in store for us in the FKLI?
I don't know.. Last Friday we didn't really see any enthusiasm in the market to push this higher in the afternoon session. I still favor a sideways market as the Daily chart are having overlapping bars. Most likely we will open higher, but would we trade down right after that? Maybe.. so be on the watch out for that. In any case, we can't keep going up if we gap up too much so price might pull back a bit.
There will be support levels here down below in the 90s area so be on the watch out for that. Major support is at 87 and 77 which are the 20ema and the 50ema respectively.
Here are your trading levels:
FKLI
Upper Resistance: 1604, 1607, 1612, 1615
Lower Support: 1598, 1595, 1591, 1587
Cash Index
Upper Resistance: 1603, 1605, 1607, 1609, 1612
Lower Support: 1596, 1593, 1591
Trade Safe!
Best Wishes,
Tech Trader
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