Morning Traders,
Alright I'm going to do a brief one this morning.
The Dow was down about 60+ when I last checked before going to bed earlier last night. When I woke up, it went back to close at down -9 only. S&P closed positive 3 and Nasdaq closed positive 16 so market closed quite mixed.
I am still of the opinion that the market is in a sideways chop and will continue to hold the view until any significant changes occurs.
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Alright.. What's in store for us here? the open interest has increased to 36k today from 31k yesterday. Trend line support is at 95 for today. The 20ema is at 90 and the 50ema is at 78.
Would we seen a pull back? Or a continuation? it still remains to be seen. any breakdown should find support at the above levels so no end of the world drop even if we have a pull back.
I would suggest to stick to day trading and not hold any overnight positions. I think there is a possibility that we might see a trading range so if that occurs, be careful not to buy the top and sell the bottom. And if you are trading a breakout, then use a stop limit to place your entry outside the range and make sure the trend is strong enough to take price to your target.
Here are your levels for today:
FKLI
Upper Resistance: 1606, 08, 10, 12, 15
Lower Support: 1601, 1598, 95, 91, 89
Cash Index
Upper Resistance: 1603, 1605, 1607
Lower Support: 1598, 95, 93 90
Trade safe!
Best Wishes,
Tech Trader
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