Morning Updates - 9th July 2012

Morning Traders,

Firstly, many apologies about the weekend updates.

Perhaps I will stay back today and post it at the end of the evening. I really hope I can save my hard disk though because I have not back up the latest 3 months of data. :(

Alright lets move on and see whats in store for us today.

The US market closed down on Friday. Price did bounce up towards the end to close a bit better from the day's lows.

Alright.. should we break down, I think the 1336 in the S&P should hold. There will be some major numbers this week especially the FOMC coming out this Wednesday.

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Alright.. what's in store for our local market?

Would we see a pull back finally? or are we going to see a continuation?

Well, two of these possibilities are in the cards. On one hand, we have got up to quite a high level already. It is possible we might see sellers comeback to take control and for buyers to take some of the profits.

One the other hand. when price are at new highs, the sheer enthusiasm of traders can push prices to unrealistic highs.

So I want to be on the look out for both today. I will also want to see how the cash is doing.

What is possible is that morning we see a slight pull back, then when price trade at support and it holds, then maybe it will go back up again.

I will let price action be my lead today.

Here are your levels for today:

FKLI

Upper Resistance: 1626, 29, 32, 35
Lower Support: 1620, 15, 12, 10, 08

Cash Index

Upper Resistance: 1620, 23, 25, 29
Lower Support: 1615, 11, 09, 07

Trade safe all!

Best Wishes,
Tech Trader