Morning Traders,
How are you all doing?
Alright I will keep this brief.
We have the non-farm payroll numbers tonight in the US. Last month's numbers came out bad and we sank like a rock if you remember. But that was also near the low print already as we recovered from there to where we are not. We also have the ECB press conference and we will see if there is any interest rate cuts or not. A cut should boost the market up.
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In our local market, we are still performing strong. We reached a new high for cash yesterday and also for futures. Regional are all still flat at this moment. Dow is now trading -23 and the S&P is now trading at -3.25.
With so many major data coming out tonight, I'm looking at the possibility that traders are going to take a cautious approach to the market today. I would prefer not to hold any overnight position as the numbers could send the market to either side.
I will probably stick to day trading for today and see what happens after that. With our market trading at new highs, people could get all excited and push things to unrealistic levels and at other times, sellers may come back to take control of the market again.
Here are your trading levels:
FKLI
Upper Resistance: 1619, 23, 25
Lower Support: 1615, 12, 08, 06, 04
Cash Index
Upper Resistance: 1615, 17, 19, 21
Lower Support: 1611, 09, 07, 04
Trade safe and be careful.
Best Wishes,
Tech Trader
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