Morning Traders,
US market closed down modestly. Dow lost 64 points while S&P drop almost 6 points. Looking at the chart, it looks a bit scary to be honest. The daily looks just like a wave for the past couple of weeks. Up, then down, then up then down, then now up, and I'm wondering if the next is down? I will be watchful for that.
There will be FOMC tonight so all eyes will be on that and some manufacturing data and ADP employment data.
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As for our local market, I am still long AUG from 27 and we will see how it goes. If the trend remains strong, I will look to remain long all the way.
But should the selling come in too strong, then I might just secure the profits and reposition after that.
Here are your levels for today.
FKLI
Upper Resistance: 1634.5, 39, 41, 43, 45
Lower Support: 1630, 26, 22, 19, 15
Cash Index
Upper Resistance: 1631, 33, 35, 38, 40
Lower Support: 1628, 26, 23, 20, 17, 15
Alright trade safe everyone!
Best Wishes,
Tech Trader
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