Alright here is the delayed updates for today. I was so excited this morning hoping for a big gap down but we just gaped less than 10 points and made a low of 70 only. I had orders much further away. Would have been a great scalp had it gaped much lower haha.. =)
Here are the US Market closing for last Friday.
The Dow closed down 168 points or -1.27% to close at 13,038
The S&P500 closed down 22 points or -1.61% to close at 1,369
The Nasdaq closed down 68 points or -2.25% to close at 2,956The S&P500 closed down 22 points or -1.61% to close at 1,369
This morning due to the Socialist party winning in France, US futures gaped down further with Dow down 130 and the S&P down more than 15 at one point. This seems to be a knee jerk reaction and there is a possibility we might go back up to close the gap later. We will let price action be our guide. On the S&P. 1343 here and 1336 should have some support.
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FKLI Daily Chart
Alright.. too bad we did not gap down huge like the past two weeks. We saw that price went as low as 43 during pre-matching. I had orders to buy at from 50, 55 and 58 which was the previous gap down levels.
Price did open lower at 74.50 and went down to as low as 70 support which held nicely. Then we traded up to 77 and then drifted slowly back down to 72.50. After price touched 72.50, cash suddenly rebounded from 1580 level and the futures followed too. I had a short position averaged at 74.25 so I closed it for a small loss at 75. Price eventually drifted up to 77 again and close at 75.50 for lunch.
Cash seems to be holding quite nicely even though the regional market is deep in the red. I will be looking at the cash market for the lead later in the afternoon. For now I do not have any position and will soh (sit on hand) till I see a nice set up.
Here are the levels for today:
FKLI
Upper Resistance: 1575, 1580, 1582
Lower Support: 1572, 1570, 1568, 1565
Cash Index
Upper Resistance: 1585, 1583, 1588, 1591
Lower Support: 1583, 1580, 1577
Take care and trade safe! Make some money! Ciao!
Best Wishes,
Tech Trader
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