Morning Traders,
Alright lets get moving.
The Dow closed up 20 points or about 0.16% at 12855
S&P closed up 3 points or 0.25% at 1358
Nasdaq closed down 1 point or -0.04% at 2934
Alright we closed as a green bar last night. Which is a good thing. However, the futures are now trading lower with Dow down 80 and S&P down 9.75. We are trading near our support of 1343 here and we will see if that level holds. Today is Friday and we have numbers tonight and is also the week leading to expirations week so hopefully we will have two side to the market.
Alright lets look at our local market
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Ok.. its the final trading day of the week.. I have some long positions.. there was no good news last night in the US but there was no bad news either.. Looks like we are going to be in a trading range for a while more perhaps?
I'm thinking whether I should take these long position off or keep them on. So we will have to see how it goes later.
I was looking at the past chart for the FKLI and the recent supported prices where we have many green bars which seems like it is artificially being supported was being repeated in the past too. Perhaps it is a survival function for the type of market we are in where we the general players are not allowed to short the market? Points for ponder..
Well, since it is a Friday, I would look to see if we have range trading day and if yes, I would be looking to fade the extremes today. I can't see a high powered breakout today so I will be careful not to buy at the top and selling at the low, but in any case, I will be on the alert anyhow so that I do not be caught blind sided should a breakout occurs however unlikely.
Here are the trading levels for today:
FKLI
Upper resistance 1583, 1585, 1587, 1589
Lower support: 1580, 1577, 1575, 1573
Cash Index
Upper resistance: 1590, 1593, 1595
Lower support: 1583, 1580, 1578
Take care and trade safe all. I will update here if there are anything urgent. Make some money!
Best Wishes,
Tech Trader
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