What an interesting day ahead of us!
Alright.. just a brief recap yesterday. The whole world was down, and out of this, only two market that closed in the green. One was New Zealand which closed largely unchanged, and another, drum roll please... Boleh-land.
If you were trading yesterday, you would have known what I'm talking about so there is no need for much explanations. I shorted towards the end and today I am hoping for carnage in the market. :)
Lets proceed with the updates.
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Europe all closed down heavy last night along with the US market too. Dow closed down -161 points or 1.28% while S&P closed down -19 points or 1.43%. Nikkei is trading at -166 now or down -1.93%. Dow futures us now trading at -19 points as of 8.16am.
So... personally, I am hoping for things to drop through the floor.. but after yesterday's magnificent performance by our boleh-land market, I think I better not be to over confident. lol..
In the S&P, we closed as a big nice red bar. We also closed below the 200ema at 1313 which was a big support area so that is good news for the sellers.
In one of our morning updates about 2 post ago, I mention that if the buyers do not push the market back up above 1336-1440s soon, the sellers will take back control of the market which it did with the help of some negative sentiments coming out of Europe.
So now we are back trading below the 200ema again. Should we trade down again in the US market tonight, I think I will most likely swing my short positions.
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Lets move on to our local market.
FKLI
Cash Index
Alright.. I'm short now and if the market goes up again today just like yesterday, I think I will raise my hands and give up and acknowledge the power of boleh-land markets.
Most of the shorts established was at the 80 level from yesterday evening. How about all of you? What do you think will happen today? Big question isn't it?
So, I hope these position can turn into a swing short.. so we will see what happens from here.. With the US market breaking down, I'm definitely not going to be swing long, that's for sure.
Trade safe and watch your levels.
Here are your trading levels
FKLI
Upper Resistance: 1583, 1585, 1588, 1591, 1595
Lower Support: 1578, 1575, 1572, 1570, 1565
Cash Index
Upper Resistance: 1578, 1580, 1583, 1587, 1590
Lower Support: 1571, 1568, 1565, 1560, 1556, 1552
Trade safe!
Best Wishes,
Tech Trader
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