Alright lets get rolling. Lets look at how the Us market closed last night.
The Dow closed down 76 points or -0.59% to close at 12,932
The S&P500 closed down 6 or -0.43% to close at 1,364
The Nasdaq closed down 11 points or -0.39% to close at 2,946The S&P500 closed down 6 or -0.43% to close at 1,364
S&P: Market was down in premarket trading and it followed through during cash trading. But we recovered more than half of the losses in afternoon trading. In the daily chart, we have formed two big bars with quite long tails. This is a slightly sign for the bulls as it means that there are people defending the support areas. However, it doesn't mean this is the time to go long. Only a breakout of the top of these two bar's range at about 1372-75 can be considered a buying opportunity.
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FKLI Daily Chart
Whats in store for us:
Seems like we might open up higher today in pre matching.
I'm in a rush so I will come back to finish the updates later!
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Here is the rest of the updates.
So far market has been quiet. Cash is still hovering near the high points while the regional market are down.
Cash high is at 1591.02 and the current low is at 86.27. Both Cash and Futures are still trading within our ranges for now.
Price is now still being choppy around the 20ema for both of the markets. Until we can comfortably push away from the 20ema convincingly, I will take this as a choppy phase and will trade it as such.
For now I still do not have any position on so I will wait to see if there are any good set ups later. For now, we are just trading within a 3.5 range which is really not nice to trade at all unless you are scalping for really tiny profit which is not worth the risk in my opinion.
So take care and all the best!
Here are the levels for today:
FKLI
Upper Resistance: 1585, 1588, 1590, 1592
Lower: 1580, 1577, 1575, 1572
Cash index
Upper: 1591, 93, 95, 98
Lower: 87, 85, 83, 80
Trade carefully!
Best Wishes,
Tech Trader
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