Morning Traders,
I will keep this brief.
US market closed mixed last night. It was down by quite a bit but recovered most of the losses but did not regain the high made in the premarket.
There is still the G20 meeting today and the FOMC coming up too.
I think it is possible we will remain in a two sided market again today so you need to be cautious. but remain watchful for possible signs of a break out.
In our FKLI, the market has yet to break the 68s level so the trend remains on the upside for now. There sill be support from the 75 right up to 70s level so you need to be careful if you are shorting.
I will stick to day trading for now and then decide whether I will hold any positions overnight at the end of the day.
Look for support and resistance levels to hold before taking your positions. If you are trading the breakout, make sure that there is enough strength in the market to bring price to your target.
Here are your levels for today:
FKLI
Upper Resistance: 1583, 1585, 1588, 1590, 1592
Lower Support: 1580, 1577, 1575, 1572, 1570
Cash Index
Upper Resistance: 1584, 1586, 1588
Lower Support: 1582, 1580, 1578, 1576
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