Morning Traders,
Last Friday I was on leave so there was no updates from me.
Alright. Dow closed up heavy last Friday. Nikkei is up 1.8% now. Dow is now up only 8 points now. Price is trading at a major bear trend line here so that should provide some measure of resistance.
Old boy Bernanko will be speaking tonight and tomorrow night and there will be a host of numbers this week also.
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Alright.. What to expect today? Well too most of overnight longs have been closed. Would have been nice to close them at this gap up morning.
But anyhow, what can we expect reasonably? We should have strong support at the 30 level for both the cash and the futures.
I won't rush in to re-establish a new long position and would just sit and see how price unfolds first. If price pulls back lower and support holds, then I might go long. Otherwise, I might just see and just day trade only.
Here are the trading levels for today.
FKLI
Upper Resistance: 1638, 41, 43, 46, 50
Lower Support: 1635, 30, 26, 24
Cash Index
Upper Resistance: 1636, 38, 40, 42, 45
Lower Support: 1632, 30, 25, 23
Trade safe all.
Best Wishes,
Tech Trader
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