Intraday Commentery – 6/4/10
Time posted: 9:34am UTC
A weak Jobs report has confirmed yesterday’s indicator suspicions, or is it the opposite way around…
We are clearly back in a downtrend and I’d be careful of another flash day so no counter trends will NOT be placed until we feel like the market has settle down.
Because of the potential for aggressive moves today I am providing two levels of forecasts; Longer and Shorter
Longer: – If we strongly break 1076 then we could be ultimately looking at 1058.75 then 1045.25
Shorter: – On the way down of a break of 1076 we should see then a 1061-1063.50 with 1073 and 1067 offering strong support along the way. We could also see a retracement to a 1089-1093 zone prior to a push down. However, if we break 1093 going up we could see 1102 but I wouldn’t take that trade unless the trend indicators supports it. As of now, short trades only.
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This recent up move has created a new support level of 1079 where if broken, we should see our other support point of 1076. The res point is 1083
If in move stop to 1081 as we are seeing some indecision that could result in a move either way
Keep losses small, we can always re-enter
If you re-entered or stayed, tighten your stops. As discussed above, this is a critical support point that if strongly broken, will see the levels discussed above also.
1081 is still serving as a res point
Remember, 1073 is out next target down
Finally we hit it. Let’s see what the pullback is like as we may be working ourselves down to the next interim target of 1067. The pullback could be to 1078 but maybe as high as 1085. We will be look for re-entry signals in that range.
A 1075 retracement point could also be a turning point, let’s see.
1067 target hit, trail. Let’s see if we get to the next target range of 1061-1063.5
In target range so trail tightly. 1058.75 is the next target down
tighten stops as we may or may not get to the 1058.75 in this crazy hour
Wow, slow and steady pattern positive trading day. I’ll post today’s trades and the week’s results ASAP