Intraday Commentary 6/11/10
Time posted: 9:01am UTC
If we break res of 1079 look for 1084.25 and 1088 as targets with support around 1075.
A push down will take us to 1068.5 and a t2 of 1064 – 1064.5
See Comments for actual trade exit recommendation times and points
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The 1084.25 target was hit after 10:09EST.
We retraced to a major support level of 1076 and are now looking for a long trigger. A break south of support could take us to 1071 or 1067.5 as T2.
1073.50 is also a major point of support that could slow the down move, if it occurs…
My trend indicators have shifted to the short side so only short triggers will be taken at this time. 1081 now serves as my res area.
Flipped back to the long side. May be in for chop or consolidation. I need the market to pick a direction. At this point, a break of the res of 1081 or the support level of 1073.5 is needed to confirm a direction. Lunch so let’s see…
If you are still in the trade called of the break of 1076, watch out at 1073.5
A break of 1082.5 takes us to 1087 with support at 1079
move stop to break-even or a minimal loss around the 1081 area
Target was hit after 15:48EST