Intraday Commentary – 6/9/10
Time posted: 10:38am UTC
My short term trend indicators have changed to the long side so we looking for long side triggers. We’ll have to see if it lasts and trade the charts accordingly, not opinions.
Strong resistance is being seen in the 1068 area with upside targets of 1070.75 and 1078.75. A pullback could see us falling to the support area of 1061.5-1064.
See Comments for actual trade exit recommendation times and points
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Target 1 was hit at 1070.75. Trail by what you are willing to give back as we head for the 1078.75 target
If we are able to push through the 1078.75-1081.50 level, 1089-1093.50 is our next strong resistance and therefore target area. A pull back could bring us as far back as 1066.25
1072 will also act as a point of support if a deeper pullback occurs
If we continue up after lunch, A break north of the 1075 area should trigger a move to the target of 1078.75 but res may be seen in the 1077 area. Support area levels are the same at 1072 and 1066.25 as stated above
Unfortunately, technical difficulties prevented me from commenting, trading or updating the move seen after 14:36EST from 1067.5 down to target-1 of 1059 after 15:00 and target-2 of 1054 seen after 15:15est as it appears to be working its way down to the 1047 area.
Please see Trade Alert-2 under Daily Alert Recap