Intraday Commentary – 6/14/10
Time posted: 1:12am UTC
Major Resistance is seen in the 1088 -1090 area, a major break of which will trigger long term target ranges of 1117.50-1120.75 and 1140.75-1143.50. However, if we reverse, look for a long term target of 1049.
From a shorter term perspective, a break back down should see support around the 1079-1081 area, a break of which should see short side targets of 1071.25 and 1061.50.
Please note the time of this post. I will review the market again closer to open
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The TG Yellow warning line is at 1095.50. A break noth sees 1097.5 and 1099 as T-2.
Support is at 1092.5. A break south sees 1091 and 1089.5 as T-2
My indicators are bullish now but we have not established a clear bull trend so be careful with longs. We will take the setups as we trade the charts and not opinions but be mindful
We have flipped to a short-term bear trend so watch for short signals
Watching for short signals around the 1095.50 area which once again is acting as a resistance point…assuming we don’t continue aggressively to the upside. As said earlier, be very careful of long side triggers at this time and I am avoiding them completely now that my indicators have told me too.
No clear direction yet and we seeing a bit of chop. Standing aside until it’s defined, even if we miss a called trade.
The indicators flipped back to the long side…further confirmation of indirection… let’s see if we can break and complete an immediate term pattern and trade the pullback trade from there
We hit that original upside target of 1097.5. Let’s see if we can trigger from a pullback/retracement. A pull back and trigger from at least the 1093 area would be ideal. Let’s see.
A strong break of 1096.5 takes us to 1099.25 with 1098.5 acting as res on the way up. 1094.5 is acting as support
At target so trail by what you are willing to give back.
1103-1104 is the next target area up if we continue up without getting trail stopped out
We could pull back to the 1096 area before we see a long trigger. We are about to enter the lunch hour so be careful
In the support area and coming out of lunch in a few so if we start pushing up again, we’ll look for long triggers.
if the push continues, 1094, 1092.25 and 1089 offer additional points of support/targets
My indicators are still only allowing long triggers so do not misread my previous comment as a license to short.
My indicators have flipped again so only short triggers now. Let’s see if we pullback so that we can catch a trigger short, if it doesn’t flip again before then
1092.25 target hit
1089 target not quite hit but close enough to trail by what you are willing to give back
At 1089 target so tighten trail
1091 is a decision point…
Our indicators are showing af lip to indecision after a break of the 1091 decision point. 1094 area could serve as an other to either resume the trend from or to confirm a trend change. Let’s see
A break south of 1089 takes us to 1086.50. Res around 1092.5 and t2 is 1084.25
at t1. move stop to break even and trail by what you are willing to give back
1081 is t3, if we get there, and that serves as a major support level so be mindful.
Target-2 hit