Path For The Us Today
I am new to this site, so if you guys have a different way of posting, please forgive me. I just wanted to give my take on where the US is headed for the day.
It looks to me as if the expiration on Friday is for sale. As I wrote last week you will see them make their move on Wednesday or Thursday the week before the expiration, and try to mislead you. The Dow made now weekly highs and feel off. So basically I am bearish for this week and expect more downside pressure. I think you will see a first hour low today in the US and then sideways to lower trading until towards the end of the day.
In the SP I am going to lean on the bearish side as long as the September contract is trading below 988, while the 992 area would imply strength in the market. Below 984 would mean a trip down to 965 at some point during the week.
The Dax is holding on to support right here in a zone between 3142 and 3132. If we trade below this area we should be on our way to 3110.
The expected path for today will be from wherever the market decides to open up. This can be 100 points higher or lower. As we are already expecting a lower open as per the futures, I would expect the Dow to open down 20-30 points, but as you know, this can change many times between now and 14:30. Once we open in the US, with a gap presumably, the market should move higher for 10 minutes or so. We should then enter into a trading range for an extended period of the day where the strategy will quite clearly be to sell rallies and buy declines. At 18:00 the market should make a top and move lower. At 19:15 the market should be positively biased for the rest of the day.
I am new to this site, so if you guys have a different way of posting, please forgive me. I just wanted to give my take on where the US is headed for the day.
It looks to me as if the expiration on Friday is for sale. As I wrote last week you will see them make their move on Wednesday or Thursday the week before the expiration, and try to mislead you. The Dow made now weekly highs and feel off. So basically I am bearish for this week and expect more downside pressure. I think you will see a first hour low today in the US and then sideways to lower trading until towards the end of the day.
In the SP I am going to lean on the bearish side as long as the September contract is trading below 988, while the 992 area would imply strength in the market. Below 984 would mean a trip down to 965 at some point during the week.
The Dax is holding on to support right here in a zone between 3142 and 3132. If we trade below this area we should be on our way to 3110.
The expected path for today will be from wherever the market decides to open up. This can be 100 points higher or lower. As we are already expecting a lower open as per the futures, I would expect the Dow to open down 20-30 points, but as you know, this can change many times between now and 14:30. Once we open in the US, with a gap presumably, the market should move higher for 10 minutes or so. We should then enter into a trading range for an extended period of the day where the strategy will quite clearly be to sell rallies and buy declines. At 18:00 the market should make a top and move lower. At 19:15 the market should be positively biased for the rest of the day.