Solid Technical Levels For The E-Minis
HVT
Range Break Ahead?
As traders we can only hope that the lack of
activity in recent sessions is drawing to a close. The futures are up on the
heels of the HPQ news, the question will be whether or not it is enough to
maintain a bid and push higher. For now, the S&P’s still remain trapped by some
solid technical levels:
1115
1088
1084
1075
You will recall that each of these levels has
done a fine job of containing price action in the last several days. There have
still been a handful of trades each morning, but after that the “edge” drops off
and it is rather challenging to make things happen after 8:30 AM PST.Â
FX (Forex)
FX appears to be trying
to break the recent trading range. The Dollar is once again flirting
with the 200 day EMA (90.88) and the moves back and forth over that area are
simply whipping positions back and forth. However, it is starting to feel as
though price action is on the verge of perking up again. I cannot stress enough
that you not try to play the break-out, rather, wait for the break-out then
determine your entry on the counter-trend move.
Sometimes the best thing to do is to be on the
sidelines making notes and gauging what your next move will be. This is one of
those periods.
As always, feel free to send me your comments and
questions.
Dave