Will June End On A Quiet Note?
For me, it was not the type of follow-through
day I was hoping for, at least from an HVT
standpoint. However, that is not at all unusual after having an extremely
volatile day on Wednesday. Yes, there was movement yesterday, just not the short
quick spikes I find to be most effective, although by late afternoon volatility
picked up a bit. For the most part, it was a quiet session for me.
If we continue to see a relatively tight trading range today, I will need to
look at taking some trades off of longer time frames. I have outlined a few
below:
Setting a nice
bull flag on the 60-minute here with a nice uptrend line from the lows on
Wednesday. The 12.00 level has a few moving averages, as well as 62% retracement
serving as resistance. If we gap higher today, look for NTAP to test yesterday’s
highs.
However, after a week that we just had and it being month-end, I just don’t
see how June will close on a quiet note.
For those of you who took the short sale trade I mentioned in First
Data Corp
(
FDC |
Quote |
Chart |
News |
PowerRating) on Monday, it has had a nice run to the downside.
If the markets show some serious signs of making a good upside run, do not be
afraid to take some money off the table. A quick look at the daily chart will
show that FDC is a bit oversold for now as well.
Key Technical
Numbers (futures):
S&Ps |
Nasdaq |
| 1015-18 | 1108 |
| 1007 | 1092-95 (confluence and key resistance) |
| 1005 (key resistance) | 1084 |
| 995 | 1075-76 (big confluence) |
| 983-85 | 1055-59 |
| 978 | 1038-43 |
| 969 | 1027 |
| 1013 |
As always, feel free to send me your comments and
questions. See you in TradersWire.