AI
Monday, September 07, 2009 5:28:26 PM
Draw the lines
Prior support at 9450 will now be Resistance, as will 9500/9550. Whenever prior support turns into resistance it is a sign of a downtrend. So I would Anticipate a retest of 9350 for possible support, which may or may not hold, if selling pressure comes in Tuesday. Most Sept the markets do a Major pullback to retest lower support, in this case possibly 9000 or 8000. So if the last bump wasn't used as an exit or to set Stops on Longs then I would make sure and have them in place on Tuesday. Not a confirmed downtrend yet but if any more selling pressure comes in the markets usually move down faster than they move up, so use Caution with Longs.
Cash is usually King when the markets are undecided.
Good Trading!
Prior support at 9450 will now be Resistance, as will 9500/9550. Whenever prior support turns into resistance it is a sign of a downtrend. So I would Anticipate a retest of 9350 for possible support, which may or may not hold, if selling pressure comes in Tuesday. Most Sept the markets do a Major pullback to retest lower support, in this case possibly 9000 or 8000. So if the last bump wasn't used as an exit or to set Stops on Longs then I would make sure and have them in place on Tuesday. Not a confirmed downtrend yet but if any more selling pressure comes in the markets usually move down faster than they move up, so use Caution with Longs.
Cash is usually King when the markets are undecided.
Good Trading!
Good Luck to All! :^)
PLAN the TRADE and TRADE the PLAN!
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