By Jason Sen – Daytradeideas
FTSE Sep13 gave us our selling opportunity at 6577/80 & topped almost exactly here at 6583. We did then continue lower as expected to good support at 6510/00 & bottomed almost exactly here at 6514. This is good support again today as we start to look oversold short term but any longs need stops below 6485 for 6470/65 & quite possibly a move as far as the 100 day moving average at 6427. Look for a buying opportunity here this week.
Immediate resistance at 6555 but above here offers a selling opportunity at 6577/80 with stops above 6600. A break higher can then target 6625/30 possibly a retest of yesterday’s high at 6640.
Emini S&P Sep13 failed again at 1704/05 & broke 1695/94 for a test of support at 1689/88 & our buying opportunity as predicted. We bottomed exactly here in fact but today’s outlook remains quite negative so watch for a break lower to test 1684 before last week’s low at 1678/77 which should hold the downside. However just be aware that we could fall as far as 1670/69 in this correction which would offer a very nice buying opportunity at this level.
Resistance at 1696/97 for a selling opportunity today. However a break higher could trigger another test of 1704/05.
Spot Gold broke strong support at 1285/84 with the outlook negative as we warned yesterday. However we meet good support at 1266/65 which could hold the downside at this stage as we start to look oversold in the short term. Any longs need stops below 1260 today as a break lower risks a slide to 1253 with good support at 1245/44.