Monday, October 7, 2013

Trade Thoughts for 10/07/2013

Trading thoughts for 10/07/2013.

In the news: Government shutdown, US default and Earnings starts.

Technical Standpoint: 

Just broke below in the 3 day support level in pre-market and we are currently down 138 points before the open. 

Scenario 1: If the market opens below 14870 I will be expecting an early morning flush down or downtrend towards 14800 level. 

Scenario 2:  Will be expecting some kind of a down move at the open and maybe a reversal for the rest of the day.  Low of day form 10/04 will be used as first target for a daily trend. 

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