Trading thoughts for 10/07/2013.
In the news: Government shutdown, US default and Earnings starts.
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.