Friday 20 July 2012

Pre-Market Brief

Good morning. Futures are showing sp-8pts, we're set to open around 1368.  Today is opex, so...expect some chop!


sp'60min



sp'daily5


Summary

Key support is 1367 on the hourly cycle, and 1350 on the daily cycle. If I see 1360 at any time today,  that should conclusively break at least the up channel from the recent 1325 low.

Bears should seek a close under sp'1370, with VIX up at least 5% or so. That would be acceptable to close the week..and sets up next week for some real action to begin.

Good wishes for Friday trading!