Good morning traders!
A 360+ point gap started the day yesterday and many bears are short or are looking to sell at the moment. Let’s be honest here, there seems little reason to change bias. So I can’t really see much opportunity for a long swing trade just yet.
Plenty of bears did very well over the weekend and many more will have taken the chance to get in today on the close of the gap. I found the picture on the left earlier from a fellow trader’s twitter, which summed it up.
I said yesterday in the article that we would likely gap lower and then retrace most of the gap towards 11,000 (we got back to 10995) before heading down further.
So congratulations to all those who took that trade. I didn’t. There are likely going to be plenty more opportunities to short the market, should you choose to do that.
The main points to take from yesterday are that we pierced below the previous low. Whilst the move retraced fairly quickly, it may open up the door for a further move down with targets between 10500 – 10680 being common.
Binary Options Trial
No trades made today from the John Anthony review.
No signals provided actually, they were switched off because of the Greece volatility.
Dax Support & Resistance
|200 Day EMA||10891|
This is the closest we have come to breaching the 200 day EMA since the beginning of the year.
We still failed to significantly close below the line in the sand, but it’s looking more and more fragile now.
Wide pivot points, I will ignore these for most of today