14 Jan Market Thoughts; 14th January 2013
Not finding anything particularly easy to read at the moment, so treat the following post as me thinking aloud!
The 2 Indices I trade most are DOW and FTSE, so I’ll start with my thoughts on those.
First of all to make clear, I have no idea where they are going, struggling a bit to be honest, so the following is based on my system.
A 5 min close below 13,460 DOW and 6095 FTSE triggers a sell signal.
If those levels are not broken and both DOW and FTSE rally, then the reversal of that rally is likely to trigger a sell signal from higher levels…. obviously don’t know those levels yet, but in essence my system is flat and out of longs.
For resistances, there is trend line resistance on DOW hourly and 4 hourly at 13,600 and there’s a major Weekly down trend line/projected channel also at that precise level as shown on the following charts:
Basically, if we go above 13,600 and get a daily close above there, I’m probably back to the drawing board in the short term.
Currencies seem to be in a world of their own and I don’t see any insight from them as to what Indices might do.
Swiss Franc and Yen seem to be in the middle of all the currency chaos.
Big numbers I’m watching for on GBP:USD and EUR:USD are 1.5848 and 1.3290 respectively where buy opportunities (or sell if breached) may exist. I think if you don’t have those levels marked on your charts already, they are worth adding to the Hourly time frame. Here are the charts:
None of this probably helps anyone, but I needed to get it written down for my own benefit if nothing else.