Game Plan 03/07/12

 

Today we will be focused on the following levels on DJEurostoxx50 Sept futures:

• 2302 Resistence
• 2270 Support

keeping an eye on he 2278 level, 200 MA on a daily chart.

We will follow the price action around these levels to see if an opportunity arises, the Line of Least Resistance has been violated, the question now is are we in a new trend? or is it just a 50% retracement from the low??

It's quite hard to answer this question cause we don't know the future, what we know is just what we can risk to find out. While we are talking about our strategy the Eur/$ is  heading higher, it's trading around 1.2612$, +0.15%; Gold +0.44% to 1604.8, Crude +0.84% to 84.475.

It looks like as the market want to follow the path of last few days, S&P globex  +0.07% to 1358.25, Nasdaq +0.20% to 2619.25; but I'm biased on the short side so it will be quite a difficult mental battle.

Originally posted at www.77sigmatrading.com