Futures are pointing to a lower open this morning, with both gas and gold down in the pre-market. The dollar is up but off its highs and has been weakening throughout the morning.
What are some key levels to watch for today and the upcoming week.
Resistance- 943-950 within this level there is the 200EMA, January Highs, June highs and the psychological level of 950
Support- 935-930 50EMA on the hourly chart, May High.
920- 200MA, support from the break out above this former resistance level
920 will more then likely be the most important level, when we get there. A break this level will signal a break of strong support in the market and a move below its 200MA. This level will be hard to break since there is so much signficant support below it and may provide a great entry point to go long. A break above 950 though will be important also. This will show that the bulls have the strength to move the market up more. Until 920 or 950 are broken you can expect to remain in a ranged bound market.