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Morning Call Express: What's Next?

Date: Oct 20 2014, 8:42 am

Description: Mixed markets around the World as most try and figure out what last week meant. Was last weeks roller coaster of fearful downside acceleration the "bottom" for a yearend bounce back? Europe was up 3% Friday and about 5% off weekly lows. This region lead by the DAX was a key indicator of weakness to come, as it started breaking down this Summer and took another leg down a few weeks back breaking 9100.   We need to measure if there is any commitment to last week's move. The DAX Holding above 8600 would created some hope. Asia is being lead by the Nikkei up 3.9%. But this region got hit hard the last few weeks, so most claim its just an oversold rally. (But some active longs probably happy and some greedy shorts hurt into this type of move). Shanghai is up .65%   Our markets hit its low Wednesday with the SPX touching 1820. Then on Thursday's down open it made a higher low as 1835. Friday rewarded some for putting on some risk in the hole with a gap and go taking us back near the 200day. First resistance is 1898 with 200day at 1906. Very big resistance stands at 1922. First support is $1875- then 1864. A close below this and the "retest" of last weeks low chorus will start to chirp.   Want More Awesome Actionable Trade Ideas? Subscribe Now to T3 Live's Off the Charts Premium

Morning Call Express: What's Next?Oct 20 2014, 8:42 am
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