Monday, March 29, 2010

Market Notes for March 30, 2010


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Market response to the 7am economic event will likely set the bias for the morning session. Today's VPOC(1168.75) > yesterday's VAH(1162) therefore, there should be some upside bias at 1167. Not as confident about this number because today's value area was so compressed.
Despite the fact that this market is overbought, all signs on the charts point towards more upside still. I will watch 1171-1172 for a (real or false) breakout to new HoY. This likely means 1.5pt - 2pt target initially, because it may be a false breakout. Price action will dictate final target.
A close below 1158 is still the criteria to confirm a short term top. I will watch 1165-1164 area for a potential breakdown (spike in sell volume).

Other areas to do business: 1155.5, 1158.5, 1160.5, 1163, 1176, 1179

Euro Futures (6EM10) consolidated between 1.35 and 1.3440, which is above the area of the past 3 days. It has appeared to absorb 1.3490 resistance. Euro left an unfilled gap at 1.3410. That is the area I will watch for going long.

Other areas to do business: 1.3435, 1.356

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