The overnight futures session exploded with action when the Japanese Finance Ministry unilaterally intervened by selling the YEN. And based on the degree to which the 6j (Yen futures) has fallen, they weren't shy with the amount the threw at the market. The Yen intervention initially gave equity futures some lift, but those good vibes have long since faded and the bears have seized control.
Nasdaq traders have several areas of interest to plan for today, but given that the Nq is currently trading at 2283.50 we'll begin with 2278.50. An open near current levels should have traders focused on levels between 2278.50 and the low 2280's. As long as prices don't slice straight through 2278.50 I would be willing to buy against the low 2280's and play for a bounce back to (and through) 2287 and towards 2295.50. Given the overnight weakness one should obviously scale exposure along the way, but an ultimate target of 2295.50 or 2301 would be the goal. If prices are accepted back above 2301 the bulls can begin looking towards major resistance at 2316....508 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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