1. We are currently trading under the cloud. The bottom of the cloud in theory will act as a zone of resistance. We will use this as both a target and a place to initiate a possibility of a fade play.
2. Also the cloud is located at the top of the large downward candle from Wednesday, this is an area of interest to us, if we breach this area we will look to take on long positions.
3. We will have new home sales released at 10:00am. Any positive news will add fuel to the small rally we are seeing.
4. And as usual we will look begin by assessing the gap, and whether we are trending or sideways. From there use our S/R levels in coordination with our market internals to take positions.
News:
New Home Sales 10:00am EST
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