Good Morning RWO.
I hope everyone had a fantastic weekend. I’m not 100% just yet but doing much better so everything should be back to normal if there is such a thing.
The Futures are pointing to a lower open this morning an because the gap down is a slightly larger than we have been seeing lately it’s common to have an emotional reaction and thinking the sky is ready to fall. However, if you look at the index charts you will see that there is a reason to raise your caution level but at least now there is no need to panic.
MS reported great earnings this morning and that help to lift the futures off the lows. Don’t forget the power of earnings session and the influence it has over the trader emotion. On the economic calendar, we have the empire state number this morning but I doubt it will have much effect unless the number is a major surprise. We have several Fed speakers today and it looks as if they will keep the hot air circulating the rest of the week.
For today raise your caution level just a little and watch the charts.
Trade Wisely,
Doug
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