Forex Trade Setups June 23rd
DOW and NASDAQ Bounce strongly – but which one is the better play?
After some strong and volatile selling to start the day off, shedding over 230pts, the index rebounded strongly gaining most of it back to close 57pts down. This 180pt rejection is a strong one and should be noticed. But the index has its challenges with the daily 20ema just above and the 12200 resistance from the swing high 3 days ago. If it can get above 12275 – then it should be decently smooth sailing up to 12600 but its going to have to work hard to get past these levels so bulls be warned. Another attempt to break the 11900/11830 lows and failure would result in another likely bounce back up to 12200 so play the range for now.
This one seems to be showing a little more strength even though it had a lesser bounce off the daily lows yesterday but its coming off of a 3 out of 4 day climb. On top of this, its pressing up against the 20ema as we speak so if it can clear this – expect a quick run up to 2280 which is another 25pts north off the moving average. Between the two, both have their plays but we prefer the NASDAQ as its overall strength over the last few days has been more stable along with a weaker sell-off from two days ago so watch for the ema break before making your play.
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