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Guidance for the currency markets today

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Today, I start out with a general commentary on the Dow, S&P and Nasdaq index futures and then provide complimentary trade suggestions for Currencies and Currency Pairs. If you trade these instruments and like what you see, email us at

For the Dow Futures

The main trend since last week remains down according to the weekly chart. While we remain over 23750 in the early session today the trends turned down on yesterdays intraday meltdown. A sustained 23200 again today will likely generate enough downside momentum to challenge 21600 and will likely trigger further sell stops to accelerate moves to the downside.

Futures for the Dow are currently straddling its retracement zone at 23130 to 23900. Trader reaction to this zone will determine the direction of the market today.

For the Emini S&P Futures

The main trend will turn to down only on us trading through about 2450 and it will begin eyeing the next support levels on the larger timeframe chart at 2320.

Yesterdays day session took out support levels at 2670 and 2560 conveniently.

The short-term range is 2415 to 2880. Retracement zones to the upside range from 2645 to 2590.

Watch the area between 2530 & 2600 today, if we range between here which appears more likely, we may push back up later into the week. Falling below here spells more downside possibilities.

For the Emini Nasdaq Futures

If we hold 6415, the index today will lean on an upside bias and it could trigger a move into 6550 and up to 6580 area if the buying gets going. Beyond 6580 we could test of 6650. This is a possible trigger point for a further acceleration to the upside.

Below 6415 (where we currently reside ahead of the open) could lead to choppy conditions and a test initially of 6320 followed by 6265 and then 6150 eventually. The Fibonacci level at 6150 can trigger downside targets to 6085 and then 5970 and 5840 rather quickly as we witnessed yesterday. The range today is likely to be between 6415 and 6150.

Here is your Fx/FxPairs trade recommendations:


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About the author

Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at

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