June 22 Morning Prep

Good morning traders. Here is the prep for 6/22/09.

Key area today is 899. Look for a potential range to develop 899-924. As you can see, 924 held last week. This could be a major failure in the recent uptrend of the past couple months.

There are 2 scenarios to watch for. If 899 fails, the premise would be for the market to continue downward and test the 882 area.

If 899 holds, look for a test of 924. Also, if 899 holds, note that it would be a significant higher low on a more macro view.