Pre-Holiday (Labor Day) trade is anticipated to be relatively quiet…Continued unrest in Middle East will keep most traders/investors from initialing any new positions and existing positions will be pared ahead of long holiday weekend.
Key Resistance continues to be 1642 – 47 zone…which can be faded until penetrated…Initial support 1633 – 36 zone which is 3-D Central Pivot Zone (3D CPZ)..Any violation of this zone calls for lower levels to be tested yet again…1625 – 27 is a “must hold” for the bulls. Any violation of this zone again calls for 1613 – 17 zone to be targeted.
Stay Nimble…Follow the Trade Rules!
I am willing to accept loss. Losing is an integral part of the process. I know and accept that individual losses and losing periods will happen. They are endemic to trading. I do not like loss. I do not expect loss. I simply accept loss as a cost of doing business.