Morning all,
On the hourly chart, there is rising support coming in at 7640 and a double top in place around 7710. A break above 7720 will see it run to 78c and then onto 7930(the 50% Fibo retracement level).
Intraday traders have small buyers scattered between at 7580 and 7640 with some Real Money Funds lining up from between 7520 – 7550 to buy. On top the sellers at 7720-30 are still there. Look to play range 7650-7710 on the day with a shorting bias. I feel market got itself a touch long this morning on the back of the on US credit story. Under 7640 will see 7580-7600.
Goodluck
