Trade Setup for 29th July

Here are the zones I'm watching for the 29th July:

Resistance

1243-1244.25
1250.50-1251.50
1262-1263
1269.25-1270.25


Support

1233.50-1232.25
1222.25-1221.25
1214.25-1212.75
1202-1200.50

My Outlook

The indexes all made a break lower yesterday with some decent force. Not much really to say which wouldn't be repeating myself from yesterday on that front. I'm still holding my slight bearish bias.

Ok my VIX data is no longer showing the massive upward candle it had on the 15th July. If that is the case then things change a bit. I thought that would have made it more acceptable to run higher but now its not exactly the case. Today we had a move higher. Again I would just be repeating myself now.

Gold and Oil are still pretty much the same. Nothing really to comment there. The USD is testing its recent strength so how far it tests will be interesting. I'm not convinced it is going to continue its decline into new lows.

My Focus

The market currently is trading at the 1234.50 area in the overnight market. I am being open to the market taking a breather after yesterdays strong selling. The 1243.50 area is the pivotal point for me today. If we reach there and can't show some strong buying I will look for a turn back down, possibly to make new lows.

If we gap above there at the open we could see some decent buying enter the market so we could see some strength hit at that area. If thats the case I will look to join the buyers. I'm not sure how strong 1233 will hold up as support so I will only trade long there if we have some strong buying occur evidenced by the Tick and volume.

I'm still taking my casual approach as placing less pressure upon myself is helping me trade. I am only trading at the s/r levels with stops hidden behind strong areas and initial targets in easy to reach places. The second lot will be trailed should the first lot be taken.