Daily

.
Bias in DAX for today is neutral, with downside pressure developing later in the trading day. In the European session,
Germany unemployment will likely cause some movement, but will ultimately be priced in. The close will depend on
Outlook where US equities take the markets. Currently price action is bearish, but momentum has slowed and it looks like
29 July 2010 traders have finally realized that summer is here. I was wondering when that was going to happen.

Calendar GMT Ctry Event Mkt Risk Exp Prev Remarks

Thursday 0755 EU German unemployment change Jul C/E High -20K -21K Euro, ESX, DAX, S&P risk barometer (3 day)
0900 EU Industrial confidence Jul C/E Med -5 -6 ESX, DAX intraday
EU Economic confidence Jul C/E Med 99.1 98.7 ESX, DAX intraday
EU Services confidence Jul C/E Med 5 4 ESX, DAX intraday

DAX 30min
Lots of resistance above and a bearish close on Wednesday.
Bias going into the rest of the week is to the downside, but
anything can happen from here. Today is likely to be quiet.
The range projection is 60 points, with the high and lows at
6250 and 6160. The alternate range projection is 100 Today range resistance
points, with the extremes for today at 6300 and 6100 --
which we could easily see if the data out of Germany and
the EU disappoints and pressure materializes in the US

Today's range resistance

3 day range pivot is 6200.

20 day range pivot is 6000.
Technical and statistical confluence in the 6140, 6150, and
6160 areas, leading me to believe that while the pressure
will be to the downside, responsive buying will likely limit
the range.

Interested in contributing to this letter? Jay Schneider -- FX and futures, range studies
Want to exchange ideas? Have a suggestion? San Diego Area, USA
jay@lonelytrader.com
Please contact --> 760-444-0307

The Lonely Trader

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