[Soultrader]

Sellers were present yesterday at the previous day high. Also note that this area was value high area (24 hr session) from Dec. 18, 2007. (chart below)



No real fundamental reason to take price higher from yesterdays price action.

Asian markets today was weak as well. Take a look at the Nikkei chart below. Price chopped around in the morning session to close at the lows. Weakness is still present here.



Question for today will be are the markets ready to break out of value? Or are we likely to see minimal conviction and trade within previous days range/value area?

Key levels will remain at previous day high which I will be looking as shorting opportunity. If we dont get ehere, premarket support (weak support) at 13280 will be another interesting level.

European markets closed positive while Asian markets closed negative. A very mixed signal here and will be expecting a choppy/rangebound market again.