Good Morning,
Nice to see SPX resistance holding in at the 1220-1224ish range. No pressure to trade as the monthly protection looks a lot better today than it did yesterday at 2:30pm Eastern. We are still well within striking distance of highs and we have retail sales tomorrow. I imagine they will be good as people are still spending, but since the survery period was during the market "crash" last month, maybe some of the shine will be off just enough to prevent us from a stupid and unwarranted Friday rally. The only people that want to go into the weekend long at these elevated levels are the ones hoping for a weekend resolution. So yes, I will be looking to sell rallies tomorrow and one way of doing that will be to buy the dollar.
Today, buying the dollar worked in GBP/USD as we had a triple top. It was a fairly rangebound day, so playing the edges of the ranges, believing they would hold worked pretty well. See the chart below:
Past performance is not indicative of future results
I will try to provide a weekly wrap up tomorrow depending on activity. Watch out for earnings over the next few weeks and get ready to manage your October options as expiration is next Friday.
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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