Good Morning,
Hard to believe we only have 9 more trading days until November expiration.
Fundamentally, aside from the European news, we have a very light economic calendar in the US. Highlights will be Bernanke and claims.
Technically, we are rangebound in SPX and the currency pairs. In currencies, it was a day to fade the moves as the overall trading ranges were small and we had an "inside day". There were two nice DOUBLE FALL LINE TRADES in the GBP/USD as the dollar got too strong when equities bottomed at down 50 and then the dollar got too weak as the equities rallied and ultimately topped out:
Past performance is not indicative of future results
Past performance is not indicative of future results
Moving into the broad equity markets, we have a longer term view of the upmove in SPX. Arew we conslidating sideways waiting for a burst to the upside (big move up followed by small retracement) or are we creating a head and shoulders?
Past performance is not indicative of future results
Here is the shorter term view with strong support in the 1220-1240 range. Hard to say what will get us to go below that as typically, data-less weeks have been bullish for equities.
Past performance is not indicative of future results
Webinar Wednesday evening: https://www1.gotomeeting.com/register/717515353
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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