These are my thoughts for today on selective markets.
S&P500
The American markets are still very bid so any sell off during the day is been reversed in the last hour of trading. This makes it very hard to be short.We are in a very strong resistance area of 1340-1370 going back to May last year. As long as the market stays above 1330 the market will still climb a wall of worry.
I am looking at selling the 1365/1370 level, with a closing stop over 1375, looking for a move back to 1350 area.
Dax
6750-7000 is a very strong resistance level. 6844 is the year high so I am looking to sell against this level with a tight stop.
FTSE
I have no view on the FTSE today but it looks tired
Crude Oil
As long as we stay over 100.50 market should trade up to 103
Gold
Looks very tired also but a break of 1705 should lead to a test of 1660 on the short side.
Well done Bryan.
All this positive data from the states along with the es being hyped to the high heavens. Amazing what can be done when there’s an election on the hill. I didn’t think it could be artificially propped up but it is. The natural ebb and flow of the market suggests that there is a significant pull-back long overdue.
Noah.
full marks, Bryan , well done the first step on a long journey
Don’t lose too much money waiting on that pullback, Noah