1 – Silver markets tried to rally during the session on Thursday, but found the $16.50 level to be a bit too resistive. We ended up turning back around and forming a shooting star though, so it suggests that perhaps we are going to drop back down to the $16 level. Either way, silver is going to be a very tight market and one that should be traded from short-term charts only.
2 – The EUR/USD pair initially fell during the day, but found enough support on Thursday to bounce above the 1.06 level and test the 1.0750 handle at one point. We did up pulling back slightly at that point in time, so it looks like short-term resistive candles might be put buying opportunities but we do not expect much in the way of movement to say the least.
3 – Looking at the S&P 500, we ended up falling right off of the open but found enough support to turn things back around and form a nice-looking hammer. This hammer suggests that we are going to go higher and therefore we will assume that’s the case. We are call buyers in the S&P 500 as we are with the entirety of the US stock market in general, and believe that higher levels are coming to be seen soon. With knowledge in buying puts, and recognize that we are most certainly in a very bullish market overall.
4 – The FTSE tried to rally initially during the session on Thursday but found the area above the 7100 level to be a bit too resistive. By doing so, we turned back around and formed a shooting star. The shooting star suggests that the market is coming back to look for supportive or closer to the 7000 handle, and as a result we are buyers of calls on supportive candles below.
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