Today's trading opportunities from the Market Analysis video – please watch video for full market analysis.
1 – The EUR/USD pair continues to bounce around just below the 1.18 handle, and we feel that this market is essentially “stuck” in this general vicinity. Because of this, we are actually avoiding trading it as we need some type of impulsive move. Having said that, we are sitting just at major support on longer-term charts.
2 – Gold markets rose slightly during the session on Wednesday, but as you can see we still struggle at the $1240 level. Because of this, we are looking for short-term resistive candles in order to serve buying puts, as it should send the market lower. However, if we get above the $1250 level, at that point in time we would consider buying calls as the market could breakout.
3 – Looking at the S&P 500, we fell initially during the session on Wednesday, but it appears that we are finding enough support below the 2000 level to turn things back around and form a hammer. The hammer of course is a very positive sign, and should send this market going higher. We think that in the meantime though we will see a lot of consolidation between the 2000 and the 2060 levels.
4 – The silver market initially fell during the course of the day, but found enough support at the $16.50 level to find buyers to push the market back up and form a hammer. If we can break the top of the Tuesday candle, we feel that the market then will head to the $17.50 level, the next major resistance barrier. With that being said, we are bullish of silver but short-term only. We believe that ultimately the $18 level will be a bit too much for the buyers to overcome, but if they do then we have an absolute trend change on our hands.
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