The FTSE went back and forth during the session on Monday, but most importantly tested the 7000 level for support. We found it there, and as a result the market should continue to go much higher.
The FTSE went back and forth during the session on Monday, but most importantly tested the 7000 level for support. We found it there, and as a result the market should continue to go much higher. We are call buyers going forward, and have no interest whatsoever in buying puts in this market as we believe that the upward momentum that pushed the FTSE above 7000 will continue to show itself.
The EUR/USD pair gapped higher at the beginning of the session on Monday, but then pulled back to test the 1.08 level. That area offered enough support to push the market back up, and it now looks as if we are going to test the 1.10 level again. However, we want to wait until we see some type of resistive candle above in order to start buying puts, and have no interest in buying calls in what is obviously a massive downtrend.
The S&P 500 initially fell during the course of the session on Monday, but found enough support at the 2100 level to turn things back around and form a bit of a hammer. This hammer of course it looks as if it is telling us that the market will continue to go higher, so we are buyers of calls in general. Once we get above the 2120 level, we become even more aggressively bullish. We have no interest in buying puts, simply because there is far too much in the way of support below.
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