Note On Charts: It’s imperative to your trading success that you are trading with a broker that offers ‘New York Close Forex Charts‘, (a true 5 day chart that aligns with the New York Close).
Chart Commentary Disclaimer: Nial’s views on the Charts is not advice or a recommendation to trade or invest, it is educational and general information only. Don’t blindly buy and sell the markets/products discussed in this newsletter, do your own research and be aware of the risks and rewards.
Trend: Bearish / Neutral
Relevant Key Levels: Resistance: 1.3190, 1.2770 and 1.2640. Support: 1.2020 and 1.1400.
Current Notes: Price collapsed below both 1.2770 and 1.2640 levels activating a short term bear market recently.
Trade Idea: We will consider looking to sell after a price action sell signal, at or just below either 1.2640 area or 1.2770 resistance level. Targeting a move back down to 1.2020 and then possibly 1.1400.
NOTE – You can trade Spot GBPUSD via the preferred trading platform we use HERE.
S & P 500 (Cash)
Relevant Key Levels: Support at 2200, 2430 and 2600-2650. Resistance at 2960, 3030, and 3130
Price Action: There is a prior gap fill resistance around 2960 (event area).
Current Notes: The short bias remains bearish whilst prices hold beneath 2960, 3030 and 3130 levels.
Trade Idea: We will consider selling on a retracement higher AND after a clear price action sell signal at or just below the 2960 resistance area, ( ideally looking for a sell signal at or just under the gap fill area at 2960 (the same scenario we discussed last week) ), targeting a move back towards 2600-2645 and then and then potentially 2500’s and 2400’s.
NOTE – You can trade S & P 500 Cash via the preferred trading platform we use HERE.
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