IIFT Daily Note with Peter Brown

Sidweways trading.

Posted by:  |  Time: 7:48 am  |  Topic:
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Market was reasonably quiet yesterday. There was some action on the DAX and the IBEX but on the majors like the S&P and the Euro it was fairly range bound. Euro held support at 1.3350 and bounced to 1.3430 . This is the range for today. I do not favour a break to the downside but if we go through support 1.3300 should hold.

S&P reached a buy level overnight in Asia. 1508 is a good buy level. The trend here is defined. Pull backs and then rallies to new highs. 1530 is the medium term target.

Elsewhere USD/JPY is now above 94.00 at some stage this needs a serious correction. 95.00 is a tempting target for the market, but expect a correction from there.

There was a good gap close on Apple yesterday. One of the historic gaps at 483.4 was filled. The next gap is 514 and although I think the price should reach 420 eventually, do not be surprised if we make an effort at this gap short term.

Market is yet to get going this week, so jobbing is the order of the day until we see some direction.

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