IIFT Daily Note with Peter Brown

So much for a slow down in volatility.

Posted by:  |  Time: 8:16 am  |  Topic:
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Another 200 point day on the US markets. This time caused by Obama call for tougher sanctions on Russia. It seems this market is determined to stay volatile even with little news to drive it. Today we have jobless figures and GDP in the US so expect another big day.

Elsewhere FX is trading very technically. Tight range on the Euro and other pairs. Gold testing support at 1300.

Best trading strategy is still to trade with the candles and not try to fade the market.The intra-day resistance and support levels are not working because the moves are so large. In reality we are going nowhere but the market looks determined due to these daily moves. Overall on a macro view the markets do look  tired on the topside. Every time we try to rally the sell off happens. We may be in for a deeper correction if the bulls give up.

This morning we look a bit too low and this has been a good buying point in the past. So if it turns green that’s the trade.

Conditions Choppy

Levels are S&P (JUN)  1840  1830 are supports, resistance is way up at 1860/70  Wall St (DFB) 16200 is support resistance miles away.

DAX (DFB) 9500  9380 Euro 1.3850  1.3750  Gold support at 1300 1280  resistance is at 1325

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