IIFT Daily Note with Peter Brown

Tricky market!

Posted by:  |  Time: 8:21 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

This is not an easy market to trade. There was no follow through on the rally yesterday. Indeed it ran out of steam as Spanish bond yields started to rise again.

Euro topped out at 1.2440 and that is now serious resistance. Support is now at 1.2365 Pivot and then 1.2335

The S&P likewise stopped at 1404  support is now on the 200MA line at 1393 and then 1385.

This is not a market I like, no clear direction and it’s the summer. Look for good entry points at either the higher resistance or lower support. Overall today looks like a slight down day.

Comments are closed.