IIFT Daily Note with Peter Brown

US election

Posted by:  |  Time: 7:44 am  |  Topic:
Trading Is At Your Own Risk - Read Our Terms & Conditions

Today should be fairly quiet ahead of tonights US election. S&P will probably remain range bound 1404 to 1416. The outcome is tight although going by the bookies Obama is a shoe in. Surprises can happen.

On the Euro the clouds are gathering. Greece, Spain and France. We broke the 200ma at 1.2835 and have close below there. Normally this would be a macro bearish signal. However in this market it is hard to see sustained moves and I am wary of making strategic calls.

Safe to say 1.2835 is major resistance and any rally to there is worth a sell. Support comes in here at 1.2770  than 1.2750

Probably sidelined today, small ranges.

Comments are closed.