US stock market continue to trend higher

Emini S&P December made a contract high at 5830 but reversed to 5778.
The low & high for the last session were 5778 - 5830.
Emini Nasdaq December is in a very slow 2 month bull trend, recovering from the late August collapse.
Last session high & low for the last session were: 20188 - 20538.
Emini Dow Jones December collapsed leaving a bearish engulfing candle on Wednesday but recovered most of the losses yesterday, so the candle was probably a false signal.
Fortunately I ignored the signal & had us buying at first support at 42270/230.
The long worked perfectly as we shot higher to 42594.
Last session high & low for the last session were: 42231 - 42594.

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures

Emini S&P beat 5805 for a buy signal & hit the next target of 5830/35 but then unexpectedly reversed.
We have moved very little this week & are struggling to push higher in severely overbought conditions but of course, shorts are a bad idea without a sell signal in such a strong longer term bull trend.
So I have no strong signals but if we continue higher look for 5875/85, perhaps as far as 5900/05.
My best suggestion on how to trade this market is to buy at support but be quick to take a profit in the low volatility conditions.
First support at 5795/90 & longs need stops below 5785.
Next support at 755/5770 should be stronger but longs need stops below 5765.
Look for 10 to 15 points profit on these trades.
Strong support at 5745/35 & longs need stops below 5730.
Targets: 5755 & 5765.

Nasdaq September futures

The break above the August high of 20217/251 hit my targets of 20330/340 & 20400/430, but not quite as far as 20600 just yet, with a high for the day yesterday at 20538.
We made a low for the day at support at 20250/150 but longs need stops below 20050.
Very strong support at 19900/800 & longs need stops below 19700.

Emini Dow Jones September futures

Longs at first support at 42270/230 worked perfectly & longs need stops below 42050 if the level is retested today.
We may start a consolidation phase now, where we trade in a sideways pattern to ease overbought conditions.
A break lower risks a slide to 41900/800.
We could have resistance again at 42650/680.
However a break above 42700 can target 42800/820, perhaps as far as 43000/43100.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

RBNZ set to pause interest-rate easing cycle as new Governor Breman faces firm inflation

The Reserve Bank of New Zealand remains on track to maintain the Official Cash Rate at 2.25% after concluding its first monetary policy meeting of this year on Wednesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.