Support and Resistance
Good Afternoon,
Fundamentally, we have earnings, retail sales and claims, Philly Fed, and consumer sentiment.
Technically, we have a new "very local" resistance area in SPX at 1400-1405:
Past performance is not indicative of future results
Above 1405 is the early summer high of 1425.
Speaking of resistance, USO (and oil prices) have held with USO finding it hard to get above 35:
Past performance is not indicative of future results
And just to make sure I cover the other side of things, we have support in the USD/CAD. (I guess you could say we have resistance in the CAD too.)
Past performance is not indicative of future results
So there you have two of my favorite price driven technical terms: support and resistance. The third and probably most important one is trend. We know that equity prices are trending up. So using an uptrend, do you want to be a buyer at support or a seller at resistance?
IBFX Webinar this week on "Using Stops to Manage Trades"
Happy Trading and Be Environmentally Cool
Coach Brian
Forex trading is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
