technical trading
Day Trading Course, Positive Eurozone auctions boost Euro
Day Trading Course, Positive Eurozone auctions boost Euro while FED extends near 0 interest rates to push Gold.
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This week better than expected US equity earnings were offset by poor economic data. Weak GDP in both the US and the UK, showed that final demand from the consumer is still relatively weak. Supported by the ECB’s supply of low cost funds to European banks, positive auction data in peripheral Europe helped European bourses remain on the offensive. And the FOMC surprised investors by keeping rates low and extending the date that they will remain close to zero.
FOMC and Earnings Drive Riskier Asset Sentiment. The dollar is broadly weaker for most of the week with European markets holding on to a better risk backdrop following another encouraging Italian auction, along with hopes for a Greek debt deal. However, Portugal and Spain still remain a concern with Portuguese yields on the rise and Spanish retail sales and unemployment disappointing expectations.
Discussions between Greece and its private sector creditors over a 100 billion Euros debt write-down edged towards an agreement, with bond holders seemingly willing to accept lower yields on their future holdings of Greek debt. The two sides were discussing a deal that would see Greece pay an average coupon below 4% on newly issued Greek debt. A deals would allow the EU to move closer to fiscal unity.
On Friday, the US released 4th quarter GDP which increased by 2.8% annualized. Output was driven by consumption, net external trade and inventories, with consumption boosted by the increase in real incomes as abating prices pressures should marginally boost real incomes. Expectations were for an increase of 3%, which was slightly disappointing.
On the earnings front, the US witness better than expected numbers from a number of large cap companies. Caterpillar, 3M and Apple all showed much better than expected earnings. Aplle beat expectations handily, selling more than 37 million iPhones. Apple also surged with its sales of its iPad, selling 15.43 million units, which was 4 million more than it sold in the previous quarter. Apple sold 5.2 million Mac computers, beating its mark of 4.9 million.
The FOMC took center stage mid-week by keeping rates unchanged and extending the time frame of when rates could change to the end of 2014. This initially helped riskier assets rally, which seemed to be relatively short lived.
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| The Euro Tests Resistance
The EUR/USD was able to break through the 20-day moving average as investors moved into riskier assets. The currency pair tested horizontal trend line resistance near 1.32, twice before profit taking pushed the currency back. Support on the currency major is seen near the 20-day moving average near 1.30, and then again at the 50-day moving average near 1.2850.
Gold closes 4th week of gains Increasing liquidity from the FOMC pushed gold prices above resistance near 1680, on its way to 1730. Momentum in the yellow metal continues to move higher, with the 20-day moving average crossing above the 50-day moving average. Target resistance for gold prices are 1750. Support is seen near 1650.
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Learn how to day trade S&P500 Oct 15
S&P 500 day trading course levels on daily and weekly chart.
Trading opened today at 1082.25, up 13.5 points from yesterday’s 1069.75 close. We traded down the early part of the day to our low of 1077.75 by about 10:30am market time, then started with higher lows for the rest of the day. The high came in at 1089.75 around 3:30 then relaxed a little to close trading at 1088.75, up 20 points from yesterday’s close. Day time trading gave us a range today of 12 points while the gap at 1069.75 was left open for today.
S&P 500 day trading course, Sept 3 learn how to day trade
S&P 500 day trading course, levels of support and resistance. Live trading room with Joel Wissing.
Extreme high 1027.75
Extreme low of 973.75
Point of control 994
We slowed down to a crawl today with a very tight and range bound trading day. Volume dropped off to 1.9 million today after yesterdays 3 million plus. Hopefully the market will face the piper on some of the valuations in equities and get this cleaned out in the third quarter. September is known as the worst performing month on the indexes and it has basically started off with the kind of direction to propel the markets lower. Lots of support here, but for how long?
Join us in Montreal for a live training on October 3-5 with 1 day of live trading and 13 weeks of the live trading room.
