EURUSD | GBPUSD | USDJPY | USDCHF | 1.4240 | 1.6340 | 91.10 | 1.0550 | 1.4160 | 1.6240 | 90.30 | 1.0510 | 1.4100 | 1.6170 | 89.90 | 1.0440 | [...] Forex trading - live day trading course and currency trade room.
AUDUSD is slightly higher today (touching a high of 0.9045) after fourth quarter CPI came out stronger than expected at an annualized pace of 2.1%; above the RBA's inflation target of 2-3%. Markets are now pricing in a 73% chance of another 25bp hike when the RBA convenes on 2nd Feb, which if realized would represent the fourth rate rise in as many meetings. The JPY is also stronger today as risk appetite remains nervous about the risk of China tightening policy, and reports of artillery fire between North and South Korea also briefly weighed on USDJPY and EURJPY. JPY bulls will also be encouraged by comments yesterday from Japan's PM Hatoyama that there were no immediate plans to counter the recent strength of the JPY. In the meantime, Asian equities have had a mixed session after their 7 day slide; it is likely most traders will be wary ahead of tonight's FOMC meeting. Yesterday's US data was encouraging on the whole; the Case Shiller home price index showed a modest gain (albeit lower than forecasts), consumer confidence rose significantly to 55.9 against expectations for a 53.5 reading, and the Richmond Fed clawed its way up to -2 from last month's -4 level. Fed policy makers are extremely unlikely to make any change to the current level of Fed Funds tonight, but clearly it will be important to see whether they signal a future policy path that is misaligned with current market pricing. Today we will also get Barack Obama's scheduled State of the Union address; likely to garner increased attention given the profound impact on financial markets he had last week when announcing plans for reforming the banking system. In the morning session we will get the latest German CPI figures for January; expected to rise once again to +1.0% YoY (from 0.9% last month). It has been suggested that markets are starting to speculate that the ECB may begin monetary tightening before the Fed, and any economic data to support this scenario is likely to be supportiv [...] Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Wednesday January 27, 2010
S&P Emini 500 Futures opened with a short lived gap down this morning. Today's trading took the average to 1100.00 for a double top test of that level. The test failed, and the market closed with a doji. That means the market is in decision. Traders may be waiting for tomorrows news events, most notably the Fed rate decision and the President's State of the Union speech tomorrow night. Volume was respectable at an above average 2.45 million contracts, but the range was a relatively narrow 14 points. The 5 day down trend is still in tact. Until the 1100 price is broken to the upside with volume, the market will remain within the trend. S&P 500 day trading course
USD rallied back in the Asian session, as news that China was again raising its reserve requirements on select banks and S&Ps lowering of Japans outlook spooked investors. Yesterday, Wall Street was able to close on a postive note, but news from China and Japan clouded the sentiment.The Nikkei closed down -1.78%, while Shanghai was down -2.42%. After an encouraging start, the EURUSD traded higher to 1.4180 and pushing JPY cross higher as well, but around midday sentiment shifted and risk correlated trades tumbled. With Australia on holiday, Tokyo were the main players in AUD, selling the pair down to 0.8960 as high beta trades came under the knife. Outside Asia, political issues in the US continued to also weigh on risk taking, particularly Bernanke's potential confirmation of a second term. While the White House sounds confident that the Senate will confirm the current chairman, and positive comment have helped ease concerns, Obama public mandate is currently being questioned, a rogue senators effecting the vote should be priced in. In Japan, the BoJ voted unanimously to keep the policy rate unchanged at 0.1%. The meeting went widely as expected with no new policies or adjustments to existing schemes/operations being announced. Core CPI forecast was revised higher for fiscal 2010 to -0.5% y/y from -0.8% y/y previously, which was followed up by FM Kan stating that Japan could be clearly out of a deflationary environment in 2-3 years with the BoJ help. While he didn't elaborate on what monetary policy tools the BoJ has to achieve this feat, they could include increasing the central banks monthly purchases of JGB. Later in the day the S&P inexpertly lowered Japan's sovereign rating outlook from 'stable' to 'negative'. Japan's rating remains at AA, fiscal outlook is unlikely to improve as the new government spending plans restrict any positive adjustment to surge debt and we would expect other rating agencies to also lower in the near term. U [...] Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Tuesday January 26, 2010
S&P Emini 500 Futures opened up 9.75 points this morning. Pricing dipped down within 1.75 points of filling the gap, but never got down to Friday's 1088.00 close. Action on the day was inside yesterday's range and came in on lower volume. Pricing came within 2 ticks of testing the 1100 level before failing towards the lower end of today's narrow 9.75 point range. More important earnings reports remain this week, and traders seem to be in a wait and see mode. Prices need to break through the 1100 resistance on volume before the current four day downtrend can be broken. S&P 500 day trading course
The Asian equity markets have started this week lower as risk aversion continues to dog the financial markets. The dollar had been hurt last week by news that the Senate might not confirm Ben Bernanke's position before the end of his first term on 31 Jan; unsettling a market already fragile from last week's Obama speech. However subsequent support has begun to flow in from various senators including the Republican leader, soothing concerns for now. With very little on the data calendar, we expect EURUSD to remain range bound for now between 1.4030 and 1.4220. The BoJ have begun their latest two-day meeting today, and whilst there is not expected to be any change to interest rates, it will be interesting to gauge the reaction to last week's dip in USDJPY below 90.00 (revisited again this morning in early trading). Recently appointed Finance Minister Kan previously stated his preferred range for USDJPY was 90-95; but has since sought to distance himself from the remarks by stating in parliament that markets decide FX rates for themselves. Now, the focus will be on whether the BoJ have any stronger sentiments about the possibility of intervening at these levels. In Australia, Q4 PPI data came out lower than expected, dropping -1.5% YoY against estimates for a -0.9% reading. This is likely to adjust market expectations for CPI inflation in the coming months, and may lend support to the idea that the RBA may pause after the next 25bp hike (expected at the next meeting on 2nd Feb). Nevertheless, AUDUSD has held up relatively well, currently trading around 0.9050. Meanwhile, the SNB's Hildebrand was quoted in the Wall Street Journal on Friday; warning that the SNB would 'resolutely' prevent 'excessive' gains in the CHF as long as deflation risks persist. He also suggested there were residual risks of deflation in Switzerland despite CPI turning positive over recent months, implying further intervention could be possible. Today's data calendar is ligh [...] Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Monday January 25, 2010
S&P Emini 500 Futures had another convincing distribution day on Friday. Volume was more than double the average at 3.54 million contracts, and the range was very deep to the downside. All signs that the rally from March 2009 may be in for a correction. After three high volume down days in a row, however, look for a bounce in the short term. A spike to the 115 level over the next couple of days, with a break below 1085 may be a signal that the correction is for real. Friday's action filled two open gaps that had been underneath the market price levels for awhile. The open gap from the Monday December 21 close of 1108.75, and the open gap from the Friday December 18 close of 1098.25, both filled on Friday. High volume tests to the downside have occurred twice in the rally, once in summer of last year and once again in the fall. Both times the test has been overcome to the upside. Action on the moving averages for this downside test seem to indicate a more serious challenge to the downside. S&P 500 day trading course
Risk appetite is still lurching lower after yesterday's speech by US President Barack Obama that outlined dramatic reforms of the banking system; most notably the proposal to limit the extent banks can engage in proprietary trading and prevent banks from investing in hedge funds and private companies. Confusion is still rife as to how the definition of proprietary trading will be applied, and whether some of the largest financial institutions in the US will now face break-up to separate their commercial and investment activities, but investors reacted emphatically with an aggressive equity sell-off that saw $30bn wiped off America's top shares in two minutes. EURJPY plunged from 129.50 levels before the news to overnight lows of 126.56 – the strongest level of the JPY seen in over 9 months. Overnight, Asian indices have joined the equity market rout, with the Nikkei down over 2.5% and the Hang Seng down around 1.5%, with the misery compounded by renewed fears that China is moving towards tighter monetary policy. The flight to safe-haven assets such as the JPY will be an unwelcome development for newly appointed Japanese Finance Minister Naoto Kan who will now have his resolve tested after being quoted as favouring USDJPY in a range of 90 to 95. USDJPY has already dipped to lows of 89.79 in overnight trading, and if it falls further it is likely to dent Kan's credibility and prompt a scramble to verbally intervene and weaken the JPY. Meanwhile, Greek Finance Minister Papaconstantinou denied speculation Greece would require aid in its mission to handle the current budget concerns, stating "We are not expecting anyone to come to our rescue. Greece has not asked for it, not is it expecting anything of that sort". This followed an IMF spokesperson that was quoted yesterday as saying there was no expectation for Greece to request financial help from the IMF, appeasing concerns of sovereign default for the time being. EURUSD has recovered from its 1.4028 lows t [...] Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Friday January 22, 2010
S&P Emini 500 Futures had no gap today, but had a big drop on huge volume. The price drop was a convincing bearish move, that came within a tick of filling the open gap from the Thursday, December 31 close of 1110.50. That's close enough to call the gap filled. All indications point to further downward movement in the index. Volume on the day was a robust 3.4 million contracts, and the range was more than double the 14 day average true range at 27.5 points deep. The close came at the low end of the range, indicating a further decline is possible if the index breaks the 1110.50 level in the morning. If positive earnings reports come from GOOG, some of the prominent financial companies this evening, or from GE tomorrow pre market, the index could bounce before resuming any correction to the down side. A good measure of how far down a possible correction my go can be gleaned from the open gaps beneath the current prices. The lowest lies at 902.00 from last July. That's a big drop from here, but 10 months of upward market movement can be erased relatively quickly. S&P 500 day trading course
The JPY has weakened markedly overnight after strong Chinese continued to suggest robust economic conditions prevail. China's Real GDP in Q4 was an astonishing annualized rate of 10.7% (10.5% expected) and there were upward revisions to the Q3 data from 8.9% YoY to 9.1%. In addition, Retail Sales surged to 17.5% YoY (16.3% expected), and CPI jumped to 1.9% YoY from 0.6% levels seen last month. So far, USDJPY has traded up to 91.66 highs as the data soothed some of the effects of recent bouts of risk aversion. Nevertheless, considerable concerns are still weighing on the market's sentiment and keeping the USD elevated. Yesterday's earnings releases failed to inspire, with Morgan Stanley missing estimates by a significant margin (profits of 14 cents per share against expectations for 41.5 cents per share), dragging US equities lower. The USD has also been boosted by a Republican victory in the election for the Massachusetts senator vacancy; the win means that the Democrats no longer have the 60 votes required to automatically pass their healthcare bill, and indeed the prospect of political stalemate reduces the likelihood of further fiscal stimulus (stimulus that would likely weigh on the USD). The high demand for USDs has left NZDUSD still languishing around 0.7200 levels (after falling over 2.5% yesterday post-CPI) despite better than expected Retail Sales data overnight which came out at 0.8% MoM (consensus 0.5%). One of the main events of the coming session will be the release of the BoC Monetary Policy Report, followed up with the usual press conference with central bank Governor Carney. Yesterday's CPI was a subdued -0.3% MoM (vs. consensus -0.1%), a release that has reduced the odds that the BoC will cast off its conditional rate pledge before the end of Q2. The data pushed USDCAD to test major resistance at 1.0500 (1.0493 the high), and we remain vigilant of Governor Carney repeated any mentions of currency intervention in his press conference whic [...] Forex trading - live day trading course and currency trade room.
Forex day trading - The yen fell after a report from China showed economic growth accelerated to the fastest pace since 2007, damping demand for Japan's currency as a haven. The yen dropped the most against the Australian dollar among the 16 major currencies on speculation Japan's central bank will keep interest rates close to zero as the economy struggles to gain momentum. The yen slipped to 83.44 per Australian dollar as of 7:57 a.m. in London from 83.04 in New York yesterday. It depreciated to 128.95 per euro from 128.68, and was at 91.52 per dollar from 91.24. | The euro was near the weakest in five months against the dollar after the cost to protect Greek bonds from default reached a record. The euro traded at $1.4088 versus the dollar from $1.4106 yesterday, after earlier dropping to $1.4068, the lowest since Aug. 18. Gold declined for a second day in London, falling to the lowest in more than two weeks, as a stronger dollar curbed demand for the metal as an alternative investment. Gold for immediate delivery fell $5.10, or 0.5 percent, to $1,105.95 an ounce at 9:43 a.m. local time, the lowest since Jan. 4. The metal dropped 2.4 percent yesterday. Bullion for February delivery was 0.7 percent lower at $1,105.30 on the New York Mercantile Exchange's Comex division. | Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Thursday January 21, 2010
S&P Emini 500 Futures started Wednesday's trading with a gap down of 8.25 points, and the gap remained unfilled at the end of the day. Trading on the day took the index through 13 points to the downside before retracing about 70% of the decline. The morning sell off was high volume, but the retracement came with less volume over a longer time period. Tomorrow may yield high volatility with unemployment claims pre market, and big market movers reporting earnings, GOOG and GS, among others. Today's down action came on 66% higher than average volume, a bearish signal. The bulk of the day's trading was inside yesterday's bullish action, so net market movement is sideways. Prices are still teetering in overbought territory, with a much anticipated down turn possible. On longer term charts, such as the weekly, the market is still very much in an uptrend. S&P 500 day trading course
Forex trading course - EURUSD temporary support jan 20 [caption id="attachment_347" align="alignleft" width="244" caption="Forex trading course - EURUSD temporary support jan 20"] [/caption] Support is coming in, watch the down side consolidation, shooting out stops for those that play off the figure. S&P500 showing a lot of volatility too. Forex trading - live day trading course and currency trade room.
The USD has climbed for a second consecutive day as negative sentiment continued to weigh heavy on risk appetite. Equity markets in Europe have struggled, and after EURUSD broke through downside support at 1.4250 overnight, the pair has continued to trade heavily, touching lows of 1.4126. In parallel, gold has broke through its near term support level of $1130 to trade down to $1120.45, but we expect prior buying interest at $1119 to provide some respite to the sell-off. [caption id="attachment_343" align="alignleft" width="202" caption="Forex trading course jan 20 dollar strength"] [/caption] During the morning session, the UK ILO unemployment rate surprisingly fell to 7.8% (exp: 8.0%, prev: 7.9%), but the GBP failed to find much buying interest on this news. Also released were the minutes of the recent BoE meeting; as expected, there was a unanimous 9-0 vote to keep rates on hold and maintain the asset purchase target at GBP200bn. Furthermore, the statement explained that recent developments had not substantially changed the BoE's view on the medium term outlook, and instead, they would wait until the release of the February Inflation Report to get a clearer assessment of the factors affecting the economy. During the afternoon, Canadian CPI disappointed at -0.3% MoM (-0.1% expected, 0.5% prior), forcing USDCAD to push through 1.0450 resistance, touching a high of 1.0487. US housing starts and building permits were mixed on the whole, but the net result has seen further USD buying into the USequity market open. Tomorro [...] Forex trading - live day trading course and currency trade room.
Up Up and Away today! Prices began trading today at 1131.50, down a 10.5 point drop through the long weekend. Prices quickly hit the low of 1130.50 and took off running to the upside, climbing 16.5 points through the day to a high of 1147.00 where prices were met again with resistance. Futures closed the day at 1146.25 after a very buyer dominated day. With prices again in the 1147.00 area we are watching for a breakthrough of resistance, if buyer volume holds and push prices through we could be looking at a move up into the 1160's, if resistance holds prices could retest the 1144 and 1140 levels with another retest of 1135.00 as the next stop down from there. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
The USD has made gains against its major counterparts today as risk appetite was burdened by poor economic news and a dovish BoC statement. The headline event of the European morning was UK CPI which surged an alarming 0.6% MoM, 2.9% YoY in December; up from last month's 0.3% MoM, 1.9% YoY rise. Although potentially suggesting higher borrowing costs may have to be implemented to ward off an overshoot in inflation, the spike is in line with the BoE's forecasts in the Quarterly Inflation Report last November; and according to the path predicted in that scenario, inflation is expected to fall back towards target in the coming months. GBPUSD, which has rebounded strongly from its 1.5833 lows on 30th Dec, surged to 1.6459 after the release, but the rally failed to gather much momentum and the pair subsequently succumbed to the bout of USD strength, touching a low of 1.6313 before recovering somewhat to 1.6370 levels. The other major release of the morning session was Germany's ZEW survey, which showed investor sentiment fell more than expected in January to 47.4 (49.5 expected, 50.4 prior), causing EURUSD to slump below its 200 day moving average (around 1.4293), touching lows of 1.4262. So far, the major support of 1.4250 remains intact, but a closing break below there would open up further downside to 1.4000 levels. [caption id="attachment_339" align="alignleft" width="202" caption="Forex trading jan 19 weekly bear flag"] [/caption] Looking for a move to 1.38 the 1.35 area with in the month. During the afternoon session, the markets awaited the latest BoC rate meeting, and as expec [...] Forex trading - live day trading course and currency trade room.
Prices opened trading at 1143.00 Friday, up one point from Thursday's close of 1142.00. Prices peaked early in the day at 1144.00, then began a decent throughout the day. Prices traded to a low of 1127.50 before finding support and closed the week at 1132.00. The range was a welcome 16.5 points while the gap at 1142.00 was filled. For Tuesday's trading we are looking for a possible check back to the 1140.00 area of resistance, then the 1147.00 area of resistance from there. On the low side prices could retest the 1127.50 level and with volume on it's side move to the 1125, and even the 1113.00 levels. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Tuesday January 19, 2010
S&P Emini 500 Futures gapped down 1.75 points Friday morning. The gap down preceded a morning sell off that took the index to a low 1127.50 by 1:00 pm. Prices found support at that level. The index has actually tested the 1127.50 level three times since January 7th, and has provided support each time. Look for a break down if prices fail below that support. Earnings season begins in earnest, with big players (IBM,C, CSX, BAC, GOOG, GE, and others) reporting this week. The market is still seemingly very news driven, and earnings surprises either way could provide plenty of volatility for this shortened trading week. S&P 500 day trading course
FX markets were unimpressive in the Asian session. With the US out on holiday, today's trading session is expect to also be uneventful. Coming off last week, weaker US data, China's reserve requirement increase, rumors of Chancellor Merkel's resignation, unsatisfactory answered questions surrounding Greece and JP Morgan's better earnings, but cautiously outlook had traders understandably nervous. The EURUSD finally found a temporary bottom around 1.4335, while the USDJPY ranged between 90.60 and 91.30. Treasury yields dropped along the curve, with the 2y down to 0.86%. Perhaps the highlight of Asian trading was the noticeable response to Evans-Pritchard piece in the Telegraph, which paused the EURUSD lower. The article suggested that the ECB was preparing legal grounds and framework for the secession from the monetary union. The article lacked any hard evidence but relied mainly on the author's strong reputation. However, given the stress Greece is under, policy members must be contemplating "what if " scenarios…I know we are. In New Zealand, December residential house price index disappointed at m/m -0.9% vs. 0.2% prior. Markets will now be watching CPI on Wednesday and weak import and food price data have increase the possibly of a downward surprise. The RBNZ is expected a 0.2% q/q fall, so anything lower will reinforce the view that rates will stay on hold till mid 2010. The NZDUSD failed to break 0.7450 resistance last week and further removal of yield support will put addition pressure on the kiwi. Other key data points this week will be from China, with Retail sales, GDP and IP are all expected to remain elevated. While the stronger data will be good from the global economic cycle, too much growth and inflation might make Chinese policy makers nervous, prompting an acceleration of their tightening cycle. As we have seen last week, it would be highly negative for risk collated trades (especially commodity currencies). Forex trading - live day trading course and currency trade room.
€ The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4365 level and was capped around the $1.4510 level. The common currency was pressured overnight on rumours that German Chancellor Merkel may resign following a media report that she was losing the support of her coalition partners. Merkel dismissed this talk as "absurd" and pledged to move forward with her pledge to reduce taxes. Data released in the eurozone saw the November trade surplus print at €4.8 billion, down from €6.6 billion in October, while EMU-16 consumer price inflation rose 0.3% m/m and 0.9% y/y. The common currency has also been pressured this week following ongoing concerns that Greece's fiscal position may require drastic intervention from the European Union. European Central Bank President spoke after the ECB's decision to keep rates unchanged yesterday and provided a mixed assessment of the eurozone economy. Trichet also talked up the U.S. dollar, an ongoing dialog he has had with the market that is designed to limit the amount of upside potential for euro appreciation. In U.S. news, data released today saw December consumer price inflation up a smaller-than-expected +0.1% m/m and 2.8% y/y at the headline level and 0.1% m/m and 1.8% y/y at the core level. Also, the January Empire State manufacturing index improved to 15.92 from a revised prior reading of 4.50. Additionally, December industrial production printed at 0.6% and capacity utilization improved to 72.8%. Finally, the mid-January University of Michigan consumer sentiment index receded to 72.8 from the prior reading of 72.5. Data to be released on Tuesday include net long-term TIC flows and the NAHB housing market index. Most Federal Reserve officials – but not all – have talked up the U.S. economy's recent strengthening and Fed officials are said to be reviewing ways to drain upwards [...] Forex trading - live day trading course and currency trade room.
With a very slow open today prices began trading at 1140.5, down 1.5 points from Wednesday's 1142.00 close. The light volume and slow moves made for a consolidated day trading to a low of 1139.75 and a high of 1147.00. Prices traded 7.25 point range and closed yesterday's gap of 1142.00, then closed the day at 1144.75 up 2.75 points from yesterday's close. Prices appear to be floating towards our highs, while struggling to move into resistance. This gives the appearance of an uncertain bullish market, where the slightest wrong move may bring doom. The closer prices move towards a high the more they seem to retest, and retest before moving on. One thing is certain, that without an increase in volume by either party a definite move in any direction in uncertain. Friday's trading looks to be approaching the 1148 highs, with some good commitment we could see prices move into the 1155 or even 1165 levels. To the low side prices could see a retest of the 1140 area of support, then 1135 and an extreme low back in the 1129.50 level. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Friday January 15, 2010
S&P Emini 500 Futures traded the day in a narrow range with below average volume. Perhaps traders were awaiting the Intel results which reported above expectations after the market closed. Initial after hours trading on the Emini indicated a positive response to the Intel report. Tomorrow morning pre market economic reports that are customarily high impact, may mitigate the good news from Intel. Friday is also options expiration, which often lends a bullish influence to the market. Finally, tomorrow leads into a long weekend for the market. Markets are closed Monday for Martin Luther King Day. Expect Friday afternoon's trading to be light. Most of the institutional traders have already left the building by early afternoon. S&P 500 day trading course
Forex trading - live trade room € The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4580 level and was supported around the $1.4455 level. Traders are trying to digest one report that suggests the Obama administration is going to impose a major tax on banks that borrowed funds under the Troubled Asset Relief Program. Another report suggests the Obama administration is considering extending capital gains tax relief, a move that could support the equity market. Data released in the U.S. today saw MBA mortgage applications up 14.3% from the prior reading of 0.5%. The Federal Reserve's Beige Book was released today and confirmed improvements in business conditions in ten of the twelve Fed districts but noted the labour market is "generally weak" in most of the Fed districts. Data to be released in the U.S. tomorrow include the December import price index, December retail sales, weekly initial jobless claims, continuing claims, and November business inventories followed by many data on Friday including consumer price inflation, industrial production, and more. Chicago Fed President Evans today reported the U.S. economy may expand 3% to 5% in 2010 and sees a "stable" outlook for prices. Philadelphia Fed President Plosser spoke overnight and hawkishly said "This increase in rates must occur well before the unemployment rate or other measures of resource slack have diminished to acceptable levels." In eurozone news, German gross domestic product growth data confirmed the economy fell 5.0% in 2009, a sharp reversal from 2008's +1.3% expansion. This represented the first contraction in six years and the largest decline since World War II. French data released today saw the November current account gap narrow to €3.8 billion. European Union President Van Rompuy reported Greece's fiscal problems are a major concern the en [...] Forex trading - live day trading course and currency trade room.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Thursday January 14, 2010
S&P Emini 500 Futures filled yesterday's open gap on a good volume day with an above average trading range. It seems volatility and volume are returning to the market. Over 2 million contracts traded for the second day in a row. The index retrace all of yesterday's decline and finished up 10 points at 1142.00. Tomorrow will bring several high impact economic reports before the market opens. Those reports will most likely dictate tomorrow's trading action. S&P 500 day trading course
The pound rose for a fourth day against the dollar, its longest run of gains since November, after Bank of England policy maker Andrew Sentance was cited as saying interest rates may have to increase this year. The British currency also climbed versus the euro and the yen after the Guardian newspaper reported Sentance as saying the bank has done enough to stimulate the economy. The pound climbed to $1.6219 as of 8:39 a.m. in London, from $1.6164 yesterday in New York, for its longest sequence of gains since the five days through Nov. 9. It strengthened to 89.30 pence per euro, from 89.63 pence, and appreciated to 148.04 yen, from 147.06. The yen fell against all 16 of its most-traded peers tracked by Bloomberg before fourth-quarter earnings reports this week from companies including Intel Corp. and JPMorgan Chase & Co., which some analysts say will bolster stocks. Australia's dollar traded near an eight-week high against the U.S. currency on speculation a report tomorrow will show payrolls increased for a fourth month. Gold rebounded from its biggest drop in almost three weeks in London on demand for an alternative to a weaker dollar and lower prices for other commodities. Gold for immediate delivery rose as much as $6.39, or 0.6 percent, to $1,134.89 an ounce and was at $1,132.47 at 9:43 a.m. local time. Bullion for February delivery added 0.3 percent to $1,132.80 on the New York Mercantile Exchange's Comex division. Forex trading - live day trading course and currency trade room.
Trading began the day at 1135.25, with prices trading to a high of 1137.75 by around 10am market time. From there prices traded back to the downside, moving down to 1127.75 before spending the rest of the day trapped in a 3 point range of consolidation between 1129.00 and 1132.25 closing the day at 1132.00. The range for the day was 10 points while the gap at 1143.00 from Tuesday was left unfilled. Watching for prices to decide on the trend in the next day or two, the last few months have been giving us as ascending wedge pattern which we are into the end of. If we have prices move down through 1127.50 and continue to the downside we could be looking at a breaking of the supporting trend line and a possible change in direction with the next level of support in around the 1112.50 area, an area we struggled with for a while before we finally made it through. If prices do not move down they could move back up to retest the 1150.00 area, where if moved through would give us a continuation off of the supporting trend line and bring us out of the ascending wedge into a new channel of trading ranges. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
S&P 500 Emini Futures Day Trading THE GAP - S&P 500 Emini Day Trading Gap Wednesday January 13, 2010
S&P Emini 500 Futures gapped down 7.75 points this morning. The gap never filled and is the first overhead gap in quite a few weeks. Seven unfilled gaps lie beneath the current price range, and leaves open the possibility of a correction to those levels. Today's down market on good volume is a clue as to longer term direction. Prices are coming off of overbought conditions in all time frames. Look for initial testing of the 1100 level if declines continue on heavy volume. If prices turn back to the upside, look for a test of 1150. A break above that level on volume would indicate a continuation of the up trend. For day traders, the return of volatility to the market is welcome. S&P 500 day trading course
Trading opened today at 1134.25, down 3.25 points from Thursday's close. Prices traded to a low of 1132.00, then turned and started to move up from there. Prices floated up to a high of 1141.75 moments before close, then closed trading for the weekend at 1141.50. The day's range was 9.75 points while the gap at 1137.50 was filled. Watching for a possible touch back to the 1135 area, then 1130.50 with an extreme low of 1125.25. For the upside we could see a push up as high as the 1150 area however with out a large increase in volume this would be unlikely. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
Prices opened at 1130.75, down 2 points in the overnight. Trading hit a low of 1127.50 shortly after opened then turned and maintained some direction for the rest of the day, hitting a high of 1138.75 minutes before close. Prices closed the day at 1137.75, up 5 points from previous day's close and traded a 11.25 point range for the day. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
Today's trading opened at 1128.00, down 1 point from yesterday's 1129.00 close. Prices traded to a low of 1125.00, then a high of 1132.25 leaving us with a small 7.25 point range for the day. Trading was still slow today although slightly higher volume than yesterday, trading about 1.3 million contracts before closing the day at 1131.75. S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
Hello Money Makers!! Hope everyone has had a safe and happy holiday season!! Going into the new year it appears we are still struggling with our top in the 1120's. The light volume over the holidays has kept things rather slow, but moving into the new year now we can expect volume to pick up. As Joel has mentioned the ES and the Eur/USD have come uncoupled, a tendency formation for a breakout in either market. Let's keep our eyes open and remember to trade what you see. All the best to you in the new year, make 2010 the year all of your dreams come true! See you at the starting line! S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.
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