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What Trading Experts Say About COVID-19 and the Market Opportunities
Scandinavian Capital Markets asked a panel of trading experts the following questions: Can you share your outlook on the market for the coming months and where you would look for opportunities?
Market Update 1/6 – More Reversal Evidence
50-51 is big for crude. This zone was critical support in 2019. Once the level broke early last year, crude went into a swan dive. As noted 2 days ago, the rally from the April negative print does compose 5 waves. 5 waves up plus a massive market level in the form of former support (turned resistance?) indicates reversal potential.
Market Update: November 12
It was relatively quiet today but bullish evidence continues to mount for the USD. USDCAD, for example, followed through on its reversal from a 13 month low. The rally is impulsive (5 waves), which suggests that an weakness should prove corrective and give way to additional strength. Proposed support is 1.3025/50.
Market Update – May 28
GBPUSD erased most of yesterday’s rally but I remain constructive. In fact, price found support near the short term trendline that originates at the 5/18 low. I want to see strength above 1.2300 (blue line) before committing capital to the upside again though. In general, this level has been support and resistance for a little over a month.
Market Update 1/25 – AUDJPY Setup in FOMC
Keep an eye on AUDJPY. Monday’s low tagged the center line of the channel from the October high. The 25 line cuts through former lows and is in line with the well-defined 82.10…watch that for resistance. A break lower would target 78.84 and 76.80s, which is 2 legs down from the October high and the lower parallel of the channel. If price breaks below the center line then the underside of that line becomes resistance. Bottom line, there are solid reference points that should help return to the short side.
Market Update – June 8
TLT reached the noted support line on Friday and reversed higher. The importance of this line cannot be overstated. This is the same line that was resistance for major tops since 2012. Another leg higher from here is possible but I don’t have a strong opinion on whether or not that happens. Favor the upside as long as Friday’s low holds. 162 is initial resistance.