Daily trading analysis video with Jamie Saettele (13/05)
ES broke the noted level at the end of the day. 2885 is now resistance if reached and general focus is towards the 2637/97 zone (yellow box). The bottom of this zone was resistance in March. It’s also the 38.2% retrace of the decline from the February high. The top of the zone is VWAP from the low and the 3/13 high.
The S&P (looking at SPY here) remains magentized to the 61.8% retrace of the decline from the high. This is also the September 2018 high and May 2019 high (that’s right…exactly flat over the last year). Good spot to turn down?
Since reaching the long term parallel (magenta line) on 4/13, gold has traded sideways. Price rolled over last week from short term trendline resistance so be aware of the lower boundary near 1683. A break below there would leave price action since 4/13 as a consolidation top. Immediate downside focus would then be the 3/31 low at 1576.
WTI traded into the 2016 low today and reversed lower. My working assumption is that crude is building a bullish base. 18.20-19.20 is the zone to watch for the next low. This zone is defined by support and resistance since late March.
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele – Short Term Floor in Place for EURUSD?
BoE is tomorrow and it looks like the bounce to 1.2484 is the extent of the corrective bounce in wave 2 of C. Proposed resistance is now 1.2405/20, which is a well-defined horizontal level and the neckline of a short term head and shoulders.
USDJPY is nearing the center line of the channel from the 4/6 high. When a market is nearing the center line, I’m always on the lookout for acceleration in the trend…in this case that’s lower. Focus remains towards the lower channel and 61.8% retrace of the rally from the March low at 105.19.
Scand.Ex is pleased to present the next video with trading analysis by Jamie Saettele – AUDUSD Short Idea into May 2020 RBA Decision.
ES found support today from VWAP off of the Feb high. This level was resistance in March and support in April. I am treating last week’s high as the bearish risk point but given the support hit today a bigger bounce is favored. Resistance should be 2890-2930.