S&P 500: Short-Term Sell
S&P 500 Futures, 4-Hour Chart Analysis
The index rolled over yesterday as the MACD suggested, and now the momentum indicator is clearly bearish on the 4-hour chart. The 2332 level and the 2319 support are obvious targets for this wave, and the test of the longer-term 2308 support level is also possible in the coming days.
Long-term short positions might also be considered here, with the recent swing-high around 2368 providing a good stop-loss opportunity. In a bullish scenario, a recovery above the 2351-2355 zone could set-up a test of the all-time highs near the 2400 level. Bulls should consider placing the stop-loss order around 2330.
Gold: Short-Term Buy (Update)
Gold, 4-Hour Chart Analysis
Gold continues to act strong above the short-term support level near $1240, and it reached are trading target at $1260 once again this morning. The precious metal is facing key resistance in this area, but a significant breakout is still in the cards, and a push towards 1300 is possible.
Traders who want to hold their long positions (or at least a part of it) in anticipation of further upside are advised to push their stop-loss level higher, as a potential failed break-out could lead to a sharp correction in gold. The $1244 level seems to be a good choice for a stop, but a broader stop around the $1238-$1240 zone also makes sense.
Featured image from Shutterstock.
Trade Recommendation: Syscoin
The market bounced from the support level and broke SMA100. It gave us a trend reversal signal. MACD and DMI support upward movement. We can use the local swing high and a breakout signal for opening long trades. Entry level is 0.000037 with stop orders below the support at 0.000022 level. Profit targets are 0.000050 and 0.000060 levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 0.000050 and 0.000060
The trading signal is based on Poloniex chart.
Trade Recommendation: Lisk
The price of Lisk diverged with the MACD and RSI, giving us a trend reversal signal. Also, the RSI confirms price reversal from the support level and MACD supports upward movement. DMI allows us to open long trades. It’s a buy signal.
Pending orders should be placed above SMA50 and the local high at 0.000930 level. Stop orders must be at 0.000780 level. Profit targets are The 0.001200 and 0.001400 resistance levels. If you don’t use leverage, recommended trading volume for this trade is up to 5% from your deposit.
Profit Targets: 0.001200 and 0.001400
The trading signal is based on Bittrex chart.
Trade Recommendation: EURJPY
The price diverges with MACD histogram and RSI. It gives us a trend reversal signal and a new buy opportunity. MACD supports upward movement and DMI allows opening long trades. Buy orders should be placed at 132.05 level with stop at 131.60 level. Profit targets are 132.50 and 133.00 levels. Don’t risk more than 3% from your deposit in this trade.
Profit Targets: 132.50 and 133.00
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