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Weekly Bonus Technical Analysis [VIDEO]
Weekly Bonus Analysis Video: S&P500, WTI Crude & US30Y (5 min 46 sec)
TEXT:
Hello everybody ..welcome to our Weekly Bonus Analysis Video ..I’m Stef Breschi and today is Sunday 6th September 2015
Today we’ll be analyzing the SP500, WTI Crude and the US Treasury Long Bond
S&P500: Only daily charts today as my broker feed has not updated the other time frames .. apologies.
The S&P is consolidating after the recent big fall and is likely to be trading inside a box range between now and the FOMC meeting later this month
The market’s lack of direction is confirmed by the fact that after the recent fall off the May all time highs, price retraced back to the 50% Fibonacci level and since that fall, we’ve had a bounce which also retraced last week back to its 50% Fibonacci level .. this means that currently the market is undecided and purely driven by short term technicals …
So we think the market will be trading inside a wide box range around 2030 and 1870 so traders should be looking to go Long at the bottom of that range and look to take profit at the top.
WTI CRUDE: Also a big bounce here with price meeting with confluent resistance at the 50 sma, $47 significant level and the 38.2 Fib level of the recent fall.
So the area between the 38.2 Fib and the 50 Fib which is just above $50 will be very important next couple of weeks to help us determine whether the long term downtrend is over, in which case we will see an upside breakout and hopefully a re-test of 50$ to help us go Long , or a failure at these levels and a resumption of the downtrend.
So all eyes next week on the range $45-$50 to see how price reacts in this area.
US 30Y BOND: The Long bond has corrected since the pin bar at 162 resistance where we made money on a previous short ..we are now re-assessing.
This market being susceptible to interest rates is even more undecided pre-FOMC so again we expect the market to chop around in a wide range for the next couple of weeks between 153 and 162.
So we should be looking to go Long at the bottom of this range and take profit at the top.
Thank you for watching .. please take a look at our subscription service STTS (Short Term Trade Setups) which covers also gold and the major currencies and includes entry levels, stops and targets combined with our tried and tested risk management strategy
Come and find us on tff-onlinetrading/market analysis
Have a great week!
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