Nasdaq shows continuation to downside

Nasdaq shows continuation to downside as we approach double bottom. [caption id="attachment_3528" align="alignleft" width="300" caption="Nasdaq shows continuation to downside "][/caption] watching for price failure on the way down for an inverted head and shoulders for buyers to gather some steam. The sellers will have to really commit to get through here.

S&P 500 day trading course

Day trading course S&P500 short to 1298.25

S&P500 day trading course short to 1298.25 [caption id="attachment_3522" align="alignleft" width="300" caption="S&P500 day trading course move to 1300"][/caption] Oil going up, silver and gold following. Watching for the 1298.25 level for support then 1288.25. Libya could keep this going as OPEC does not have capacity to make up for it. America can be getting ready for $4.00 a gallon again.  Economist are using the ambiguous terms to describe this major transition we are watching in N.Africa and the middle east.  If Saudi gets hit with demonstrations, watch out. 1300-1302 will be heavy support.  If all else fails wait for the fed to start buying.  At least Goldman will be making money.

S&P 500 day trading course

Day trading course S&P500 day trading course 30 min bearish chart

Day trading course S&P500 day trading course 30 min bearish chart [caption id="attachment_3518" align="alignleft" width="201" caption="Day trading course S&P500 day trading course 30 min bearish chart"][/caption] Looking for a gap up to 1320  in the over night session.  support will be at 1341 and the 1309.75. Resistance coming in at 1322 then 1330 area as it approaches the 200MA (in Red)  next area will be 1334 then our previous extreme hig at 1343.25. There is a resistant trend line at 1324 area where we could keep this channel for a test back down for a double bottom or the possibility of new lows. As mentioned yesterday, watch out for more news coming out of the middle east and N. Africa. This could also effect gold and Oil.  If it is volatile I would expect to see a break of $100 a barrel Silver is also taking a very large bullish move and could see a break of 35 on its way to an extreme high of $42, again based on volatility politically.

S&P 500 day trading course

Forex day trading news EURUSD, USDJPY

Forex day trading news EURUSD, USDJPY Earlier in the morning we had the MoM retail trade figure from Japan which was weaker at -2.0% versus an expected 0.1%. Large retailers' sales were also significantly weaker at -4.0% versus an expected -2.9%. With a very light economic calender for the day, investors focus will be towards the Euro-Zone M3 reading due after European equity markets open followed by Personal income and personal spending from the US. Asian markets opened this morning in the red as the recently concluded G20 meetings fell well short of investors' expectation that the global economic recovery was gaining momentum. The weakness in investor sentiment was more reflective in the Asian equity sector, with the Nikkei down half a percent at 9689.68 and the Shanghai composite down 0.53 percent at 2538.84 at the time of writing. Some highlights from the recently concluded meetings included initiatives for banks to have higher capital requirements as leaders pressed for banks to increase their respective common equity as a percentage of their Tier 1 capital to allow a cushion in case of another shock. Although plans were in place to maintain existing stimulus measures, the recovery was still termed 'uneven and fragile.' Perhaps the markets expected more from the recently concluded meetings, but the lack of inspiration was reflective in the currency markets which were largely flat at the time of writing; USDJPY was marginally higher at 89.41 and AUDUSD was trading at 0.8753.

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Forex day trading course and managed funds. Japan news.

Forex day trading course and managed funds. Important news today would be reports forecast to show German investor confidence deteriorated, U.K. inflation slowed and Canadian factory sales declined. The German ZEW investor and analyst expectations probably fell for a fourth month in August, according to reports due today. U.K. consumer-price inflation probably slowed to 3.1% (prev. 3.2%) and Canadian factory sales probably fell 0.5% in June. Forex day trading news:  The EURJPY gained from a six-week low as Asian stocks reversed earlier losses, spurring demand for higher-yielding assets and the JPY fell against most of its major counterparts after reports that Japan's Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa will meet on August 23 and are expected to discuss the currency's recent gains. South Korea's won strengthened on speculation the central bank will allow the currency to rise to contain inflation. There have been strong calls for the government to intervene to weaken the JPY for the first time since 2004 and also called on the BOJ to "engage in large-scale monetary easing." The EURJPY traded at 109.49 after earlier declining to 109.07, the weakest since July 1, USDJPY was at 85.29, EURUSD traded at 1.2835 and the South Korean won rose 0.9% to 1,176.95. The MSCI Asia Pacific Index gained 0.1% after earlier falling as much as 0.4% and S&P 500 Index futures rose 0.3%. The NZDJPY dropped for a seventh day as traders trimmed bets the central bank will increase interest rates reducing chances of a rate hike by the RBNZ next month to 42% down from 64% a week ago. Growth in service industries slowed to the least since October and as uncertainties about monetary policy growing stronger due to the spate of weak economic data, downward pressure can be seen on the currency. NZDUSD dropped 0.1% to 0.7064 after declining to 0.6997 yesterday, the weakest since July 7 and NZDJPY fell 0.2% to 60.22.

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Forex day trading live trade room NY open

Forex day trading  NY open As widely expected, the RBA this morning kept their overnight rate unchanged at 4.50%. In his subsequent statement, Governor Glenn Stevens touched on international factors such as moderated Chinese growth, the results of the European stress tests, a weaker jobs picture in the US and also addressing issues much closer to home such as the lower CPI reading, a weak credit market and firming labor market. But perhaps the biggest benefactors of the decision were home owners and the PM herself. With the inflation rate close to targets, the third consecutive rate pause should provide a respite to those with mortgage repayments. The rate hike was widely welcomed by PM Julia Gillard, who of late has seen her popularity diminish as a series of a rate hikes since October have made home loans more of a burden to borrowers. The AUDUSD was trading at 0.9085 after opening at 0.9137 and perhaps was dragged lower by some weaker data released earlier in the morning—MoM retail sales dropped to 0.2% (v 0.4% exp) while building approvals also fell (MoM -3.3% act v 2.0% exp / YoY 13.2% act v 16.0% exp). Asian equities were trading higher this morning and showed no signs of profit booking following yesterday's impressive rally. The Nikkei closed +1.29% higher, and while the gains in Chinese and Indian equity markets were a bit more modest. Currencies have been largely ranging, with the USDJPY a touch lower at 86.45 after opening today at 86.50.

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Forex day trading course Asia open

Forex day trading Asian open Risk sentiment was kept propped up during the Asian session this morning, this of course following a strong close to the US equity markets last night. US markets  The Dow closed higher, posting a gain of a little more than 100 pts (+0.97%) whilst the S&P was up 1.12% on the session. Markets were boosted earlier in the session by a robust home sales figure which showed purchases increased 24 percent from May to an annual pace of 330K. The data undoubtedly had market participants in a bullish mood regarding the economic outlook and with no major macroeconomic releases during the Asian session this morning, that mood has continued to keep risk appetite higher in Asia this morning. With the Asian equity markets slightly in the red (the Nikkei is 6.81 pts lower at the time of writing) perhaps a view at the currency markets would be more appropriate. The EURJPY continued its good showing over the past few days and was trading close to that important 113.50 – a level which has proven to be a strong resistance level since the end of May while both commodity and growth currencies were higher against the Greenback. Ausie Market Earlier in the morning we had the release of the AUD conference board leading index for May which showed the short to medium term growth forecast in the Australian economy increased to 0.3% from a previous reading of 0.1%. We saw the AUDUSD pair break through 0.9000 (a level last seen on May 13) yesterday, and saw it find good intraday support during trading in the Asian session. We continue taking it session by session and turn to Europe and the US with the release of the important Consumer confidence reading due out at 1400 GMT.

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Forex day trading london open live trading course

The US Dollar was weaker this morning as there was a slight uptick in risk sentiment and investors turned to higher yielding assets, this following a day in which the Greenback posted gains against equities, currencies and commodities. Asian equities paint a mixed picture this morning – the Shanghai Composite was 50 pts higher while the Nikkei 225 is 114.50 pts lower. But perhaps the losses on the Nikkei are as a result of a lagging market reaction to Friday's selloff following the extended weekend. Currencies are higher against the Dollar as a result of this increasing risk appetite and the USDJPY moved above 87.00 levels. The USDJPY has been a particularly interesting pair the past few weeks. After gaining momentum largely spurred by bad data from the US, the USDJPY hit a seven-month low last week and has now (precariously) entered a range where talk of BoJ intervention has started. Noted in our Daily report yesterday, the Yen is fast approaching levels where the BoJ will have to begin easing monetary policy in an effort to protect their exporters and as a result this might indicate buying opportunities in a pair which has been heavily oversold of late. Commodity currencies are all higher this morning, amongst which the Aussie has been the most bullish performer, gaining for the first time in four days against the US Dollar and appreciating more than 100 pips against the Yen since market opening. The Aussie has been supported by gains in equity markets and a flow of fresh buying but this was not before experiencing a slight pullback following the meeting minutes which signalled a rather conservative approach from the RBA. In a statement released earlier in the morning, the RBA will take a wait and watch approach in gauging their medium term inflation outlook (and their resulting interest rate) as the European bank stress test results along with some regional data could influence the rate decision come their next meeting.

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Forex day trading Japan market closed

Forex day trading with the Japanese markets closed for a national holiday, currencies haven't been able to extend on Friday's large selloff and have been largely stable this morning with a slight US dollar bias. The Greenback's performance of late has raised questions about it's status as a safe-haven currency and similarly the positive correlation seen between the major equity markets and pairs such as the EURUSD have also raised some doubts. One thing for certain has been the performance of the JPY amidst the heightened levels of risk aversion. Following Friday's brunt of bad news – lower US consumer confidence, weaker than estimated revenue reports from GE and banking giants BoA & Citigroup – Yen crosses have greatly prospered, particularly the USDJPY which has been on an absolute heater since Wednesday of last week, shedding more than three hundred points in its march towards 86 levels. Amidst all the sluggish sentiment in the market, USDJPY traders will be eyeing that November 2009 low of 84.83. The Aussie and Kiwi pairs have also been slightly weaker this morning and should remain in a mixed yet stable range in the build up to tomorrow's release of the RBA's meeting minutes.

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Forex trading USDJPY Yen bullish

USDJPY continued building on its downward move from the past two days to touch 86.98 this morning – approaching the lowest level in 2010. The Yen's bullish move really picked up when the Fed adjusted its forecasts for future growth and since, has been in a downward spiral gathering steam with each piece of negative economic data coming from the US; first the lower US manufacturing number and a rather disappointing Google earnings report (Q2 Profit per share 6.45 actual v 6.521 exp). The weaker economic and equity earnings data from the US has kept Asian equities in the red; with the Nikkei lower by -2.86% at the time of writing. The NZDUSD dropped from 0.7300 levels after data from New Zealand showed CPI was marginally lower on both the QoQ and YoY reading (QoQ -0.3% actual v 0.4% previous, YoY 1.8% actual v 2.0% previous). The Kiwi dropped more than 1.5% to 0.7170 after the news. The weaker CPI data and poorer housing sales from June will certainly buy Central bank governor Bollard time to raise rates. Meanwhile next door the AUDUSD pair was weaker before finding some minor support at 0.8745 levels. With the compounding bad data from the US, the AUDUSD looks vulnerable (as a growth currency) but will be waiting for the last important piece of data – the US CPI reading (1230 GMT) to establish how it will close a rather mixed trading week.

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Forex day trading NY close

Forex day trading: The main highlight of today's session will be the latest reading of US CPI for Jun, where markets are anticipating the headline rate to decelerate -0.1% MoM to 1.2% YoY. Richmond Fed President Lacker commented yesterday that he would not like to see inflation much lower than this and added that inflation expectations pointed to actual inflation heading higher in the coming months. Elsewhere the market is largely being driven by position covering as more and more participants drift off for summer holidays; the major beneficiaries are predictably EURUSD and GBPUSD (both of which have gained around 2.5% over the course of the week), and given these moves have broken a number of significant resistance levels along the way, we feel the follow-through could take us back above 1.3000 in EURUSD and 1.5500 in GBPUSD.

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Forex day trading ECB rate change

8 Jul/11:45		ECB		1.00		1.00		1.00
		Analysts are in unanimous agreement that the ECB will keep interest rates at 1.00% this month; and officials are likely to repeat verbatim the language of previous statements that current monetary policy remains "appropriate". The official statement will provide the usual recap of the latest economic picture (unlikely to hold any surprising views), but once again, most market and media interest will concern the Q&A portion of the press conference. Trichet is almost certain to be asked to give his opinion on recent Eurozone crisis developments, but don't expect him to reveal too much here as given the sensitivity of Eurozone sentiment he is likely to be politic in his choice of answers.

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Forex day trading course BoE rates

8 Jul/11:00		BoE		0.50	no change
		No changes expected from the BoE this month, with rates static at 0.50% and the asset purchase target at GBP200bn; but the prospect for the path of interest rates in the UK has certainly become more interesting since the revelation of a split vote at the last meeting. The most recent release showed that annual inflation pared back to 3.4% in May; down from the prior 3.7% seen in April but still well in excess of the 2.0% target and indeed the 3.0% threshold set by the Treasury. Ultimately, even if MPC member Sentence (the sole dissenter looking for a hike last month) does manage to sway some of his borderline colleagues to consider a hike as well, it is unlikely the hawks will muster the numbers for an actual hike at this meeting. Instead we will have to wait for the release of the Minutes on 21 July to hear the juicier points of discussion.

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EURUSD Forex trading

.  Dealers pared exposure to higher-yielding currencies in reaction to renewed European sovereign credit woes and an outlook for weaker economic growth in the U.S. and China.  More economists and market-watchers are starting to suggest the U.S. economy could be headed into a "double dip" recession while others suggest the U.S. economy may simply be moderating to annualized growth of 1.5% or less.  Dealers are also reducing exposure to some U.S. assets as tropical storm Alex develops in the Gulf of Mexico.  The European Central Bank stoked concerns today when it announced the amount it has expended in purchasing covered bonds exceeds the initial €60 billion cap it implemented twelve months ago.  Also, the ECB failed to drain all of the liquidity in one of its regular operations to neutralize the impact of its EMU-16 government bond purchases.  The ECB sought to absorb €55 billion but only absorbed €31.9 billion.  ECB member Nowotny reported the low level of eurozone inflation has given the ECB "room for maneuver," a possible indication the central bank may expand its bond-buying program.  Traders reported Eurosystem central banks increased their purchases of Greek, Irish, and Portuguese securities today.  There is also pessimism ahead of 1 July as banks have to repay €442 billion, the ECB's first twelve-month loan.  Spanish finance minister Salgado said she hopes the "ECB is conscious of the needs of our financial system."  A draft European Union document notes stress tests on European banks need to incorporate sovereign debt risks.  Data released in the eurozone today saw the EMU-16 June business climate indicator remain steady at 0.37 while June industrial confidence and June consumer confidence were also unchanged.  June economic confidence and services confidence ticked marginally higher.  Also, French June consumer confidence ticked lower to -39.  In U.S. news, data released today saw CaseShiller home prices [...]

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Forex day trading Europe open

Forex day trading With no major news releases of note, there won't be much to trigger further selloffs, however the weakness should continue in the buildup to Europe's opening. The markets continue to be weak through the Asian trading session this morning following a dismal US trading session in which the Dow shed 265 pts during trading last night. The markets have failed to find any inspiration or support from relief buying after a day in which worldwide markets experienced sharp selloffs on signs the global economic recovery was running out of steam, triggered first by China's downward revised leading economic index and then couple with the largely uninspiring US consumer confidence number released last night, which came out at 52.96, much lower than analysts expected (62.5). Asian equity markets extended their weakness into trading this morning; the Nikkei 225 broke an important support level of 9350, posting a seven month low of 9347 whilst the Shanghai Composite crashed through 2400, a level not seen since mid 2009. Turning to the currency markets, the Yen continued to benefit and bask in its 'safe-haven' status and was trading firmly around 88.50 levels. AUDUSD was marginally higher this morning after breaking below 0.8490 levels last night. Data from Australia this morning showed that housing prices increased and bank lending continued to be higher for a sixth straight month. For a nation that was one of the flag bearers in increasing rates and tightening cycles (due to inflationary concerns largely inspired by a robust housing market) the figures represent that the housing market down under is holding up rather well despite dampening demand as a result of potential future rate hikes.

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Forex day trading Asian open

Forex day trading Asia Open. Asia awoke this morning in a rather bearish mood after the New York-based Conference Board said its China leading economic index rose only 0.3% in April, far lower than the 1.7% gain reported in June. With investor sentiment dampening on the news , Asian stocks went through a large selloff and are poised to close significantly lower, led by the Shanghai Composite which fell to a new year low (down 3.45%) followed by the Nikkei which was down 1.47% at the time of writing. Following the downward revision, fears that the growth prospects in a country what has been termed the engine room for the global recovery may falter have seen risk sentiment severely erode as investors flocked to the more traditional safe havens - the yen appreciated to a seven week high against the Greenback, hitting 88.61 while AUDUSD and NZDUSD both shed approximately 1% on the day. Gauging by Asia's harsh reaction to the news, the bearish mood should filter into the European trading session and should keep risk markets in check. Investor sentiment could take a further hit when the consumer confidence number reading for the Euro-Zone region releases at 9 am GMT today. Although expectations show a slight drop in the consumer confidence (a survey on Bloomberg shows the figure expected at 98.1) we will need to keep an eye out how far the number falls from the previous reading of 98.4. Earlier in the morning, data from Japan showed that industrial production and household spending slipped during the month of May. This was compounded with a slight uptick in the jobless rate in Japan (5.2% v 5.0% exp) and a lower YoY vehicle production figure (30.6% v 50.8% prev).

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Forex day trading NY intraday EURUSD

€ The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2250 level and was capped around the $1.2355 level.  European sovereign debt concerns were back at the forefront today and these led to a weaker common currency.  European Union Economic and Monetary Affairs Commissioner Rehn reported "Contrary to what some people argue, Europe is not suffocating growth by this strategy of fiscal consolidation. What we are doing is putting our fiscal houses in order in a gradual, differentiated way: faster where the doubts about fiscal sustainability have been biggest, and slower elsewhere."  There is talk that the U.S. and Europe are at odds over a coordinated economic policy.  The former is said to favour higher levels of deficit spending to stimulate economic growth while the latter is said to support reduced fiscal spending and would be comfortable with reduced economic output.  The European Union is currently evaluating sanctions for "inadequate debt trajectory" and may consider a tax on bond issues by highly-indebted countries.  Eurogroup Chairman Juncker reported the economic recovery "remains fragile and loaded with risks."  The common currency's standing in many central banks' reserve portfolios is diminishing, a reflection of the currency's recent volatility and the eurozone's significant debt woes.  German Chancellor Merkel reiterested Germany wants a stable euro and an independent European Central Bank.  European Central Bank member Ordonez said Bank of Spain will publish banks' stress test results as soon as possible.  Data released in the eurozone today saw the EMU-16 April current account print at -€5.1 billion, down from the revised prior reading of +€1.5 billion, while EMU-16 June consumer confidence improved to -17.  German data saw the June Ifo business climate indicator improve to 101.8 while the expectations sub-index receded to 102 [...]

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S&P500 day trading course bull flags price action

S&P500 day trading course looking at the Bull flags and the continuation to the upside. [caption id="attachment_3514" align="alignleft" width="218" caption="S&P500 day trading course bullish flags and continuation"][/caption] When looking for the bull flag in a bullish channel you are looking for a push up. A period of failing commitment and then a small retrace to continue the direction of the channel. Once there is a move up there is no decisive price failure it more or likely will be a retracement over a period of a few days before commitment on the buyer side to move again.  This consolidation or area of indecision is characterized by a 50-61% retracement of the move up.  Looking for the velocity of the move to get an indication of the length of  consolidation. As you can see we have had three bull flags on the way up on the 480 min chart, continous contract on the S&P500 emini future March expiration. Each move up is decreasing in its range.  Although this isn't a widely held market and the volume has been decreasing on the move up, we can see that there is continuation in the major trend. Buying the dips, has been easy pickings this past two weeks.  Watching for a pull back and a further continuation to 1365 then 1425.  If the market holds.

S&P 500 day trading course

S&P500 day trading course weekly price action

S&P500 day trading course weekly price action [caption id="attachment_3509" align="alignleft" width="270" caption="S&P500 day trading course weekly price action"][/caption] Point of Control on the Weekly chart for the S&P500 emini futures March contract is 1312.75.  Presently, the buyers are in control on this second move up.  With an extension to 1365 then 1440-60 range. The support came in at 1260  and 1306. Watching for a pull back off of the next round of buying, could last 2 or 3 more weeks if we consolidate here. This second move up off of the Inverted head in shoulders is alomost equicistant from the 860-1220 move. So 1365 would not be out of the range. S&P500 day trading course weekly price action

S&P 500 day trading course

S&P500 day trading course price action

S&P500 day trading course price action [caption id="attachment_3501" align="alignleft" width="275" caption="S&P500 day trading course"][/caption] Point of control is 1318.  Our gap is 1321.75. Support is coming in at 1316, 1309, 1300 on the 50 MA.  Looking for upside targets 1323 and then resistance to come in 1329, 1335, and 1339. It looks like we are getting in a tighter range.  If we see price failure we could be setting up to test the supporting trend line at 1310 and even a retest of the 1300 area.  This would not break the bullish trend.  A move past 1289 would be testing the longer term control but with POMO and the Fed buying in it could be another area to get in on the bullish channel.

S&P 500 day trading course

S&P500 day trading course live room price action

S&P500 day trading course price action. There is price failure driving into the resistance at 1309. We are coming to a test of the supporting trend line on the 240 min chart and looking at a break down to 1291.75 as the next area of support. [caption id="attachment_3491" align="alignleft" width="275" caption="S&P500 day trading course price action"][/caption] The point of control on the S&P500 emini for the day is 1302. Sellers are presently in control and looking for a bounce off of the 1298.75 support. If the support holds we could target the previous swing high at 1309 and for a possible extension to 1312.50 then 1316 as price has congested in this area before. As we are watching the Turmoil in Egypt, Tunisia, Algeria and Yemen, the US markets are seeming more and more stable. Even with the increase of Bernanke speak (investing means spending) the US market is holding on. Unless we see some problems in the bond market this next week, or China buying more gold on this dip, we shall see the markets continue in their low volume, almost meandering way up to 1365. Trade what you see, not on the news.... We will be in Toronto next month, join us if you can.

S&P 500 day trading course

S&P500 day trading course price action breaks 1300

S&P500 day trading course price action breaks 1300 but can it stay? The S&P5000 reached a high of 1306 yesterday with a closing at 1303.50 for the gap. [caption id="attachment_3486" align="alignleft" width="284" caption="S&P500 day trading course price action breaks"][/caption] After filling the Gap the S&P500 emini future can continue to next resistance at previous high 1306 and then extension to 1312. There is support at 1298, 1289 and 1278 with an extreme low at 1265.

S&P 500 day trading course