[Week 07 - 2024] Trades Recap and Trade Setups

Hey Traders,

The revised December CPI came in lower from reported which boosted stocks further. Technology stocks remain unfazed from the rising yield as reported earnings come in stronger than expected. The sharp rise in price in only a few key prominent technological stocks can be a double edged sword as any strong bearish sign can push price in a steep manner.

This week's main highlight is the US CPI and retail sales, along with UK jobs, CPI and GDP.

Upcoming Economic Release:

S&P500 Futures

The S&P500 broke the 5,000 mark last week as it extends consecutively for the fifth week. Price remains extended and the 5,200 mark will look to be a resistance region from measured movement.

Dollar Index (DXY)

As mentioned in our previous post, the United States Dollar Index traded towards key resistance level at 104.34. Last week candlestick ended in a small pin bar which can potentially lead to a retracement for the Dollar. However, we can potentially see more upside for the Dollar if the resistance is broken out of.

Spot Gold

Gold shows resilience against the Dollar as it continues to trade within the range despite the Dollar continue to strengthen. However, if the downside breakout do happen in the environment of rising Dollar, we can potentially see more downside for Gold.

Trade Recap (Public Channel)

Soybean (Front Month) (Analysis 6-1)

Recap (Week 4 - Last Week) Take Profit - 1

High risk long at market reopening position reached Take Profit - 1 level where we announced to closed / partial / risk free.

Trade Analysis / Setups

EUR/CAD (Analysis 7-1)

Analysis: Price look to trade back to top of range and can potentially continue trading within the indicated range. Short opportunity can be identified if reversal confirmation is identified at the top of the range and targeting low of the range as initial take profit level.

Short opportunity: Reversal confirmation at 1.45682 resistance region towards 1.45026 as Take Profit - 1 level.

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