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[Week 06 - 2024] Trades Recap and Trade Setups

Hey Traders,

Key stocks continues to dominate the market as technology stocks soars with Amazon rising 7.67% and also Meta with a surprising 20.32% rise after beating expectation. Looking at last week US economic release, the job data came in way stronger than expected which led the United States Dollar to appreciate against other currencies. Yield moved higher but stocks were unfazed due to the strong earnings release and the euphoric market.

Upcoming Economic Release:

Weekly Economic Calendar for Week 06
Credit: Time: +8 GMT

S&P500 Futures

Strong S&P500 on January

S&P500 index continues to trade towards the upside and can be seen as extended. The index closed 4 months with good gains and can begun to deviate further away from the 50 exponentially moving average.

Dollar Index (DXY)

Dollar broke out of range

The United States Dollar Index broke out the narrow range and looks to trade towards key resistance at 104.34. If the Dollar successfully trade above the key resistance level, we can see potentially see more upside move.

Spot Gold

Gold continues to trade sideways

Gold attempt to trade back towards the top of the range but was met with the pressure of the 2055 resistance region. Price continues to trade between the 2000 region and 2055 region. However, if price were to dip below the 2000 region again, price can be viewed as more bearish as price will trade below the 50 daily exponential moving average.

Trade Recap (Public Channel)

No updates

Trade Analysis / Setups

Soybean (Front Month) (Analysis 6-1)

Soybean Analysis

Analysis: On the higher time frame, price can be seen as extended slightly. On the lower time frame, we can see price closed the week at the recent low which can be seen as a level of support. Initial entry can be taken with a smaller position size.

Long opportunity: Long at market reopening as High Risk trade towards 1205 as Take Profit - 1 level.


2024 Market Order Signal Accuracy Accuracy: 100% Wins: 1 Loss: 0

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Stay safe out there and safe trading!

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