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[Week 44 - 2023] Trades Recap and Trade Setups

Hey Traders,


The stock rallying based on few megacap stocks can now be reflected in the broad indexes as they come crashing. The Russell small cap index even formed a new short term low, back at 2018 levels. Escalation in tension in the Middle East also pushed sentiment strongly towards fear.


Next week economic calendar is packed, focusing on the BOJ rates, FOMC and the US labour market releases. Expect volatility.


Upcoming Economic Release:

Weekly Economic Calendar for Week 44
Credit: ForexFactory.com Time: +8 GMT


S&P500 Futures (Daily)

S&P500 extended towards the downside

The S&P500 traded towards the key support region at 4150 region. Price looks extended on the daily timeframe but thinking of a long entry is strongly not advisable as bearish trend are usually sharp. If the 4150 region does not hold, price can likely trade towards the 3850 region which can be seen as the long term key support level.



S&P500 Futures (Monthly)

S&P500 looks to trade towards monthly 50 EMA

In the monthly time frame, we can see that the S&P500 index looks to trade towards the monthly 50 period exponential moving average. If history was to play out again, the second contact with the moving average with a candlestick confirmation could indicate a bullish opportunity.



Dollar Index (DXY)

Dollar index trading within the range

The United States Dollar Index continues to trade within the range between 105.425 and 106.53 region. A breakout of this range can provide the next direction of the Dollar Index with downside initial level at 104.34 and upside initial level at 107.5.



Spot Gold

Gold looks to extend further towards the upside due to Middle East tension

Gold extends towards the upside as Middle East tension increased on the Friday's session. Price remains extended but shorting remains a dangerous play as fundamentals are strongly in play here.



Trade Recap


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Trade Analysis / Setups


Soybean Meal Futures - Front Month (Analysis 44-1)

Soybean Meal Analysis

Analysis: Price looks extended and may look to begin trading sideways. As it is always better to trade with the trend, we will look to enter long position upon a reversal confirmation at the short term support level.


Long opportunity: Retest confirmation at 423.7 region towards 438.5 as Take Profit - 1 level.


 

​2023 Market Order Signal Accuracy

Accuracy: 89.47%

Wins: 34

Loss: 4

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Stay safe out there and safe trading!

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