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Hey Traders,
This week has been a volatile week with risk on assets experiencing spectacular gains due to a better than expected CPI report. In addition the FTX saga has been unfolding with the founder attempting to flee. It is amazing how everything is good in a bull market, but the bear market display who are the real players around.
The better than CPI report pushed the United Stated Dollar to sell off while equities experiencing gains that have not seen for weeks. However, as major economies are all stating that they are entering a recession...has the market really bottomed? I believe that is the question behind most participants. Next week is also CPI heavy but is mainly on the European region. Expect volatility.
Upcoming Economic Release:
S&P500 Futures
On our previous post, we mentioned that a breakout of the 3375 region can signal a continuation of the bullish trend. Price indeed broke through and closed the week with a long awaited gain. The next target of reference is the 200 Simple Moving Averange (SMA) on the daily time frame followed by the descending trend line.
Dollar Index (DXY)
The United States Dollar Index broke through the descending trend line and fell sharply. Major support to look out for is the 104.735 region which we will likely see a reversal if price continues this pace of momentum.
Spot Gold (XAU/USD)
Likewise, Gold reversed closing at 1770 region which also formed a triple bottom. However momentum is currently very strong, expect some slowdown in momentum which can potentially lead to price.
Trade Recap
WTI Futures - Front Month (Analysis 42-1)
Recap (Week 45 - Last Week) Take Profit - 3
Long position reached Take Profit - 3 level where we announced to close / partial.
Corn Futures - Front Month (Exclusive Trade)
Recap (Week 45 - Last Week) Take Profit - 2
Long at market position reached Take Profit - 2 level where we announced to close fully.
Trade Analysis / Setups
Soybean Oil Futures - Front Month (Analysis 46-1)
Analysis: Price is currently trading in a strong short term up trend. We will be looking to long upon reversal confirmation at the support region.
Long opportunity: Reversal confirmation at 74.63 support region towards 77.46 as Take Profit - 1 level.
Cheers to all our member who managed to pack some profits this trading week.
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Stay safe out there and safe trading!