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Hey Traders,
Powell speech last week affirm the hawkish Fed's stance, but market did not take much consideration into it, possibly due to the series of softer US economics numbers recently. Stock indexes closed the week higher for the second consecutive week, tilting back towards bullish price movement, with the NASDAQ leading the way.
CPI will be the key highlight for this week. A higher reading will most definitely result lead to risk off activities. Keep a lookout.
Upcoming Economic Release:
S&P500 Futures
The S&P500 index trades back above the 4370 region, shifting back to bullish bias. However, price is met with minor resistance level and if broken out of, may look to trade towards the 4550 region. However, trading below the 4370 will shift the index back to neutral bias.
Dollar Index (DXY)
The United States Dollar Index recovered most of the previous week's move, trading back within the range. The Dollar Index looks to maintain the bullish bias and looks to trade towards the high of the range again.
Spot Gold
Gold fell lower, breakout out of minor support level at 1960 region. Shifting the bias from bullish back to neutral. Price looks to trade towards the 1915 support region. If the new support does not hold, the price of Gold will shift towards bearish.
Trade Recap
Soybean Futures - Front Month (Analysis 39 - 1)
Recap (Week 45 - Last Week) Take Profit - 2
High risk long at market reopening position finally reached Take Profit - 2 level where we announced to close / partial.
Soybean Meal Futures - Front Month (Analysis 44-1)
Recap (Week 45 - Last Week) Take Profit - 2
Long position reached Take Profit - 2 level where we announced to close fully.
NZD/CHF (Analysis 45-2)
Recap (Week 45 - Last Week) Take Profit - 1
High risk short at market reopening position reached Take Profit - 1 level where we announced to close / partial.
Corn Futures - September (Analysis 33-1) LATE UPDATE
Recap (Week 40) Take Profit - 1
High risk short at market reopening position reached Take Profit - 1 level where we announced to close / partial / risk free.
Trade Analysis / Setups
WTI - Front Month (Analysis 46-1)
Analysis: Price experienced a steep downside, causing it to be overextended. Price has begun to consolidate with potential to tilt higher.
Long opportunity: Reversal confirmation at 79.49 support region towards 78.65 as Take Profit - 1 level.
2023 Market Order Signal Accuracy Accuracy: 90.2% Wins: 37 Loss: 4 |
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