Daily Market Update: EURUSD & S&P500 – Dec 19TH, 2024
NOTE: This market newsletter is based on analysis conducted using the daily chart timeframe. Each market discussed is accompanied by a corresponding price chart for clarity and reference.
EURUSD: Selling On Retracement Higher & After Price Action Signal At Or Within 1.0534 – 0.0629 Resistance Area
Comments: Price exploded lower from the most recent Small Bearish Pin Bar Signal that had formed on Tuesday, Dec 17th (We did not consider trading this signal, nor did we mention it).
Price moved significantly lower from the recent Bearish Pin Bar Signal that had formed just below the 1.0597 – 1.0629 short-term resistance area on Friday, Dec 6th (We suggested selling on a retracement higher into the range of this signal in the Dec 10th weekly newsletter and hopefully some traders got onboard).
Potential Trade Signal: We are looking to sell on a retracement higher and after a price action buy signal, at or within the 1.0534 – 0.0629 short-term resistance area.
To Trade This Market With Our Preferred Broker, CLICK HERE
S&P500 – CASH: Buying On Retracement Lower & After Price Action Signal At Or Above 5839 Support Level
Comments: Price collapsed below the 6031 – 6037 short-term old support area, which now acts as short-term resistance, overnight.
Potential Trade Signal: We are looking to buy on a retracement lower and after a clear price action buy signal, at or just above the 5839 key support level.
To Trade This Market With Our Preferred Broker, CLICK HERE
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
