The market hasn't shown any clear trend so far and has been trading sideways. Monday often comes with thin trading volume and volatility due to a lack of top tier catalysts. This leaves us trading the technicals. Let's take a quick look at the major setups ahead!
– WTI Crude Oil has an immediate resistance at $46.35. Breakage above this level will open further room for buying until $46.75.
– Gold closed our position at stop level of $1257 after floating in 20+ pips profit. At this moment, it's still holding near our previous selling level of $1255. The idea is to wait for the US session and take another sell below $1256 with a minor stop loss of 20 pips at $1258.
– S&P 500 // SPX is holding above an immediate support level of $2464. Keep a close eye on it as the market is in selling below this level and it's likely to show more buying above $2464.
– Similarly, the Japanese Index, Nikkei, is also consolidating above the crucial trading level of $19857. A break below this will offer us further selling until $19775.
We are looking for further trade opportunities in the US session and will keep you posted. Stay tuned for updates…
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