SPX 500 Looks To Break Higher
Second Skies | Apr 27, 2015 02:51AM ET
SPX 500 – Bullish Bias, Likely Breakout (4hr chart)
Bought pretty much from the open to end last week, the S&P 500 is looking like it wants to break higher.
ST Support comes in at 2110 and the next major support level below that is 2088, so those are my buy levels. Only a daily close below 2040 negates my bullish bias.
A break and close above 2018/20 puts 2150 into context.
NZD/JPY – Pre-Breakout Squeeze (1hr chart)
Last week we talked about the impulsive and corrective price action structure in the NZD/JPY, suggesting the next leg is likely down. As you can see from the chart below, this played out exactly as suggested.
What is interesting is the tight consolidation below our key support level at 90.47. This makes it a role reversal level for now.
A pre-breakout squeeze is forming at the moment, so am expecting the next leg also to be lower. The next support comes in at 89.15 so plenty of downside still available.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.