November 4th: Handful of announcements today
Trade ideas for November 4
During the session on Wednesday, we have a handful of announcements that can move this market, such as the ADP Nonfarm Employment numbers, the Nonmanufacturing PMI numbers, and of course the Crude Oil Inventory numbers. Because of this, we anticipate that there will be several trading opportunities this session.
USD/JPY set to break out?
The USD/JPY pair broke higher during the course of the session on Tuesday, but remains below the vital 1.1 .50 level. If we can get above there though, we feel that the market will go much higher, perhaps reaching towards the 125 handle given enough time. We feel that breaking out above there is a very strong sign. We also recognize that pullbacks should offer call buying opportunities on signs of support as well.
S&P 500 heading higher
The S&P 500 broke above the 2100 level during the course of the session on Tuesday, and as a result it looks as if we are ready to go much higher. With this we are buyers of calls going forward, as the market will then offer call buying opportunities on pullbacks. On top of that, the 2140 level above will be targeted as it is the highest level from this year.
France looks strong
The CAC initially fell during the course of the session on Tuesday, but found quite a bit of support at the €4900 level. By doing so, we ended up forming a nice-looking hammer and as a result the market should continue to go much higher, perhaps reaching towards the €5000 level. I f we get above there, the market should then continue to go much higher.
Never miss a trading opportunity again. your favorite platform is now available in the Google Playstore.
Disclaimer
The material provided in this market review and the linked websites is for general informational purposes only and is not intended to be your only source of information when you are making financial decisions. This information is not investment advice nor a solicitation to buy, sell or make any type of investment decision in securities or any financial instruments offered by Optionsclick®. Optionsclick® is not a financial advisor. Opinions are the authors and information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances. OptionsClick® have made every effort to ensure that the material published here is accurate. OptionsClick® takes no responsibility nor does it accept no liability arising from:
Errors or omissions.
The way in which any material is interpreted.
Reliance upon any material.
The contents or reliability of any linked websites.
GD Star Rating