Good MORNING traders,
After what seems like an eternity, it feels good to have my morning priorities back focused on our market news blog. Today’s focus shifts to indices trading, with an updated look at both the DAX 30 and the S&P 500.
Both are following a continuously unfolding narrative that we’ve been writing about for a while now, so be sure to click the links to the previous blogs and follow the trail back through time if your own MT4 charts don’t reflect the levels or setups that are here.
First up for the indices traders, comes that DAX bullish channel that we’ve been loving! A beautifully clean textbook intraday flag and bounce off channel support to immediately rip to new highs.
But as you can see on the updated chart above, price has now reached a potential resistance zone. For me, this says it’s time to close out any remaining longs and look for a new setup depending on how price reacts to this level.
Secondly, do you remember last week when we asked the question: Does the SP500 pullback mean anything? Well I think we got our answer.
Not a thing!
“There are only three things certain in this life: Death, taxes and new highs in the S&P 500!”
Just in finishing up, since we’ve updated our website to the sleek new look, unfortunately the theme’s blockquote code doesn’t quite look like you’re actually quoting the text, making things look a little confusing if I use them. It’s for this reason that I’ve skipped quoting today as I speak to our IT team to try to get the look changed so it is more clear. In the mean time, please click the link to last week’s blog and compare the levels that we were watching on your MT4 charts there.
I want to get more involved in the markets side of things as we head into the final 3 months of the year so hopefully I’ll see you around a bit more frequently!
Best of probabilities to you.
Dane Williams – Vantage FX
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Source: Vantage FX Blog