Is the S&P500 the Best Presidential Predictor?
Good day,
The S&P500 remains next to the supporting level of 3230.00, indicating there could be a potential jump with a hammer. So far, we feel that potential jump to the 3400.00 level might happen against the result of the presidential elections. Should the supporting level get broken through, the asset will drop.
The price of the offshore Yuan remains at the level of 6.6780, providing a very strong resistance on the weekly chart. Also, this asset is currently testing a false breakout that happened not so long ago. It is also possible that the right shoulder of reverse head and shoulders pattern is about to form. For now, the USD/CNH is touching a very strong support, thus indicating that there could be a potential jump along with formation of the trend reversal patterns.
The EUR/USD is likely to pull from the broken downtrend. Of course, it can also test the levels of about 1.1500 against some important news. Therefore, we should rely on the candlestick formations.
Let us remind you that this material is provided for informative purposes only and cannot be considered as a direct go ahead to implement transactions in the financial markets. Trading in the financial markets is very risky.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.