With the USA close to what economists term “full employment” (the unemployment level is currently at 4.4%), “NFP day” has failed to create much activity in the forex markets, over recent months. However, with the U.S. dollar at recent lows versus its major peers and the current “risk on” mood of Wall Street, a significant […]
As predicted it wasn’t so much “if”, but rather “when” the DJIA would finally breach the 22,000 handle. And on mainstream media TV channels on Wednesday, there were many images of middle aged men wearing jackets, emblazoned with the name of investment banks, or trading firms on their backs, rejoicing from their (supposed) trading floors,
Just as it was highly likely that the DJIA would be drawn to the 22,000 handle, it was somewhat inevitable that price would reject the level, given the cluster of orders located close to this critical psyche level. A record intraday high of 21,990 was reached, with the index of the USA largest firms closing
The choice of time frame to trade off can be a highly contentious issue; many experienced and by definition successful traders, will point out the efficacy of the daily time frame, suggesting that it is the only time frame worth considering trading off. On the basis that the majority of the technical indicators pre dated
Despite trading in USA equity markets being approx 10% below the thirty day moving average, both the DJIA and SPX closed up on Monday, the DJIA pushed through R2 to close at a new record high and is now ominously closing in on the next major target, the 22,000 handle, which would represent an approx.
