S&P 500 futures is still having difficulty in breaking above 10 weeks moving average (MA), which has now become the resistance despite strong earnings reported by multiple companies in the week. It is now trading side-way within the symmetrical triangle. Trader should stay in the sideline while waiting for a more obvious trend to be formed.
- Experience Aggressive Options trader can consider selling strangles at 2900 (Call) & 2500 (Put).
- Conservative Options trader (or trader with lesser margin) can consider selling iron condor to capture premium in this side-way market.
Crude oil futures ended at $67.97 after it broke $67.15 resistance two weeks ago. It is still bullish and the same long call is remained.
Gold futures ended at $1324.10. Trader should continue to wait patiently for the price to break above $1366 decisively before considering a low risk and high probability trade entry opportunity.
Suggestion: Wait for the gold price to break $1366 before setting up a bullish trade.