S&P 500 futures ended the week at 2756, declined from the previous week after forming doji. 20 week SMA should be the next support to push the index up and 2086 resistance is required to be protruded for the index to continue the uptrend.
Crude oil futures surged to the upside and broke the 67.15 resistance. The index did a stellar hike last Friday post OPEC’s decision to increase production modestly, which was lower than the market anticipation.
This type of event-triggered trading opportunity can provide a low risk high probability trade if you are very discipline in using funding/trading allocation method, which will be shared in the future. This method has profited me around $1.4k in the same day.
As the index has decisively broken the 67.15 resistance, long strategy (either straight call, bull put spread or bull call spread) can be deployed in the coming week,.
Gold futures ended at $1271 and it broke below the trendline. 200 week SMA at 1235 should be the next support. Index has been bouncing between 1240 to 1370 since end July 2017 until now. Iron Condor strategy has served the traders very well in this non-directional trend. These 2 important lines should continue to act as strong support and resistance lines until being broken decisively. Option trader can continue to deploy the Iron Condor strategy at these 2 levels to make profit.
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