10/08/13 – quick look at the markets
It is not easy situation for bulls when we talk about stock market. Let’s leave behind the whole political situation with debt and just look at charts. 4 hour S&P500 chart shows that bears are currently stronger. There is a pressure down:
Of course pullback is still in the game, because price can find support at the ichimoku cloud:
But for now it is just guessing. I have short position, but as always I want to exit at one of Fibonacci extensions.
On eur/usd pair there is an interesting situation. 1.36 level is clearly a strong resistance and we may see move down from here. But we should remember that for now the current trend is up:
I wait for breakdown below 1.354 to take any short position. For now I am just watching situation here.
If you are looking for some action, check Jen pairs, for example gby/jpy – it is trending very nicely, even on as low time frames as 1 or 5 minutes.