Daily Market Review
Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!
The FTSE had a slightly positive session during the day on Wednesday, raking above the 7100 level at one point. We believe that the market will continue to go much higher if we can stay above that level for any significant amount of time, and as a result we would be buyers of calls. The market should continue to go towards the 7250 level, but we also believe that any pullback in the FTSE at this moment in time should be a call buying opportunity as well, as soon as signs of support return. There are plenty of buyers below, so would be only a matter of time before the market started to go higher yet again.
The S&P 500 is pressing up against a downtrend line, and if we can get above the 2010 level we believe that this market will continue to go much higher, much as the FTSE should. With this, it does appear that stock markets in general look fairly positive, and we are looking for call buying opportunities based upon breakouts and pullbacks and show signs of support in this market.
The GBP/USD pair rose towards the 1.48 level during the session on Wednesday, but we see a significant amount of resistance between 1.48 level and the 1.50 handle. Because of this, it’s only a matter time before the sellers come back in and push the value of the British pound lower. We are buyers of puts on signs of weakness and will continue to press our bearish positions at that point.
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