10/19: Stock Market Morning Briefing
10/19: Stock Market Morning Briefing
A Quick Opinion On The Market
Good morning traders,
I am not going to go into too much detail this morning because I want the emphasis to be on the USD, S&P 500, and 10-Year T Yields.
US DOLLAR
The US Dollar has held the 112 area and is now seeing a bounce.
I did alert the general public yesterday as a potential area to short the EUR/USD.
The Dollar is flagging and above 113 will be an area that I would want to take risk off to the long side as confirmed strength on the USD would put pressure on growth stocks and the stock market in general.
S&P 500
The S&P 500 is at a key area this morning as the $3,700 area is a key area.
The $3,700 is prior resistance and if the market is strong, prior resistance should hold as new support.
If this does not hold 3,700 as support then, it will show us that “hey this move may not be as strong as we thought”.
(It all depends on the Dollar)
US 10-Year Treasury
The 10-year treasury is making the next leg up this morning.
It is worth paying attention to today because we want to monitor the pace of the move.
An acceleration/aggressive move would put pressure on stocks in the intra-day.
Gameplan
The game plan is very simple today.
BEARISH CASE
S&P 500 below 3700, DXY above 113= Risk off or short selling
BULLISH CASE
S&P 500 above 3710, DXY below 113= Day trading to the long side.
I DO NOT FEEL COMFORTABLE TRADING TO THE LONG SIDE OVERNIGHT IF THE US DOLLAR IS NEAR 113. I WANT TO SEE THE USD BELOW 112 TO FEEL COMFORTABLE HOLDING OVERNIGHT LONG.
Good Luck & Happy Trading!
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