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Testing short terms supports – Thanksgivings Day

Market Comments

Thursday and its Thanksgivings Day in the US. 7:30 am NY time and lets look at the global markets. Germany is leading the European drop and Shanghai Composite is leading the Asia session one. US Markets closed.

(https://money.cnn.com/data/world_markets/europe/)

US Market Comments:

Great move yesterday has made the major indices hit new highs. Our stock portfolio approach worked very well for the past few weeks and I hope you made money, if not, the market is still there next week and next quarter and next year. Learning and researching the charts is something we have to do on a daily basis. If we lose grip, its hard to come back. Like In sports, the trading loves consistency.

S&P500 Futures hit 3155 and retraced back trading around 3150s at the moment. Resistance will be updated to 3155 as a point of reference and

FTSE as was expected, a small correction from the resistance zone was in place. The area in 7440-7450 was a point of reference for sellers or a place to cover for buyers. For now, let us see if we hold 7350/60 area for the breakout to become valid.

DAX is trading around 13240 now. Let us see if 13200 will hold for a few days, maybe we see a continuation into highs of the year, which are 13600. For now, the 8EMA holds and looks like we might see some action into the next few sessions.

 

GC (Gold futures) remain heavy. I would avoid it for now but it should be on the watchlist. If something happens and the market will try a move for a deeper correction, you should know your levels as gold may bounce for a few days. Current pivots to watch for a breakout = 1470s.

Happy Thanksgiving everyone and have a great day!

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 Remember:

  1. Never chase a trade once it’s too extended from the entry zone.
  2. Never risk more than 1% of equity per trade.

Happy Trading!

@Trader521

by Yurii Kitikari November 28, 2019
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