CPI inflation released today, what's going to happen to the Dollar, Gold and stock markets? [Video]

Jason Sen DayTradeIdeas.co.uk

Emini S&P September futures shorts at 5495/5505 worked perfectly with a high for the day exactly here before prices collapsed 50 points to 5448. The low & high for the last session were 5448 - 5506. (To compare the spread to the contract you trade).

Emini S&P made a high for the day almost exactly at resistance at 5495/5505 & shorts worked perfectly on the 50 sell off. We have bounced back to the resistance & again, shorts need stops above 5515.
A break higher however is a short term buy signal targeting 5530 & possibly as far as strong resistance at 5555/65 - shorts need stops above 5575.
A break below 5390 (Friday's low was 5494) targets 5370 & support at 5350/45.
Bear in mind that even if we are building a bear trend (& I think we are) there will be very strong bounces at support levels (& again, we saw that yesterday). Bulls never give up & buying the dip has worked for too long for them to stop now!!

Author

Jason Sen

DayTradeIdeas.co.uk

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens.

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