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GBPUSD – Possible Exhaustion Bar, S&P 500 Intra-day Support Holds | Sep 2
GBPUSD – Heavy Selling From Scots Vote & Pin Bar
As we get closer and closer to the potential Scottish separation vote, the outlook looks more and more likely they will separate. This puts a bearish outlook on an already increasing bear trend.
Today the cable sold off heavy from the open following yesterday’s daily pin bar. The pair in fact closed right on the key support level at 1.6463 that we talked about in our member commentaries. This may indeed be an exhaustion bar, so watch for some potential buying interest.
If this level folds and no bids step in, the next support doesn’t come in till 1.6300, so watch for weak corrective pullbacks to get short.
S&P 500 – Holds 1995 Key Support Level (1hr chart)
In this weekly market commentary, we talked about the most important support level being 1995 for the US index. Today it sold off aggressively early in the US session heading straight for that level. We actually tweeted ahead of time this would be the key support level intra-day for the major US index.
And indeed it acted like it, holding a 13 point sell off before buyers stepped in aggressively and pushed the index above the 2000 mark into the close, so hopefully you profited from this.
For now, we have a short term range between 2007 and 1995. Watch these key levels, with the greater emphasis being can bulls hold the line at 1995. If this level folds, then a greater unwinding (and profit-taking) should be in order, pulling back likely towards 1965 and 1942 before bulls step in.
Until that happens, we’ll maintain a bullish bias and look to get long on pullbacks into support.
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