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Despite a very narrow band of trading for the NIKKEI, the index is managing to maintain its strong support at 15000. However, despite Japan releasing consumer confidence at its highest level in over 5 years, the index has been utterly incapacitated of late. After rising through much of 2013 and looking to start 2014 in a rush of optimism, it seems that the holiday season snag has taken hold of the Asian market bellwether. For binary options traders, the fact that the US showed some strength in their manufacturing sector with yesterday’s reports, this means that upside pressure should be upwards across all markets today. At least this is what things seem to be looking like at the outset today.

U.S. manufacturing output rose for a fourth straight month in November and this helped push both the US and later Asian markets. The Nikkei is close to the closing bell and is up 0.83% and should conclude the session strong. The US session was one looking to rebound from last week’s drops and that’s exactly what the news from the US economy helped to promote. The S&P closed the day up 0.63% to 1786 and now lines up a possible test of 1800, again. The levels has been one of great importance to binary options traders of late with a number of breaks in both directions.

It all started a number of weeks ago with the index pushing past the 1800 level for the first time. Since, the index has peeled back gains and finished the day below the 1800 level only to return and is now once again below. However, the actual moves are of little importance. What matters to binary options traders is the actual behavior and timing. What we mean by this is that the S&P should always be focused on due to the fact that almost all breaks carry through to the end of the session. As such, we would expect that a break above 1800 would allow binary options traders to take Up options with very low risk so long as an end of day options were to be utilized.

Until such time as a break is seen though, reversal strategies are likely to be employed on each test of the resistance at 1800. However, binary traders more focused on forex pairs will be looking at the heavily entrenched EUR/USD forex pair. Thing is, the pair is stuck between resistance at 1.3810 and the support level at 1.3705. While rather wide of a range, it’s still small enough to test both ends or boundaries in a single day. As such, binary options traders will likely focus on reversal strategies for as long as long as the pair fails to break. Breaks aren’t likely with the dearth of news so expect the market to remain range bound today.

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Adam Stone
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Adam Stone

As COO of GOptions, my first and foremost goal is to provide traders with the most up to date info from the markets. I have been trading the markets since 2004 and have been involved with stocks, binary options, and forex trading since then. I have had no formal market education and pride myself on a self taught approach to everything related to trading. I try to focus though on both the technical and fundamental aspects related to each trading day and bring forward the most important aspects of risk/reward in the market.
Adam Stone
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