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By: Adam Stone
August 5th 2014 6:16am GMT, London UK

Despite our worry over the weakness of the US jobs market, stocks went higher especially towards the end of the US session and closed well above expectations. The S&P did very well and closed a big 0.72% higher to 1938.99 with room to break higher again today. While we don’t expect such a large move again in the markets, many binary options trading strategies will certainly keep the S&P on a watch list. In fact, due to the drop over the course of the last week, the correction, as it were, from yesterday, actually creates a new formation on the charts; one that is capable of creating a viable reversal strategy for binary options traders.


The range is now firm between the resistance at 1985 and the support at 1921. While this is a massive range obviously impossible to even imagine a situation where both of these levels would be tested in any given week, let alone a day. However, the very fact that a range has been formed is what should be of interest, not the width of it. Now, binary options trading strategies can refocus efforts on both reversals as well as short term up options on minor breaks within the range. Due to the onset of a range, the risk level heads lower as a result. Binary options trading strategies focused on the S&P can take on the resistance at 1943. After closing yesterday at 1938, this is a very viable level and should be utilized for a break strategy. Of course, more aggressive binary options strategies looking for reversals can certainly pivot off of the resistance at 1943 with down options on each test of the level. However, we highly recommend vigilance trading in this fashion today as a break looks imminent. As such, if you are stuck looking strictly for down options and the market breaks higher, you may miss out. Keep very attentive to the momentum indicators like the RSI and also keep a close watch on the MACD which if it suddenly converges, should provide ample warning of impending danger.

The EUR/USD is still hovering just under the resistance at 1.3430 and seemingly well capped. Binary options traders will likely wait for some news to spill out of the EU region before making any significant moves. Of course, economic news today is on the light side and as a result, markets may take their cue from the strife in the Middle East. The possibility of Hamas in the Gaza Strip finally adhering to a brokered and Israeli agreed to cease fire could yield a big boost to the EUR/USD. Time will tell of course, but general quiet should be a very major positive to the EUR/USD and as a result, binary options trading strategies focused on the upside may do significant profiting. As in the past though, these geo-political situations are very tricky. With the Hamas firing rockets just moments before the cease fire was set to begin, signaling a complete lack of desire to call off terror, the dollar may still be the way to go especially if things remain chaotic.

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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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