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By: Adam Stone
March 31st 2014 7:05am GMT, London UK

Friday’s session looked like a turning point for the US markets but binary options traders should remain very wary of such turnarounds. Sure, the S&P headed higher, as did the Dow and Nasdaq, but the fact is, the US stock markets have been incredibly volatile over the last 3 months and no singular trend has appeared on our screens. Binary options traders have weened themselves off of the dependence on the phenomenon of the S&P seen over the last 1.5 years. Until the start of 2014, the index was seen as pure technical asset. What this means is that technical analysis would provide countless clear signals over the course of many months. By our count, between September 2012 and through December 2013, the S&P created over 98 signals with no more than 6 false breaks. For professional binary options traders, this translated to at least a 90% success rate. The profit margin on such a success rate could be only labeled as fantastical seeing as how it’s simply unheard of.

But those days are simply long behind us seeing as how the index is unable to pull out of its current range bound trading behavior. So despite a rise of 0.46% to 1857, the index is entrenched between 1879, resistance, and 1841, the support. The range has been in place since early February. Although this isn’t a terribly long period of time, it’s a statement with effect on traders.

The support level at 1841 looks quite fragile but don’t expect a test of this level today or any time this week. In our opinion, the level will stand up to most tests in any event as the overall bias is still to the upside.

The EUR/USD is in a similar state of affair albeit on a smaller time frame. The currency is also entrenched between the support level at 1.3710 and the resistance, far above, at 1.3844. With the currency pair currently trading near 1.3755, it would seem to us that the downside would be more of a possibility but in truth, the formation of the charts is actually quite positive in nature. The upside potential is outstretching the downside both in terms of momentum indicators as well as reversal and stochastic indicators. Binary options traders would do well to keep tabs on the forex pair with a distinct possibility of breaking towards the upside in the coming hours. 1.3767 is the first barrier to this scenario but we recommend keeping this as an indicative resistance and not a signal basing index. In other words, a break of this specific resistance doesn’t constitute a break strategy.

Screen Shot 2014-03-31 at 9.58.18 AM

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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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