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S&P POISED TO BREAK 1900 TODAY !

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By: Adam Stone
May 23rd 2014 5:35am GMT, London UK
 

Binary options traders will start the day wondering whether the US session will lead us to the land of ‘breaks’ or just disappoint as it has all week. Yesterday, after another fall the previous session, the US equities headed higher and are now resting on significant support levels. This leads most analysts to believe that today or Tuesday will be the highest potential days for a break above 1900 for the S&P. Why is this important for you as a trader? We’ll explain:

Whenever a significant and critical break makes its way into the market, the risk levels for the trade drops to as close to zero as we can ever really hope. As such, binary options traders need to constantly seek such opportunities and avoid higher risk scenarios. So when looking at the S&P which closed at 1892 and just above support at 1891, a local intra day support level, the market looks as poised as can be for a break to the up side. The current momentum levels look solid and if the break is to come, it looks as though today is that day. We mentioned that if not today, then Tuesday. The reason is, if the market simply tests the 1900 and heads back down, then it’s going to take a buffer day (Monday) to regroup and launch another attack. This is typical behavior for the S&P of late.

What this means is that binary options traders will be able to take down options with reversal strategies for as long as the pressure is to the upside but no break is seen. The possibility of viable reversals today looks mid-low in terms of the current technical structure.

SP with binary options 23-5-2014

For forex traders today, the EUR/USD is again being pushed hard to the down side and doesn’t show signs of letting up. The only saving grace for the EUR might be the fact that Friday’s don’t tend to be continuation days. What this means is that the normal behavior of the EUR/USD on Friday’s is to reconcile the previous results of the week that has past and keep the range. So when looking at the support level of 1.3641, we tend to see it being tested but not necessarily broken. As traders, words like these should make little difference seeing as how the price action should be that which rules the decision making process. As such, a break of the level should certainly lead binary and forex traders to take the down side and in droves.

However, if this isn’t to occur, be ready to use the support level as a pivot for reversal trades for the remainder of the day or at least until a break is seen. Again, we don’t see this break in the cards today so just remain vigilant as the market does its thing.

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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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