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S&P AND USD/JPY IN FOCUS TODAY

BITCOIN 781.950 11:20 03.12
BitCoin/CNY 5382.550 11:20 03.12
BITCOIN 782.045 11:00 03.12
BitCoin/CNY 5383.210 11:00 03.12
BITCOIN 782.136 10:40 03.12
BitCoin/CNY 5383.835 10:40 03.12
BITCOIN 782.186 10:20 03.12
BitCoin/CNY 5384.175 10:20 03.12
BITCOIN 782.498 10:00 03.12
BitCoin/CNY 5386.325 10:00 03.12
BITCOIN 780.288 09:40 03.12
BitCoin/CNY 5371.115 09:40 03.12
BITCOIN 781.315 09:20 03.12
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Markets were widely higher yesterday as rallies stretched across the globe. Binary options traders watched as the S&P stock index in the US continued higher towards 1780, the next major resistance level but finished 0.07% higher to 1771. The local momentum derived resistance at 1772 caused some trouble for the index yesterday. After initially cracking the level and testing the 1773 level, the price action got entrenched between 1771 and 1772 and remained there till close. Binary options traders will keep eyes on glass today as the US session opens to see whether a break is in the cards or not. Any break above 1772, then 1774, and thereafter above 1780 will all be used as pivots for break and reversal strategies today.
 

For reversal strategists today, these pivots will be of very high value. It’s rare that so many resistances make themselves available in such a small range of prices. As such, binary options traders will be able to take advantage of the market’s tepid uptrend with this strategy. The reason is that the current uptrend is very weak and slow moving. So tests and retests of these levels are to be expected. As such, frequent trades to the opposite direction, down in this case, will prove very profitable until a break makes its way to the market.

 

Once a break occurs, get ready to pounce with a bigger and longer term contract. In breaks, it’s better to take end of day options rather than shorter term ones. It’s also the point where most binary options traders choose to go “big” and extend a winning day into a very profitable one.

 

As for the rest of the world, markets headed higher, as we mentioned above, and this lent itself to widespread speculation over the end of the road for the Fed’s stimulus plan. Many are already pricing in a tapering of the Fed’s buy back program. This is the primary reasoning behind the USD’s strength against the JPY in recent days and 100 is the critical level all binary traders will be eyeing now and in the coming sessions.

 

This resistance is of great importance and will be a tough break but seeing as how the market is currently trading near 99.6, the distance isn’t far and tests will be soon to come. We haven’t been near these levels since September so expect some volatility as we near the critical resistance. Things will very likely get hot for the currency paid so we recommend strictly employing break strategies thus opting to wait for a clear break of the level before entering. Using reversal strategies can be considered very risky and costly in this case. Consider going for a different asset, like the S&P explained above, if reversals are your preference.

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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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