Good morning Forex Kings,
Well done everyone who jumped on the DOW JONES and SP500 buy positions yesterday. Pretty solid win!
SP500 is now setting up for a nice head and shoulders formation.
Tonight we are looking at the next round of unemployment data coming from the US. Currently there has been roughly 22 million US citizens who have filed for unemployment, with a forecast of an additional 4.1 million tonight. That will take the US to roughly 26 million people unemployed which is lager than the population of Australia. Crazy thought!
I will be running a webinar over the coming days about US banks, they are coming into a lot of trouble as there has been a large spike in mortgage forbearance plans. US citizens are not able to pay debt and mortgages. This will (or should) weigh down the US stock market.
SP500 Technical Analysis
We are now looking to enter sell positions on the SP500.
Trade Setup: SELL – Market order (current price 2789) – Stop loss set at 2850 and take profit left to run. We will be targeting the 2626 level.
Stop loss: 61 PIPS
Take Profit: 163 PIPS
1 contract = $1 per pip (ignore the decimal places)