Trading strategies today - Monday, October 7, 2019
EURUSD Euro FX : The euro is on the downward trend. For EUR/USD, 1.1 is a very important historical price. In the short term, the resistance is 1.105 and the support line is 1.088. If the rates soar above 1.105, it will be a good opportunity to sell.
SOYBEAN (CME CBOT: ZS Futures) : Although the grain market is not ready yet, it is time for us to pay attention. Soybeans are relatively weak, but on the one hand they show a steady flow. The prices of soybean futures have just broken the meaningful resistance line, so they are likely to fluctuate. If the price falls, it would be better to look for an opportunity to buy.
WTI Crude Oil (CME NYMEX: CL Futures) As expected, Crude oil prices are going up. In the short term, the resistance lines for WTI are $ 54.5 and $ 56.5. It is important that the prices rise above $ 56.6 by this week or next week. I have a positive view of the crude oil market. I think that the recent price movement was very abnormal and artificial. As said, I bought some more WTI at a lower price and I hold the Buy-position. I believe the WTI is heading for $ 90.0.
S&P 500 (CME: ES Futures) : They are scrambling to prop up the stock indexes being sagged. Maybe they're afraid of sell-off bombs. The markets are signaling that their strength is almost exhausted. In the short term, the markets don't look good. The resistance is 2986.5 and the supports are 2817 and 2764. I think it would be better to watch outside the markets.