In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we ask ourselves the simple question, risk-on or risk-off? This really is the question as things stand and, as a result, we want to be prepared for all eventualities.
We are all aware of the impact that the coronavirus has had on the financial markets. It is believed to be somewhere in the region of $1.5 trillion with that figure likely to grow along with global concern. The true extent of the impact on human life is very much unknown. Looking at these markets from a technical perspective, yesterday we were very much risk-on after two days of risk-off. Consequently, we are not at a significant juncture.
If prices break higher above yesterday’s high in the S&P 500 at 3287 then it will be a risk-on day and may give us an opportunity to buy above this level. However, this price is also very important for sellers after yesterday’s dead cat bounce. If prices consolidate around 3287 and then start to sell off then we may see another risk-off day which may lead to some opportunities below 3287. Overall, we really will need to wait to see what happens during the Asian markets session.
Risk-on or Risk-off? – Full Video Analysis
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