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Trading Sniper: market overview 30.08.19

  • Today is the last trading day of August, and you have to admit that it’s been a very interesting month, especially on stocks, which have been moving up and down to create a month-long sideways trend. SP500 ended July with a strong sell signal, coming from the breakout of the triple top formation’s neckline. The first few days of August were catastrophic, but then the dust settled and the price entered a correctional phase. Friday brings us a test of the upper line of this correction, which in this case is the upper line of the rectangle pattern. Breaking the 2936-point mark will be a good start, but a real buy signal will be triggered only when the SP500 comes back above the 2960 resistance.
  • August ends negatively for bitcoin, where the price is under the bearish influence coming from the breakout of the lower line of the symmetrical triangle pattern. The price is currently taking a rest on an important horizontal support, but bulls need to be cautious as a breakout here could bring us a proper sell signal.
  • On the two instruments mentioned above, we still have to wait for a signal. The same applies in the third hero of the day: USDJPY. Here, the price is still drawing a double bottom formation, mentioned in our previous analysis. We are getting closer to the neckline, though. For a legitimate buying opportunity, we need to see a breakout of the yellow line first. The chances of that happening are increasing.

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