Strategy Centre

Analysis & Views

Stock markets pause for breath

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Last week my article focused on how the E-mini S&P had reached important longer-term resistance levels and how other US stock markets were becoming severely overbought. As it happens so far the E-mini S&P has halted right at the longer-term trendline resistance areas in the 2115/2120 area as we had suspected. Yesterday on Tuesday 4 March we saw the first signs of profit-taking as the E-mini S&P dipped to 2096/2095. We did actually identify this as the first important support area in our daily reports and were pleased to see this held perfectly. Some still argue that stocks are not expensive and are looking for a rotation out of bonds and into stocks. I also read that one of the biggest factors driving this stage of the bull run is that companies are borrowing money almost for free to buy back stock. I started trading six months before the crash in 1987. Since then, at least every six or seven years there has been a major setback for the global economy, including the 1997 Asian crisis, the 1998 Russian default and Long-Term Capital Management Collapse, the tech boom crash of…

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Brand New Webinar – Steve’s Trading Targets

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Join me for my new webinar, Steve’s Trading Targets, on Monday 9 March at 1.30pm (UK time). I’ll be sharing my insight into the key calls traders will need to make in the coming weeks. Click here to sign up for Steve’s Trading Targets In accordance with my 80/20 rule of trading there are certain things I’m looking at right now that will move the markets. Remember, 80% of the time my trades revolve around technical analysis. The other 20% of the time I focus on news and data. No news is good news? Greece is the main focus in Europe at the moment. The fact that Greece was ‘playing hard ball’ worried me greatly. Greece has nowhere to go for help apart from maybe Russia. That’s certainly a rock and a hard place right now. From a technical perspective I have been playing close attention to the EUR/USD. Taking weekly Fibonacci from the August 2014 highs to recent lows it is clear that if the euro was going to find value higher up the range we would have seen this by now. Holding below the 1.14426 (23.6% Fibonacci) indicates…

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