A Trader's View On Crude Light, eMini S&P500, And Currencies

TL;DR

The video provides a brief market update, mentioning recent US economic numbers, the upcoming oil inventory data, and key levels to watch for oil and equities.

Transcript

hi guys good afternoon from London Wednesday 13th of March just gone midday here and just have a quick look we just had some numbers out of the US albeit a bit worse than expected that numbers from January so not really moving the market too much elsewhere today coming out we do have the oil inventory numbers so we'll have a look at the oil chart i... Read More

Key Insights

• 🦡 The US economic numbers for January were worse than expected but did not have a significant impact on the market.
• 🎚️ The key resistance level for oil is $58, and there may be stops triggered if this level is broken.
• 🍳 The S&P has broken through resistance at 2800, indicating a bullish trend.
• 😥 The euro may face resistance at the ECB retracement level and the current pivot point.
• 🥳 The Logano's deal in the UK may impact the pound later in the day.
• 🤩 Key levels for the pound include 130 for buyers and the pivot and trendline for potential sellers.
• 👀 Construction spending data from the US and oil inventories are upcoming economic events to watch.

Questions & Answers

Q: What impact did the US economic numbers have on the market?

The recently released US economic numbers for January were worse than expected but did not significantly affect the market. Other factors seem to be driving market movements currently.

Q: What is the key level to watch for oil?

The key resistance level for oil is $58. If there is a significant build or other negative news, the price may break the trendline and move downward. However, currently, the trend seems to favor the upside.

Q: What level is the S&P testing currently?

The S&P has broken through resistance at 2800 and is currently testing the R1 level. This suggests a bullish trend in the market since the fifth of March.

Q: What are the key levels to watch for the euro against the dollar?

The ECB retracement level, where the euro was pushed down against the dollar, is a target area to watch. Resistance may be encountered around that level, as well as at the current pivot point and the trendline.

Summary & Key Takeaways

• The US economic numbers released for January were worse than expected but had minimal impact on the market.

• The oil chart shows a recovery from previous downticks, with the key resistance level at $58.

• The S&P has broken through resistance at 2800 and is now testing the R1 level, suggesting a bullish trend.