US Markets – Hovering Near Key Resistance

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Looking at the 2 key US indices, they have remained largely unchanged since 2 weeks ago when I last looked at them. Interestingly, the S&P 500 has broke slightly above its previous swing high, but the Dow Jones is still unable to break up. Overall, I am still bearish, and I am looking for a setup to go short. Aggressive players would have already started accumulating shorts, since the R/R is very favourable.

Markets are likely to remain flat till the next major news catalyst, which is likely to be the next FOMC meeting later this month. (http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm). Since the US elections are going to be held in November this year, it is likely that the govt will find ways to prop up the market till then, either through promises of QE3, or by playing up positive economic data.

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Spencer Li

Spencer is an avid globetrotter who achieved financial freedom in his 20s, while trading & teaching across 70+ countries. As a former professional trader in private equity and proprietary funds, he has over 15 years of market experience, and has been featured on more than 20 occasions in the media.