Common Mistakes of a Trader.

[Canada]

US
SP500 – 2838 ( -3 or -0.11% )
The S&P finished off the week down slightly; however this week will be a key week for this market.

VOLATILITY ALERTS:
Wed 22:30 – Retail Sales (monthly)
Thu 22:30 – Building Permits
Sat 00:00 – Prelim UoM Consumer Sentiment

For a move higher we would like to see the S&P close and hold above 2840.

[Canada]

A break of this level could then result into a quick move into 12640; followed by continuation into 12714. If momentum to the upside is very strong we cannot rule out a move to 12830.
If the DAX fails to close and hold above 12384, we expect to see a move back down into 12198 before a pause. A break below this level however means we may see more selling into 12115; and if momentum is very strong to the downside we may see a sharp move into 12044.

[Canada]

EUROPE
DAX – 12412 ( -228 or -1.8% )
Last week we mentioned the DAX was showing topping signs and this market followed through with a strong sell-off on Friday.
VOLATILITY ALERTS:
Tue 16:00 – German Prelim GDP (quarterly)
Tue 19:00 – German ZEW Economic Sentiment
For a continued move to the upside we must now see the DAX hold above 12384 followed by a move into 12566.

[Canada]

For a continued move higher we must now see the ASX close above 6276. Should this occur we will look for a move into 6345, and if momentum to the upside is very strong we cannot rule out a move to 6440.
If the ASX cannot close above 6276, we will look for a move back down to 6206 before a pause. A strong break and close below this level however could see the ASX retest 6140, and if downside momentum is very strong we could see a move down to 6070.

[Canada]

AUSTRALASIA
ASX – 6276 ( +20 or +0.32% )
The ASX was one of the few major markets that managed to close higher last week how remains in a very narrow range, closing right at our key level of 6276.
VOLATILITY ALERTS:
Tue 14:30 – NAB Business Confidence
Wed 11:30 – Wage Price Index (quarterly)
Thu 11:30 – Unemployment Rate
Fri 09:30 – RBA Governor Lowe Speaks

[Canada]

GOLD – 1211 ( -2 or -0.16% )
GOLD remains in a tight sideways range and our levels have remained unchanged since last week.
For a move higher we would like to see this market close above 1216 and 1222. Should this occur we will look for a retest of 1238. A close above this level may likely see a further move to the upside into 1247 before a pause. Should momentum remain very strong, we could see a fast move into 1260.
If Gold cannot close above 1222, we could see another quick decline into 1206. Any subsequent breaks of this level may result in further downside into 1194, and if momentum to the downside remains very strong we cannot rule out a move into 1187.

[Canada]

USD/JPY – 110.91 ( -36 or -0.32% )
They $/YEN continues to try and form a base at the key 110.50 area having fully faded the BoJ’s comments a fortnight ago.
For a move to the upside we must now see this market close strongly through 111.09. A strong break and close above this level could then see the $/YEN rally into 111.73, and if momentum is extremely strong to the upside 112.68 cannot be ruled out.
If we cannot close above 111.09, we will look for a quick retest of 109.94. A break below this level however may result in a fast move down to 109.21, and if the downside remains strong we could see a strong sell-off into 108.31.

[Canada]

A strong break through this level could see the GBP/USD trade back up to 1.2868, and should momentum remain very strong we will look for a strong move back into 1.3035.
On the downside, should we break and close strongly below 1.2720, we could see the GBP/USD move back into 1.2510. A break below this level may result in a move to 1.2458, and further breaks to the downside may see a sharp move into 1.2297.

[Canada]

GBP/USD – 1.2771 ( -231 or -1.78% )
The Pound continues to sell off amidst Brexit news and challenges to Theresa May’s leadership; and this week is yet another important week for this market.
VOLATILITY ALERTS:
Tue 18:30 – Unemployment Rate
Wed 18:30 – CPI (annual)
Thu 18:30 – Retail Sales (monthly)
For a continued move to the upside, we would like to see Cable remain above our key level of 1.2720.

[Canada]

For a sustained move higher we would like to see the EURO close and hold above 1.1453 this week. Should this occur we could see a quick move into 1.1496 before another pause. A strong break above 1.1496 could then result in a fast move back up to to 1.1613.
If the EURO cannot close above 1.1453, we could see a fast move down into 1.1347. A break below level however could be followed by another sharp move down into 1.1249; and should momentum remain strong we cannot rule out a move to 1.1197.