Sublime_Trading

Sublime_Trading

The S&P 500 continued to decline last week. Past levels of support formed from previous lows, so we had to look at the next obvious level of support. In this case, it was not a previous high or low but a psychological level in the form of the $4000 round number. The weekly timeframe clearly displays a reversal candle that did not close below $4000, which is a...

Sublime_Trading

In last week’s post, I highlighted that the US Dollar was being held at a major resistance level and was preventing price from climbing any higher. So far this week, price has broken through. Closing prices are more critical than intraday movement, so although price is above resistance, it does not mean it will stay above it at the end of the business day. This...

Sublime_Trading

The S&P 500 was held at support last week with price unable to break and close below it. The support is from the low of February 24th 2022 at $4114. Because the level has not been broken for over two months, it is proving to be a strong level. This, however, does not mean that it can not be broken, the likelihood is just slim, but with the markets, anything can...

Sublime_Trading

Since June 2021, price has been moving up strong, ploughing through the $100 major round number, which is a psychological level of support/resistance. April’s monthly candle closed bullish for the month and saw a move of 4.64% but was stopped in its tracks by a major level of resistance. The consolidation high at $103 is acting as resistance and this level was...

Sublime_Trading

The S&P 500 is very close to signalling the start of a potential bear trend in the market, something we have not seen since the 2007-2009 market crash. Yes, we have seen some bearish moves since, but not a long-term bear trend that has lasted for months/years. If this does come to fruition, it will be bad news for bullish investors who have held positions for...

Sublime_Trading

The US Dollar continues to gain strength and has been in a consistent rise since June 2021, where we have seen price climb 13.06%. Note that price is still inside a long-term area of consolidation that has lasted since January 2017, between a high of 103.96 and a low of 88.15. As this is a wide area of consolidation, price has enough room to form a trend that is...

Sublime_Trading

The GBPJPY was making good progress last week, creating a high at 168.43, but as was expected, price began to pull back by the end of the week, The first obvious level of support was from the March 28th high at 164.65 and price closed for the week above this level. But so far this week, price has declined below this support level. This is when we have to look...

Sublime_Trading

In our last post for the GBPJPY, price was moving up towards the resistance level at 164.65 from the high of March 28th. It took just two trading days from that post for price to make contact with this level, but price appears to have slowed down. This tends to happen around support & resistance levels, and in this case, it is just a display of the buyers losing...

Sublime_Trading

Gold is starting the week with a strong move to the upside, which may be its next attempt at the $2000 round number and the all-time high at $2075. It’s still early in the week, so it's too soon to tell if the bullish momentum will continue, so we will have to be patient to find out. Despite this current upwards move, we have to remember that price is in...

Sublime_Trading

The S&P 500 has found support following the gap down candle on April 5th. The 200 simple moving average has been holding price up for three consecutive days. Price is now forming an unconfirmed bullish flag formation, which will be confirmed if the recent high from March 29th at $4637 is broken. The recent move has been bullish from March 14th but price is...

Sublime_Trading

Today, we are seeing strength in the British Pound, with bullish momentum pushing price towards the recent resistance level. We had a decline on March 28th, which found support around 160.00, and from April 1st, the buyers have gained back control and moving price back to the upside. A break and close above the recent resistance at 164.65 will be significant...

Sublime_Trading

The GBPJPY broke out of long-term consolidation with a big bullish candle on March 22nd. Following really large candles, we tend to sharp reversals but in this case price continued to move higher for a few days. On March 28th price pulled back and moved towards the consolidation resistance turned support but didn’t quite make it that far. Support was found just...

Sublime_Trading

The S&P 500 made good progress in March, but the buyers fell off slightly by the end of the month, giving the sellers room to pull price down. Although the end of March and the start of April experienced a decline, this is just a pullback for now, and we can anticipate a continuation to the upside. Friday’s candle closed as a reversal candle just above the 200...

Sublime_Trading

The GBPJPY has not been successful at breaking and remaining above the major level of resistance at 156.60 since June 2016, which formed the high of an area of consolidation. Price really started to attack this level from October 2021 for a number of months, but has now cleared this level by around 700 pips. The candle for March is currently looking strong, and...

Sublime_Trading

The S&P 500 continues to recover from the recent declines that started at the beginning of the year. From the low in February, price has climbed up 10% so far. A few weeks ago price moved back above the 50 simple moving average, which turned from resistance to support. The market looks a lot different than it did while it was falling during January and February,...

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Copper created record highs this month, where it peaked at a high of $5.0395, breaching the previous all-time high from February 2011 once again. The previous all-time high is proving to be a strong level of resistance as price is unable to remain above this level for lengthy periods of time. There is now a long wick above this month’s candle as the sellers have...

Sublime_Trading

Tesla was making record highs of $1243 in November 2021, up 1780% from the year before. Price then went on a decline but soon found support. The $1000 round number was penetrated but price found support at the 50 simple moving average in January this year and has only just bounced off from support this month. March is looking strong for Tesla with price already...

Sublime_Trading

There is plenty of volatility in the markets due to current events happening around the world right now and Palladium is an example of this. An all-time high was created in May 2021 at $3017. Price then went into consolidation using the weekly 200 simple moving average as support. From there, we have seen a gradual increase in price, and by the end of...