Wednesday 26th November – Daily Stock Market review

GDAX

The GDAX opened with weakness, found strength, fell back and then rose again, closing at 4560, exactly the same as yesterday’s close. No trades were triggered today. The GDAX is holding at levels where it has fallen back from in the past, and so is at a decisive point. My trade levels for tomorrow are 4431 and 4269 down. If the GDAX rises above 4645, I will have a trade level for a fall at 4592.

Oil

Oil rose today, triggering my trade level at $51.70. It rose, so I moved my stops up to cover my position. Oil then fell, closing me out for a break even trade. I entered short at $51.70, and oil fell back to $50.42. I moved my stop down to $52.45. Oil then rose again stopping me out for a loss of 82 points. Oil rose, and I moved my stops to $51.70, and oil fell again, stopping me out for a loss of 82 points. Oil finished up higher at $53.61. It has been turned away from this level before over the past three sessions, so it is at a decisive point. My trade levels for tomorrow are $51.16 and $48.76 down. If oil rises above $54.36, I will set up a short trade for $53.56.

Dow Jones

The Dow opened with weakness, falling down to 8311, but is was up all day from then on. My trade was triggered at 8632, and the Dow closed at 8726. I closed my position just before the close for a profit of 85 points. The Dow, like the GDAX and oil, is at a point where it my fall back from. We have seen a huge rise over the past four sessions, so it would not be surprising if there was a pull back, but the markets also seem to have a lot of momentum behind them, a move either way could prove to be quite large. My trade levels for tomorrow are 8538, 8318 and 8099, all down.