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US equity markets continue to grind higher as better than expected earnings and solid economic growth have trumped issues related to Greece and the EU. On Thursday, the Bank of England increased their quantitative easing volume by 50 billion pounds which should add to the upward momentum.
The Dow Industrials and the Nasdaq 100 have already broken through the weekly resistance lines, but the S&P 500 which is the US benchmark has stubornly remained below resistance levels.
On a weekly basis the relative strength index (RSI) is below the overbought level of 70, as many investor remain on the sidelines. The MACD (moving average convergence divergence index) is widening, with an index level near 9, which should add to the upward momentum of US stocks.
As growth prospects continue to be marked up based on solid employment data, US stocks should continue to gain support.
The trade – purchase a daily binary option call on a daily close above 1371.
Asset : S & P 500
The trade : Binary Call Option
Expiry time : End of Day
When : On a daily close above 1371.
Result : Out of the money
The financial sector continues to outperform as the top performing banking stocks continue to help drive the major indexes higher. Companies such as Goldman Sachs released better than expected earnings in January, which has helped the stock continue to climb to resistance levels. Continue reading
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