Good Morning Trading

5 7 2021 - Pas de Commentaire, soyez le premier
ProRealTime

Hello everyone and welcome to Good Morning Trading. I am delighted to find a trader talking to traders. We'll take a look at the latest news from the financial markets. Today is a very special day as it is a holiday in the US. They celebrate their national holiday a day late. But the consequence is that Wall Street is closed. The Nasdaq Stock Market and the New York Stock Exchange are closed. There are no shares in the United States that are listed. We still have the CME in Chicago that quotes futures, but it quotes, if I may say so, in a vacuum since it has no reference, no stock that quotes. There is no evidence to support this. If not the futures. So generally, on a holiday in the US, not much happens, so you can take the afternoon off and go to the sea or the mountains without much risk. And then, this morning, it will move a little bit. Just a little bit. Normally, in extremely low volumes, we just have PMI indicators coming down at 9:55 for Europe. But after that, not much will normally happen. It is really a day off for traders. So, I encourage you to take advantage of it to be in good shape tomorrow. At the economic level, we have a first red alert coming from China. It is the Chinese services PMI that is much lower than we thought. It is at its lowest point in a year. That's pretty amazing.

That services PMI fell to 50.3, the lowest since April 2020. Last month it was 55.1, so a big drop in Chinese services GDP. There is a reason for this: the service sector activity in China has slowed dramatically to its lowest level in 14 months. The explanation would be the resurgence of coronavirus infections in the south of the country, which, and I quote, reinforces fears of a slowdown in the world's second largest economy. So, be careful, we know that China does not communicate in an extremely open way for all these data, especially for the coronavirus, and this is really a surprising indicator. It's not a major indicator either, it's not a manufacturing PMI, it's not factory output, but services still fell sharply last month in China. So they may have a third wave of the coronavirus, a fourth wave of the coronavirus. I don't know how many they are. Officially they only had one, but that's something to consider since it's really unexpected. And I've been telling you for weeks that there is no cloud on the horizon. It is much better to be a buyer than a seller. Well, that's the first cloud on the horizon. So it's a little cloud, a little red cloud, but you never know. There is always a cloud before a storm. So, this may be the first sign that, contrary to what we may believe and hope, we may not yet be out of this coronavirus cycle for good.

We'll see in detail in the coming weeks. On that note, don't forget to subscribe to the YouTube channel to put the little thumbs up. I'll see you tomorrow at 8 o'clock. It was a holiday, so I slept an extra hour. Besides, I don't have time to shave as you can see. It's the holiday spirit. Let's see the technical analysis of the European indices quickly. So we see that the European indices are opening in the red. The Chinese news doesn't help. The latest Chinese statistics do not help to buy. There is a little doubt. Especially since the US is closed. So taking initiatives seems a bit complicated at the moment and today for the European markets the CAC 40 is rather slightly down. We have the 6500 level which can be interesting. There's a little bit lower, the previous week's low, at 6475, about would be a nice entry level if we bounced off that area there. For the DAX 30, the same scenario, we have the 15,500 area, which was formidably traded twice last Wednesday and Thursday. So to be taken into consideration knowing that we should of course buy lower than 15,500 and why not on this contact area the previous week's low at 15440. If we reach this area and start to get a little bounce, it could be interesting to get in. But then, I insist in an extremely light way since we really have a risk of breaking 15440 to rush towards the monthly Middle S1 under 150400, the attraction zone in my opinion, for the DAX 30 I do not go into more details because normally, if you are reasonable today, you do not trade. I am not going to encourage you to trade. Take the day off. It should be an extremely quiet day. In any case, it will be an extremely quiet afternoon. It's the kind of day, if you stay twelve hours in front of your screens where you get exhausted for nothing, you get exhausted, not physically, of course, but you get exhausted mentally. You really don't have to. Come back in great shape. Take the day off and you will certainly make a lot more money doing this than sitting in front of your screens today for 12 hours. And especially when the market is going to be extremely slow, risk taking a boredom trade and you drag it out all day and have a strong tension and certainly a loss. It's not going to be easy to trade in a market that's likely to be very slow and very, very soft. The return to reality, the return to trading, will be tomorrow. You have to accept it. You can't trade 7 days a week. Although it would be rather interesting to see. European indices continue to fall. They are taking the bad news of the Chinese services PMI in stride. On that note, I wish you an excellent day of trading, an excellent day at the sea or in the mountains. See you tomorrow for the Good Morning Trading live at 8am. And on that note, be well! Hi there!

 

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