Outlook 07/09



Context: "We will continue to fight protectionism including all unfair trade practices," G20 leaders declared in a joint communique on Saturday following a meeting in Hamburg, Germany. However, G20 stepped back from an unequivocal commitment to free trade for the 1st time since its inaugural summit in 2008. Instead, it said it would "strive to ensure a level playing field," nothing "the importance of reciprocal and mutually advantageous trade and investment frameworks."

Plan: Market closed bullish on Friday, so first idea for Sunday's opening is wait and see if market opens above or below Friday's POC 2423. If we open above 2423, then try to be a buyer towards GAP 2427-YBT 2433. If market opens below 2423, become a seller towards YVAL 2416 and NFP 2408 SoC (Return to Scene of Crime setup).

Tips: If market tests a magnet level like a CLVNs, VPOCs or GAPs during the overnight session, there's high chance to be tested during RTH.

Disclaimer: All information on this outlook is for educational purposes only and is not intended to provide financial advice.

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