The Wednesday session saw the silver markets falling during the course of the day, as we should now head towards the 15.50 handle. Because of this, we think that short-term traders will probably continue to buy puts, but quite frankly the risk to reward ratio simply isn’t there. With this, we are much more comfortable buying calls on a supportive candle near the 15.50 level, which has been massively supportive over the last several months.

1 – The GBP/USD pair solve the market break out to the upside during the day on Wednesday, but there is a resistance barrier all the way to the 1.52 level that continues to keep the hands of buyers somewhat tied. With this, we are looking for resistive candles are buying puts, as we believe that the buyers are going to run out of steam fairly soon.

2 – The S&P 500 fell initially during the day on Wednesday, but bounced enough to form a little bit of a hammer in early trading. Because of this, we feel that the market continues to hang about the 2100 level, and that short-term traders will continue to go back and forth in this market. They will more than likely eventually find the market going higher though, and a move above the 2120 level is a longer-term call buying opportunity.

3 – The FTSE had a rather negative session on Wednesday, testing the 7000 level for support. It did in fact find it there, so we look towards the short-term charts for supportive candles in order to serve buying calls as the market should eventually break out above the 7100 level.