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E-mini S&P 500 Weakens after Testing 50% Level

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 14, 2010.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com

    The June E-mini S&P 500 sold off into the close after testing a key 50% level at 1105.75 and failing to take out the last main top at 1107.75. Today’s action clearly defined where the stops are likely hidden and where a trade is likely to trigger a breakout to the upside.

    Although the market did not make a closing price reversal top, the pattern suggests that there may be another move to the downside before the market attempts another breakout to the upside. Based on the short-term range of 1041.25 to 1106.00, traders should look for a retracement back to 1073.75 to attract fresh buyers.

    U.S. equity markets traded higher on Monday as investors went long on speculation that government reports this week would show the global economic recovery is back on track. Easing of tensions in Europe also triggered a short-covering rally in the Euro which helped to lead to increased demand for higher risk assets.

    Read full article at full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

    Disclaimer: Trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.
     
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