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Equities Manage to Hold on to Weekly Gains despite Stronger Dollar

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Dec 4, 2009.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    Shortly after the release of the U.S. Employment Report, the December E-mini S&P 500 rallied to a new high for the year at 1119.00 just short of a major 50% level at 1122.00. The subsequent break from 1119.00 found support at a short-term retracement zone at 1098.50 to 1093.50. Buyers came in on the break to drive the market higher into the close, negating all possibilities of a daily or weekly reversal top.

    The December E-mini NASDAQ also made a new high before selling off. 1779.00 to 1770.25 is new intraday support. The close near the high indicates a follow-through rally is likely next week.

    The December E-mini Dow eked out a new high at 10509 before getting hit by selling pressure. New intraday support was established at 10300. The strong close following the sharp intraday sell-off is a sign that traders are still willing to buy the dips.

    Read 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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