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June E-mini S&P 500 in Position to Form Reversal Bottom

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, May 22, 2010.

  1. futuretrends24

    futuretrends24 New Member

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

    Early during Friday’s trading session, the June E-mini S&P 500 penetrated the May 6th low at 1056.00 but failed to draw fresh sellers, triggering the start of a strong short-covering rally. Besides the lack of sellers, bottom-pickers and value hunters stepped in to support the market on the break. The bounce off the low has this market in a position to form a closing price reversal on the daily chart.

    Technically the last main range is 1174.75 to 1051.25. This makes 1113.00 to 1127.50 the next upside target over the next 2 to 3 days if today’s reversal bottom gets confirmed on Monday.

    June Treasury Bonds rallied early in the trading session as investors continued to demand protection from risk. Traders also bought T-Bonds on the notion that the Fed will keep interest rates low into next year because of the potential slow down in the global economy triggered by the debt problems in the Euro Zone.

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

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