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NASDAQ Shows Stock Market Not Ready to Give Up Rally

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jul 28, 2009.

  1. futuretrends24

    futuretrends24 New Member

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

    Stock index futures came back late in the trading session to challenge the highs of the day following a mid-morning sell-off which was triggered by a worse than expected economic report.

    With equities already showing signs of topping out because of overbought conditions, stock index futures sold off sharply following a bearish consumer confidence report. Both the September S&P 500 and September Dow took out the previous day’s low but the markets stabilized when the September NASDAQ failed to follow-through to the downside.

    The NASDAQ regained its leadership role about midday following the release of the results of today’s 2-year Treasury Note auction. The results were less than stellar and yields actually increased. This news erased all of the gains in the Treasury futures and sent money flowing back into the equities. The late session buying spree helped the NASDAQ rally to a new move high while the S&P 500 and Dow lagged behind.

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

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