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S&P and NASDAQ Post Weekly Reversal Tops

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Nov 21, 2009.

  1. futuretrends24

    futuretrends24 New Member

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

    Investors continued to dump higher risk assets today triggering weekly closing price reversal tops in the December E-mini S&P 500 and the December E-mini NASDAQ. A follow-through break to the downside in both of these markets next week will confirm the reversal top and lead to the start of a 2 to 3 week break.

    The trend may turn down on the daily chart, but the weekly charts still indicate that the main uptrend is still intact. A break though 1026.00 will turn the main trend down on the S&P weekly chart. The current pattern suggests that a break to 1069.00 is likely this week. A trade through 1650.25 will turn the NASDAQ contract lower on the weekly chart. The current set up points toward a test of 1732.00.

    Despite the lower equity markets, Treasury Bonds couldn’t hold on to earlier gains and fell on profit-taking. Bernanke gave the green light for Treasury traders to continue to get long as he cited a weak economic picture as the main reason for the Fed to keep pressure on interest rates. Money leaving the equity markets and seeking safety also gave December T-Bonds and T-Notes support.

    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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