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Stocks Form Base, Soar Higher into Close

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Sep 1, 2010.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com

    Investors sold off U.S. equities shortly after the Fed released its August Federal Open Market Committee meeting minutes but short selling dried up a little under a key short-term retracement zone. Thin trading conditions triggered a huge short-covering rally into the closing bell.

    After a strong surge to the upside on the opening, the September E-mini S&P 500 began to weaken as bullish traders remained on the sidelines ahead of Friday’s U.S. employment report and Monday’s Labor Day holiday.

    In its Minutes, the Federal Reserve said the outlook for the economy would have to deteriorate “appreciably” to spur fresh stimulus from the central bank. This statement didn’t sit well with investors who sold off the market into a retracement zone at 1046.00 to 1044.00. Downside momentum actually took out this zone but the daily chart uptrending Gann angle at 1042.75 stopped the break.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the 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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