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Stocks Plunge from High after Euro Breeches 1.20 Level

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 10, 2010.

  1. futuretrends24

    futuretrends24 New Member

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

    The E-mini S&P 500 plunged from its high late in the session after testing a short-term retracement level at 1074.50. Increased demand for higher risk assets helped drive up the equity markets early, but comments from Fed Chairman Bernanke and less than stellar economic data from the Fed’s Beige Book encouraged investors to take profits, driving the index lower into the close.

    Despite the early strength in the indices throughout the first half of the session, traders remained cautious about the move, watching the Euro for direction. Once the Euro broke through the psychological 1.20 price level, traders turned bearish, accelerating the break to the downside.

    Technically the June E-mini S&P 500 confirmed Tuesday’s daily closing price reversal bottom but ran into resistance at a short-term 50% price level at 1074.50. The key support level to watch until June 14th is 1045.00. A close under this price could trigger the start of a break to 1004.00 by June 23rd.

    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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