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Stocks Rally Late but Still Lower for Week

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 26, 2010.

  1. futuretrends24

    futuretrends24 New Member

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

    The September E-mini S&P 500 closed higher after a short-covering rally late in the session. For the week the market finished sharply lower.

    This market started the week with a rally into a retracement zone at 1122.00 to 1143.00. The daily closing price reversal top on Monday indicated that the selling was greater than the buying. This pattern suggested a minimum 2 to 3 day break into a minor retracement area at 1083.25 to 1072.50. Friday’s low at 1062.75 overshot the downside objective but the market still managed to regain it by the close.

    Fundamentally the weak U.S. housing data and the dovish outlook for the economy by the Fed was to blame for the losses.

    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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