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U.S. Equities Plunge on Risk Fears and Weak Employment Report

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jun 4, 2010.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com

    U.S. stock indices plunged sharply lower before the opening propelled by a quick drop in the Euro and a weaker-than-expected U.S. employment report. The drop in the Euro triggered a flight to safety rally into the U.S. Dollar while the employment report raised concerns about a slowdown in the U.S. economy and the possibility that corporate profits may take a hit if the global economy slows down.

    The main trend turned back down in the June E-mini S&P 500 when the market crossed the last main bottom at 1067.25 before settling slightly better than a minor Fibonacci retracement level at 1067.25. Further weakness in the Euro is likely to push this market lower towards the last major swing bottom at 1036.75.

    The loss was substantial in the June E-mini NASDAQ but the market still managed to hold a test of the minor retracement zone at 1829.50 to 1811.75. The Dow closed sharply lower and further downside action was indicated by the close under the retracement zone at 10032 to 9967.

    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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