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U.S. Equity Markets Trim Gains on Lack of Follow-Through

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Jul 31, 2009.

  1. futuretrends24

    futuretrends24 New Member

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    Today’s sample of Futures Analysis from FuturesHound.com


    U.S. stock index futures gapped higher following a strong surge to the upside in Europe and Asia and rallied even further as U.S. Weekly Initial Claims improved for the third week. Buying, however, dried up as the September E-mini S&P 500 neared psychological resistance at 1000 and traders expressed concerns about today’s Treasury auction.

    Although the S&P tried to mount a rally late in the session after holding 50% of the day’s range throughout the day, the attempt failed to draw any attention as it neared the high, and the market collapsed to a new low for the day into the close.

    Afterwards Disney announced disappointing earnings which could be the catalyst for a sell-off tomorrow.

    September Treasury Bonds closed higher following the release of better than expected auction results. Today’s auction of seven-year Treasury Notes attracted more demand than previous lower-term note auctions earlier in the week. This helped lower yields while boosting the price of both 30 year bonds and 10 year notes. The chart suggests that the September Treasury Bonds may be forming a weekly reversal bottom which could be a sign of a stock market top.

    Read full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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