S&P500 emini futures
Day Trading Course, Better US Data Along With Bond Auctions Boost Investor Confidence
Riskier assets continued to grind higher
during a week in which US earnings and economic data, along with solid European
auctions created a calm market environment. The US earnings season for
stocks recently began and of the 10 percent of companies that have reported,
more than 70% have exceeded expectations. Implied volatility also declined,
pushing the VIX volatility index below support.
The euro has improved over the past week as bond auction results have
been better than expected and economic data and news developments have been
subdued. However, despite the recent short-covering rally seen over
the past few weeks, the political uncertainty and periphery debt risk should
eventually weigh on the currency. Next week, Portugal, Greece, Spain, Italy,
Germany and France will test the debt markets. While the ECB’s LTRO operations
have helped in part to stabilize funding market stress and immediate market
pressures, helping to mitigate sovereign risks, the recent string of EU auctions
are just the beginning of the funding season. Indeed, the real test for markets
will come in later in the first quarter with Italy and Spain’s bond redemptions
totaling nearly 70 billion Euros.
Next week, the highlight of the US calendar is likely to be the FOMC
meeting on 1/25/2012. The first meeting of 2012 will bring a shuffling
of the voting rights among the FOMC district president. This week’s FOMC meeting
is likely to bring forward a new communication strategy by the Federal Reserve.
In particular, policy makers are likely to make public member’s projections of
the appropriate policy rate in the years ahead to increase the Fed’s
transparency.
In the US, the economic highlight was the better than expected
jobless claims report. Initial jobless claims fell by 50,000 to
352,000 in the week ended Jan. 14, according to the Labor Department. The
decline was the largest in a single week since Sept. 24, 2005. Jobless claims
have now returned to levels seen before the US financial crisis. Economists had
forecast claims would fall by 19,000 to 380,000.
Initial jobless claims fell by 50,000 to 352,000 in the week ended
Jan. 14, according to the Labor Department. The decline was the largest
in a single week since Sept. 24, 2005. Jobless claims have now returned to
levels seen before the US financial crisis. Economists had forecast claims
would fall by 19,000 to 380,000.
Euro
short squeezes up
Technically, the Euro was able to rebound off of the recent lows near 1.26
and create a short squeeze up to 1.29. Last week commitment of traders report,
showed a record short position in Euro futures which is bound to cause
additional short covering. A break above horizontal trend line resistance near
1.3070 will likely lead to a quick test of the 1.32 range.
S&P likely to test 1325
The S&P 500 broke above resistance
levels near 1306, and is likely to continue to grind higher to test the 1325
resistance point. Momentum indicators such as the MACD are pointing to higher
levels as the index moved above 1, for the first time in 6 months.
Additionally, the cross of the 50-day moving average of the 200-day moving
average should add upside momentum.
Day Trading Course – S&P 500 moves to test 1180, Are the Bears Done Yet?
After yesterday’s move down and test on the 1180 area of support, most are begging to wonder if this will be it? or if this is only the beginning. Well perhaps a bit if both is approprate. However for now I am only interested in what is to come for today and maybe the rest of the week.
Day Trading Course teaches how to read the market and understand key concepts in risk management, entries, and targeting efficiently.
As you can see in the chart below the move to the 1180 support has touched also to the Fibonacci 50% retracement line, a great place for a turn around. With price having moved back to the 1290′s and now testing the 1285 area going into the open, it could be anybody’s day today including slow and consolidated as trader may be indecision after this 100 point move down. If price moves up and off of the 1185 area on the 4 hr chart this will give us a higher low, which in turn could give us a higher high to look for. Key area’s we will watch for should we get the turn and signal will be the 1296.00 and the 1206.50 area’s. From there the longer term upside targets will be the 1215.00 and 1220.00 area’s.
Day Trading Course teaches methods for successful trading in even the most volatile markets. Come and join us for our next live event in a city near you.
If we see price break through lows once again, then on we could go to test into the 1260, and even the 1240 area over coming days. As more comes from Eurozone news as well as the US, this market has certainly seen a lot of emotion in recent months. One thing is certain about this market…. The roller coaster ride is not over yet.
Day Trading Course, S&P moves on “Clear Signs of Progress in Europe” and positive U.S. GDP
Day Trading Course, S&P moves on “Clear Signs of Progress in Europe” and positive U.S. GDP
The S&P 500 rallied 45 points yesterday as a reslut of Positive US GDP numbers and the EU summit agreement on Greece and ESFS. The S&P traded right into resistance in the 1275-85 level and is opening today’s trading at the 1275.00 area. Today’s trading could see a continuation of the upward movement if investors continue to take on more risk in the stock market.
Day trading course focusing on the S&P500 emini futures support and resistance.
Should trading open with a retracement, 1270, 1266 and 1255 will be the downside targets for today, with 1284.50, 1294.00, 1300.00 and even 1307.50 as high side targets should the rally continue into the weekend.
Day trading course will be in your area soon, join us for Day trading education.
Trade what you see, I’ll see you at the starting line! Check on the side for Day trading course and Stock trading course times and locations.
