By Fast Brokers – The S&P futures are fluctuating within yesterday’s trading range as investors digest the EU’s resolution for Greece. As implied earlier this week, the EU decided to offer Greece financial assistance in cooperation with the IMF should Greece be unable to raise funds in the open market. Unfortunately, FX markets seem unimpressed thus far with the EUR/USD currently relinquishing a predominant portion of its intraday gains. Additionally, intraday highs don’t appear to be a tide turner, meaning momentum remains to the downside. Meanwhile, the Aussie is experiencing a hefty pullback, and the once resilient currency pair appears to be finally joining in on the risk averse flows. However, we will need to see how the session plays out and whether the Euro is able to recover and piece together some meaningful gains. As for the U.S., Final GDP printed 3 basis points below analyst expectations, overcastting yesterday’s encouraging decline in Unemployment Claims. Revised UoM Consumer Sentiment came in a hair above analyst expectations, creating an overall mixed picture today data-wise. Speaking of data, the wire is finished for the week and next Monday will be relatively quiet. Hence, markets may continue their present momentums as trading kicks off on Monday, barring any significant psychological developments. That being said, investors should continue to monitor the news wire for any important headlines that could have a psychological impact on equities or the Dollar.
Technically speaking, the S&P futures face topside technical barriers in the form of 3/25 highs and the psychological 1075 level. Additionally, the psychological 1200 level could serve as a solid technical barrier should it be tested. As for the downside, the S&P futures have multiple uptrend lines serving as technical cushions along with 3/24 and 3/22 lows. Additionally, the psychological 1150 level could serve as a solid technical cushion should it be tested.
Price: 1165.50
Resistances: 1168.73, 1170.46, 1172.19, 1174.72, 1176.45
Supports: 1163.39, 1162.17, 1160.87, 1158.99, 1157.48
Psychological: 2010 highs, 1150, 1175, 1200
(click chart to enlarge)
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