{"id":5390,"date":"2009-12-18T09:47:51","date_gmt":"2009-12-18T14:47:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5390"},"modified":"2009-12-18T09:47:51","modified_gmt":"2009-12-18T14:47:51","slug":"sp-futures-bounce-back-above-1100","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/18\/sp-futures-bounce-back-above-1100\/","title":{"rendered":"S&P Futures Bounce Back Above 1100"},"content":{"rendered":"

By Fast Brokers <\/strong>– The S&P Futures have bounced back above the psychological 1100 level as the Dollar weakens across the board.\u00a0 The futures took a slight hit yesterday due to the combination of a strengthening Dollar and a negative response to Citibank\u2019s fundraising share sale.\u00a0 Investors responded to the Fed\u2019s more optimistic outlook on the economy by snapping up the Greenback, inflicting sizable damage upon the EUR\/USD and GBP\/USD. That being said, the S&P futures held up relatively well considering the extent of the Dollar\u2019s pop since the two investment vehicles are negatively correlated.\u00a0 However, should the Dollar\u2019s bull run continue, then U.S. equities may be dragged lower since investors will anticipate a decline in a demand for U.S. goods.\u00a0 Speaking of manufacturing, the Philly Fed Manufacturing Index topped analyst expectations yesterday, an encouraging development since the Empire Index printed well below analyst estimates earlier this week.\u00a0 However, weekly Unemployment Claims did register 14k higher than anticipated.\u00a0 Regardless, we don\u2019t view the increase in weekly Unemployment Claims as a major development at this point in time since the data point\u2019s medium-term slope is still negative.\u00a0 Meanwhile, we are entering a holiday shortened week, meaning next week\u2019s trading could be slow because investors will likely take off early for Christmas.\u00a0 We do have a few important data points dropping throughout the week though, including Final GDP and Existing Home Sales on Tuesday.\u00a0 For the time being, investors should continue to monitor activity in the EUR\/USD and GBP\/USD to determine whether the Dollar can stabilize.\u00a0 Some key uptrend lines were sacrificed yesterday, meaning the Dollar could be in for further strength over the medium-term, seemingly a negative catalyst for U.S. equities.<\/p>\n

Technically speaking, the S&P futures are still locked into their medium-term uptrend after setting consecutive higher lows (11\/2, 11\/26, 12\/9, 12\/17).\u00a0 Furthermore, the futures have the highly psychological 1100 level serving as a technical cushion along with our 1st and 2nd tier uptrend lines.\u00a0 As for the topside, the S&P futures face technical barriers in the form of 12\/13 and previous 2009 highs.<\/p>\n

Price: 1103.75<\/p>\n

Resistances: 1105.5, 1110, 1112, 1115.5, 1119.25<\/p>\n

Supports: 1102.75, 1107.75, 1100, 1097.5, 1095.75, 1092.25, 1088<\/p>\n

Psychological: 1100, 1075, 2009 Highs and December Lows<\/p>\n

\"\"<\/a><\/p>\n

Market Commentary<\/strong><\/em> <\/span>provided by <\/span>Fast Brokers<\/strong><\/span><\/span>.<\/a><\/p>\n

Disclaimer:<\/strong> <\/span>FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regardedneither as an investment advice nor as a solicitation or an offer to sell\/buy any financial product. FastBrokers assumes no responsibility or liability from gains or losses incurred by the information herein contained.<\/p>\n

Risk Disclosure:<\/strong> <\/span>There is a substantial risk of loss in trading futures and foreign exchange. Please carefully review all risk disclosure documents before opening an account as these financial instruments are not appropriate for all investors.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Fast Brokers – The S&P Futures have bounced back above the psychological 1100 level as the Dollar weakens across the board.\u00a0 The futures took a slight hit yesterday due to the combination of a strengthening Dollar and a negative response to Citibank\u2019s fundraising share sale.\u00a0 Investors responded to the Fed\u2019s more optimistic outlook on … <\/p>\n

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