{"id":8072,"date":"2010-03-29T12:57:13","date_gmt":"2010-03-29T16:57:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8072"},"modified":"2010-03-29T12:57:13","modified_gmt":"2010-03-29T16:57:13","slug":"sp-futures-fluctuate-with-quiet-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/03\/29\/sp-futures-fluctuate-with-quiet-data\/","title":{"rendered":"S&P Futures Fluctuate with Quiet Data"},"content":{"rendered":"

By Fast Brokers<\/strong> – The S&P futures are continuing their fluctuation above the psychological 1150 level as investors prop up the risk trade in the wake of an EU agreement concerning future financial assistance for Greece.\u00a0 The FX markets saw solid pops in the EUR\/USD, Cable and Aussie as investors felt comfortable dipping into the risk trade amid oversold conditions.\u00a0 However, these major Dollar pairs have met some solid technical barriers as they pursue their respective recoveries.\u00a0 Hence, it seems the risk trade will need more confirmations, likely in the form of economic data, to knock the Dollar out of its downtrend and send the risk trade higher.\u00a0\u00a0 Although the data wire is quiet today, the U.S. will release CB Consumer Confidence following UK Final GDP and Nationwide HPI.\u00a0 Hence, activity could pick up tomorrow as we head into Wednesday\u2019s highly anticipated ADP Non-Farm Payrolls report.\u00a0 This week\u2019s focus will likely center on U.S. employment.\u00a0 If U.S. employment doesn\u2019t improve as quickly as anticipated, investors could head back towards the Dollar for safety and drag U.S. equities lower.\u00a0 On the other hand, weak employment data could also yield speculation that the Fed will need to keep liquidity loose, a positive for equities and the S&P futures.\u00a0 On the flipside, strong U.S. employment data may help seal confidence in the economic recovery.\u00a0 While this could prove to be a positive for U.S. equities, should employment improve too quickly this could lead to speculation that the Fed will tighten sooner than anticipated, a negative for U.S. equities.\u00a0 Regardless, it will be interesting to see how the S&P futures react to this week\u2019s data for the movements could prove to be counterintuitive to the usual relationship between macro data and equities.\u00a0 Meanwhile, it will be interesting to see if the S&P futures can hold above their psychological 1150 level while maintaining their upward momentum.<\/p>\n

Technically speaking, the S&P futures face topside technical barriers in the form of 3\/25 highs and the psychological 1075 level.\u00a0 Additionally, the psychological 1200 level could serve as a solid technical barrier should it be tested.\u00a0\u00a0 As for the downside, the S&P futures have multiple uptrend lines serving as technical cushions along with 3\/24 and 3\/22 lows.\u00a0 Additionally, the psychological 1150 level could serve as a solid technical cushion should it be tested.<\/p>\n

Price: 1165.50
\nResistances: 1168.73, 1170.46, 1172.19, 1174.72, 1176.45
\nSupports: 1163.39, 1162.17, 1160.87, 1158.99, 1157.48
\nPsychological: 2010 highs, 1150, 1175, 1200<\/p>\n

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

(click chart to enlarge)<\/p>\n

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

Disclaimer:<\/strong> FastBrokers\u2019 market commentary is provided for information purposes only and under no circumstances should be regarded neither 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> 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 are continuing their fluctuation above the psychological 1150 level as investors prop up the risk trade in the wake of an EU agreement concerning future financial assistance for Greece.\u00a0 The FX markets saw solid pops in the EUR\/USD, Cable and Aussie as investors felt comfortable dipping into the … <\/p>\n

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