{"id":8962,"date":"2010-04-30T13:05:33","date_gmt":"2010-04-30T17:05:33","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=8962"},"modified":"2010-04-30T13:05:33","modified_gmt":"2010-04-30T17:05:33","slug":"sp-futures-fight-to-hold-1200","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/04\/30\/sp-futures-fight-to-hold-1200\/","title":{"rendered":"S&P Futures Fight to Hold 1200"},"content":{"rendered":"

By Fast Brokers<\/strong> – The S&P futures are off intraday lows and are fighting to stay above their highly psychological 1200 level as equities battle disappointing GDP data and more negative news concerning Goldman.\u00a0 Advance GDP printed a couple basis points below analyst expectations, adding onto yesterday\u2019s discouraging unemployment claims release.\u00a0 However, the Chicago PMI and UoM Consumer Sentiment releases both topped estimates, smoothing out negativity stemming from other economic data.\u00a0 Hence, we can deduct that a predominant amount of the S&P\u2019s weakness this morning stems from the Goldman news.\u00a0 The SEC announced it is investigating Goldman\u2019s trading arm, the second investigation announced this month as America\u2019s iconic financial firm comes under the crosshairs of regulators.\u00a0 Goldman shares are feeling the heat and are in the red by over -8% right now.\u00a0 However, the Goldman news may just have a temporary impact on the equity markets and attention should turn right back to the EU soon.\u00a0 Although an EU resolution for Greece is still up on the air, we can assume some form of action is pending.\u00a0 Investors are taking a wait and see approach to determine whether the announced austerity\/financial aid processes will be deemed sufficient to help Greece avoid a fiscal collapse.\u00a0 Meanwhile, investors should keep an eye out for China.\u00a0 The SCI continues to drift below its 3000 mark the China will slip in manufacturing PMI data during tomorrow\u2019s May holiday.\u00a0 Therefore, China could return to the news wires soon and we wouldn\u2019t be surprised to hear Yuan chatter pick up again.\u00a0 The U.S. will release its manufacturing PMI figure on Monday as well, meaning U.S. equities may be rather active as the trading week kicks off.\u00a0 In the meantime, the highly psychological 1200 area could prove to be a highly contested battle ground.<\/p>\n

Price: 1204.09
\nResistances: 1204.36, 1206.97, 1209.81, 1212.87, 1215.49
\nSupports: 1201.30, 1199.12, 1197.37, 1194.97, 1192.13, 1190.61
\nPsychological: 2010 highs, 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 off intraday lows and are fighting to stay above their highly psychological 1200 level as equities battle disappointing GDP data and more negative news concerning Goldman.\u00a0 Advance GDP printed a couple basis points below analyst expectations, adding onto yesterday\u2019s discouraging unemployment claims release.\u00a0 However, the Chicago PMI … <\/p>\n

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