Poor U.S. Economic Data Erodes Equity Market Support
A weak U.S. housing number is helping to
drive down stock prices at the mid-session as economists are now warning of a
possible double-dip recession in the economy.Losses in the equity markets are leading to gains in the U.S.
Dollar.Todayâ€™s durable goods report
came out in line with expectations.Todayâ€™s action puts further importance on tomorrowâ€™s U.S. Gross Domestic
The December E-mini S&P 500 took out
the 50% retracement support at 1056.75 and is now headed to the next
retracement level at 1047.00.There may be a technical bounce at this level
especially since this market is approaching short-term oversold status.The weakness in the equity markets is not
just a domestic event; global markets are all going down as investors are
adjusting to more realistic valuations now that the Dollar is strengthening.
Investors are leaving equities and moving
into the fixed income markets.This is
helping to drive the December Treasury Bonds and Treasury Notes higher as
yields in both of these instruments are plunging.The drop in equity prices is helping to drive
up demand for U.S. Treasuries which should help todayâ€™s auction to go off
without a hitch.
The U.S. Dollar is trading higher at the
mid-session against higher yielding currencies including the Euro and Canadian
Dollar.Both currencies are trading
weaker because of the drop in demand for higher risk assets like equities and
crude oil.The December Japanese Yen is
up as traders are now aggressively seeking the safety in lower yielding
December Gold is weakening as the Dollar
strengthens.The first downside
objective at $1028.80 was reached today.Watch for a possible technical bounce at this level.If this area fails to hold as support, then
look for a further decline to $1018.50.
December Crude Oil is under pressure as
investors dump higher risk assets.The
rise in the Dollar is also putting pressure on crude oil prices.Gasoline inventories unexpectedly rose last
week.This put immediate pressure on
crude oil prices.The charts indicate
this market has the potential to plunge sharply lower with $73.00 to $71.00 the
next likely target.
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