equity markets are trading higher overnight as investors are buying on
speculation that government reports this week will show the global economic
recovery is back on tract. Easing of tensions in Europe
is triggering a short-covering rally in the Euro which is helping to lead to
increased demand for higher risk assets.
This week, U.S.
traders are expecting to see positive reports in Industrial Production and
factory output. Traders are expected to look at the long side of the market
this morning in anticipation of strong economic results from both of these
On Friday, stock indices rose despite mixed economic data. It
was reported that U.S. Retail Sales for the month of May were negative and well
below the consensus of a 0.2% gain. This news initially broke the equity
markets but the lack of follow-through to the downside led to a quick
short-covering rally by the mid-session and a sharply higher close.
Late Friday morning it was reported that the Michigan sentiment index
reached its highest level in more than two years. This news stabilized the
stock indices even further leading to a complete turnaround in the indices.
The June E-mini is up sharply ahead of the U.S. opening
after closing above a downtrending Gann angle and a minor retracement zone. New
support has been established at 1082.50. Today‚Äôs first upside target is a 50%
price level at 1105.75. A move through this price will challenge the last main
top at 1107.75.
The main trend will turn up on a move through 1107.75. This
will set up the market for a further acceleration to the upside and a test of
the .618 retracement level at 1122.00.
Forex Trading News
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