Friday September 24, 2010 - 20:25:04 GMT
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Forex Hound - www.forexhound.com
December E-mini S&P 500 Soars; In Position to Challenge May top
E-mini S&P 500 is trading sharply higher at the mid-session after surviving
an overnight break which threatened to turn it lower for the week,
firm most of the night session, the futures index took off to the upside
following this morningâ€™s U.S. Durable Goods and Sales of New Homes data.
Although both reports came out weaker-than-expected in August, upward revisions
in July helped ease investor tensions. Investors interpreted the reports to
mean that the economy was showing increasing signs of stability.
The strong surge
in the E-mini S&P has all but negated Tuesdayâ€™s closing price reversal top
which for the past 2 Â˝ days has been signaling the start of a possible major
correction. The daily chart now indicates that a downtrending Gann angle at
1155.00 and the May 12 top at 1160.75 are the next potential upside targets.
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