Tuesday October 5, 2010 - 18:31:07 GMT
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Forex Hound - www.forexhound.com
U.S. Equity Markets Get Boost from Better ISM Report
U.S. equity markets are getting a boost this morning after a better than
economic survey sent stocks surging. Equities rose as investor sentiment
improved after the release of the report.
Earlier in the trading session, stock
indices were underpinned by the Bank of Japanâ€™s surprise decision to ease
monetary policy further. Many traders had expected the BoJ to leave interest
rates unchanged while perhaps introducing additional asset buying.
The decision by the BoJ to cut rates and
increase asset buying helped drive stock prices higher because it is expected
to increase liquidity in the marketplace.
After a firmer opening, the December E-mini
S&P 500 gathered pace after the Institute for Supply Management services
report jumped to 53.2 in September from Augustâ€™s low of 51.5. This report
exceeded analyst estimates for a more modest increase to 52.
This report gave investors confidence this
morning because it indicates that the sector is growing more rapidly and
diminishes fears of a double-dip recession.
Technically the December E-mini S&P 500
formed a new main bottom at 1127.00. This moves the swing bottom up from
1117.25. The rally also took out the last swing top at 1153.50, reaffirming the
The new upside target is the May 12 top at
1160.75. In order to maintain its upward pace, this market will have to hold
support on an uptrending Gann angle at 1144.50 today.
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