Thursday November 18, 2010 - 18:37:58 GMT
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Forex Hound - www.forexhound.com
Renewed Appetite for Risk Leads to Higher E-mini S&P 500
Equity investors are looking
at the long side of the market this morning as friendly talk out of Europe regarding the Irish debt crisis is renewing
interest in risky assets.
Since early last week, the
December E-mini S&P 500 has been under pressure as nervous investors began
shedding stocks while in a ‚Äúsell first, ask questions later mode‚ÄĚ. A daily
closing price reversal top at 1224.75 led to a weekly reversal top, helping to
trigger a big slide to the downside on Monday. The E-mini briefly traded lower
for the month, but at the same time failed to break through the
October 27 bottom at
1167.75, which probably would have led to an acceleration to the downside.
Technically the chart
suggests that this market has a bullish tone which could drive it back up into
a retracement zone at 1198.00 to 1204.00. A downtrending Gann angle comes in at
This makes 1196.75 to
1198.00 today‚Äôs resistance cluster and potential upside target.
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