31 Aug
Pre-open eMini S&P 500 Morning Report for August 31 2010
Posted in Pre-open Analysis by Bob English at 9:33:37 3 CommentsThe Precise Take – ES again testing 1037–three times a charm?
Big Picture Analysis: Yesterday’s short term downward trend channel breakout in the ES failed, with equities grinding down all day, and lower overnight. The ES is once again testing 1037 support, with a low likelihood of it holding. Even the much lauded Treasury futures downward reversal on Friday has itself been nearly reversed. The Euro is strong against most currency crosses overnight, save the Swiss Franc, which ominously broke 1.3000 support. It looks as though preference for risk is being withdrawn across the markets, with the leaders broadcasting the potential for more. Today features five economic reports, though none is as big as tomorrow’s ISM or Friday’s Employment Situation.
spainconsultant
on August 31 2010 at 10:57:40
I guess the odds now are not for a range day (at least not for the low) and more for a trend day up right Bob?
Bob English
on August 31 2010 at 11:09:57
Ordinarily, odds would favor higher highs, but leaders look ugly, esp. EURCHF. Lunch should quiet down, then we’ll have FOMC Minutes at 2:00 pm. Usually the minutes are not that important, but because of resumption of QE Lite, they could make some waves.
spainconsultant
on August 31 2010 at 12:19:36
I think this 1037-40 area is so burnt (and me of it) that when it gives………..is going to be a question of hours to complete the path to the lows of the year
If today the close is in green (looks like, but……..) tomorrow may hold, then friday should do the job
I red some seasonality for September first, in several index. Tends to be positive but when is negative is a sell-off
Big news Dow Jones passed 10.000!!!