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Futures on the SP 500 moves this morning in the 1060 points

May 4th, 2010 | By admin | Category: News International Markets

U.S. stock indexes closed Friday a moderate increase. Major purchases came in the last hour of trading and were associated with the expectations of the consolidated actions of members of the EU, aimed at addressing problems of Greece. Better than most when it traded financial sector.

During the Asian trading session, there multidirectional movement of the major indexes. The Japanese market is under pressure against a background of weak corporate reporting (Panasonic, Yamaha Motor). Better market traded securities of commodity companies, which may be associated with expectations to reach the bottom of the local market commodity futures.

Futures Brent crude in the last trading session confidently struck a "double bottom" in the region of $ 71, reaching a further $ 68. Today, futures are traded at around $ 70, which gives hope to rebound upward. The nearest resistance is located in the region of $ 71-72, where possible resumption of sales to the $ 65 per barrel. Overcoming the resistance of $ 72 may lead to re-entry to the $ 74-77.

Futures on the SP 500 this morning, moving around 1,060 points. If you continue to bounce up the main resistance is located at 1070-1080 points, which count on the resumption of decline. Coping with 1080 points, is likely to lead to the test of 1100 points.

If we consider the situation in the SP 500 locally, then blow out to 1,040 items and then return for 1060, likely provides a benefit to "bull", as it gives rise to a withdrawal of stops on the "Long", the possible formation of the New waves moving up.

At the same time the overall situation, in our opinion, is already evolving into a new downtrend with the main resistance in the 1100 points, the next target of reducing by 1000 points.

In the course of trading of the week will have a major impact expected data on U.S. foreign trade balance for December (Wednesday, 16.30 Moscow time), retail sales for January (Thursday, 16.30 Moscow time).
external background is neutral. America closed moderately higher, oil and gas market is worse, the financial sector better than the market. Asia is trading different directions.

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