SubscribeDaily Futures Commentary EQUITIES, ENERGIES, METALS March 25, 2009
Wednesday, March 25, 2009
EQUITIES
Equity markets are trading mixed overnight. Technical factors are having the most influence on this complex at this time as the markets have reached overbought levels.
The recent huge run-up in individual stocks may attract end-of-the-quarter profit-taking over the next few days. Professional money managers may decide to book short-term profits rather than risk a substantial correction.
The June E-mini S&P 500 could be forming a short-term top. Heavy selling pressure came in at 820.00 yesterday in front of the high for the week at 821.00. The recent rally looks like a blow-off move which made the market overbought. Holding 801.00 is key. A break of this level could send the market as low as 786.50 today.
There is still some debate as to whether the current up move is a rally in a bear market or the start of a new bull market. Since the market has not taken out any significant swing tops, it is still in a bear market. Furthermore, the markets have to survive a correction or even a test of the recent bottom. The …
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