SubscribeDaily Futures Commentary EQUITIES March 27, 2009
Friday, March 27, 2009
EQUITIES
Equity markets are expected to open lower this morning. Although the three main indices have posted strong gains this week, evidence is mounting that the rally could be slowing as the market keeps selling off sharply after posting new highs for the week.
On the other hand there has been aggressive buying on the breaks. These conditions could set up a range bound market until one side wins over the other.
The chart pattern suggests the June E-mini S&P has reached a major retracement area and could begin a slide. As long as 833.00 holds as resistance there could be downside pressure. A close under 800.00 today would send a signal that the market is setting up for a correction.
The June E-mini NASDAQ rallied to a new high for the year. Although this is technically a bullish signal, a follow-through rally today and a close over 1285.00 will be a much stronger signal. This price may appear to be too high for traders to initiate new positions so the market could experience a correction today.
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