June 4, 2010
Pre-Report Profit-Taking Drives U.S. Equity Markets Lower
U.S. Equity markets are trading lower this morning after an overnight surge fizzled ahead of this morning’s employment report. The June E-mini S&P 500 is selling off
sharply after the breakout above last week’s high at 1106.75 failed to attract new buyers.
The June E-mini S&P 500 was on its high early this morning as some investors began to tip their hand as to which side they were leaning toward ahead of this morning’s
U.S. Non-Farm Payroll Report. Scared money apparently was in the market because the lack of follow-through to the upside following a breakout above 1106.75 triggered a sudden reversal.
The main trend on the daily chart turned up on the move through the last swing high at 1106.75 which means that buyers will be likely waiting to get long on the current
weakness taking place in the market ahead of the key economic number. Often traders decide to stand aside ahead of key reports to avoid the volatility. After the wildness …
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