Market outlook for the upcoming week:
Bulls are still pushing against major resistance of the 1130 line. Almost broke out on Friday but ended the day slightly positive showing signs of confusion in the market.
$SPX - S&P500 |
We will be seeing a bunch of economic reports this weeks which could drive the market in either direction.
Monday: Housing Data
Tuesday: Housing and FOMC
Wedneday: Petro report
Thursday: Housing (again) and Jobs
Friday: Durable Goods and Housing
/ES |
Currency Pairs:
GDP/USD had a nice bounce of resistance and is now headed toward a stronger resistance line. Still in uptrend mode so strength here could mean strength for equities.
GDP/USD |
EUR/USD experienced a nice breakout on a downward trendline. Currently still trading above the trendline so lets hope it holds.
EUR/USD |
Currency pairs are poised to move equities in a positive direction but equities are pressed up against tough resistance. If bulls can get a close above 1130 on the SP500 then we could be looking at a real run up in price. Too many more failed attempts by the bulls and we could see a major sell off. Going to have to follow the news closely this week.
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