Possible Reversal at Weekly Zone
SELL Stop 1136 and BUY Stop 1144. Previous orders canceled.
6:15am - Crude Oil Futures Breakout above Prev High - (First Clue ). EURO Futures Pre-Report breakout to new highs ( Second Clue )
8:12am - New Orders : BUY Stop 1139, SELL Stop 1137.
8:30am - Filled : Long 1139. Reaction to GDP Report. SELL Stop 1141
If either one gets fill the other one will be the stop loss.
Setup : Daily Doji and NR 9.GDP Report. SP500 Index : Daily Inside Day
( Above E-Mailed to Subscribers Wed after the close )
It appears to have become fashionable to attribute any bout of weakness on the US markets directly to Europe. Today, especially in the absence of any major economic data releases, the major indexes apparently followed the US financial sector which was weak as it followed the banking sector in Europe. European protests - in Brussels and elsewhere - against austerity measures served to pressure equities in that region.
Trading on US markets has lacked a clear direction recently, but third quarter trading has been very positive overall, with the S&P 500 on track to producing a Q3 gain of nearly ten percent. In September alone, the S&P 500 has thus far rallied 9%, its best monthly gain since April 2009.
Trading has also been subdued as Q3 draws to a close and Q4 earnings season will not start until early October, with Alcoa reporting on October 7. Many large players are thus in a wait-and-see position, market commentators suggest.
The bond market appears to indicate that the US Federal Reserve will make a move to push long-term interest rates even lower in order to encourage economic growth. The Fed is believed to purchase Treasuries to accomplish this (i.e., raising bond prices and lowering yields). There is however some dissent among Fed members, with the Philadelphia Fed President stating today he does not favor further asset purchases by the Fed at this time
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