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Market Wire Update: Ahead Of The Fed- Climbing a Wall o' Worry

Published 12/31/2000, 07:00 PM
Updated 11/04/2009, 05:42 AM

www.TheLFB-Forex.com The Forex Trader Portal

Market Wire Update:

Ahead Of The Fed- Climbing a Wall o' Worry

Equity and commodity markets are moving higher, and that by default is pushing the dollar lower (Stocks up = risk tolerant = Bonds down). Ahead of the London price fixings on oil and gold, and just ahead of the daily setting of the London Interbank Offered Rates (LIBOR), there is a Wall o' Worry to technically climb.

Resistance is getting tested at 1050 on the S&P, 1095 on gold, 80.50 on oil, and 5440 on the German Dax, and that all ties in with the U.S. dollar index testing support at the same time.

The economic calendar is packed with goodies out of the U.S. and it will not be a surprise to see Chicago futures traders start their morning with a push-back on these technical areas ahead of ADP numbers at 08:15 EST. Take care with the forex p0irs, most are also at their own resistance areas against the dollar, and may get caught in the same near-term reversal.

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