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Market Wire Update: Flat Markets And Neutral Sentiment

Published 12/31/2000, 07:00 PM
Updated 11/13/2009, 02:39 AM

TheLFB NewsTheLFB-Forex.com A Forex Trader Portal

Market Wire Update:


Flat Markets And Neutral Sentiment

Forex Trader Note:
The 4 hour reads are still very mixed across the global market, and as such a reduction in exposure (lots) and expectancy (targets) is required on anything taken. The forex momentum and near-term trend reads are in neutral mode, with most overbought against the Usd. Currency pairs have moved sideways, literally, and taken no cues at all from global trade as to whether fair value will hold through Friday trade.

A very quiet overnight Asian session has not been able to easily draw in buyer or seller into the global futures market. S&P futures are at their swing point of 1090, oil is the at the same swing point, at 77.50, while gold trades five bucks below its swing point of 1110.

The global market drivers all completely flat in their momentum and sentiment reads. The order flows are sporadic, and in general, this is a very mixed outlook to hit the last day of trade with.

Lots and targets: Anything taken ahead of the closed 4 Hour candle price points shown below will require reduced lots and reduced targets

Red Flag Economics: 
08:30 EST Cad Trade Balance Exp. -1.5B Prev. -2.0B
08:30 EST Usd Trade Balance Exp. -32.0B Prev. -30.7B

Dollar Index: The 75.80 area now becomes the pivotal price point for the dollar index. A four hour close above/below there signals which way the market is willing to test the value of the Usd. Swing Point: 75.90

S&P Futures: The 1082 and then 1100 areas on the S&P are the near-term price action points, that may form a price channel if global markets fail to find equity buyers. The 1055 support area looks solid. Swing Point: 1095

Crude Oil: 80.20 and 81.05 are the topside numbers on crude oil trade, with 81.75 above that. There is a lot of noise at the 78.50 area, with 76.50 under there. Swing Point: 79.40

Gold Bullion: 1075 on gold trade will be near-term support, backing any long tests of 1120. The short side is also backed by 1065. As the market trades long gold as a hedge, it seems that the gold bugs will dominate. Swing Point: 1115

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