The U.S market is set to open higher on Tuesday after suffering the worst losses yesterday for this year. Positive economic data Services PMI released by the Spanish economy and British economy has made investors to shrug off some of their concerns about the shaky political condition in Italy and Spain.
Asian stock market fell mostly as Europe political concerns were in focus. Hong Kong market was the leader among decline in the Asian trading which suffered heavy selling on Tuesday, closing with a loss of -2.73%
Fair Value
S&P futures vs its fair value are trading higher with change of 7.69 and Nasdaq futures vs fair value are also trading down up with a change of 12.32.
Important Number to Watch
DJIA (March Contract)
13771 -13790 - Support Zone
13946- 13962 - Resistance Zone
S&P 500 (March Contract)
1483.24 - - 1484.94 Support Zone
1509.99 - - 1405.59 Resistance Zone
Market Forces
15:00 GMT ISM Non-Manufacturing PMI
Stocks to watch
Apple shares could see volatile price action as company is releasing its new iPad today which has higher memory. Disney, BP and Expedia are on the earning’s list however, BP has already smashed their earnings this morning.
Disclosure: The above is for informational purposes only and not to be construed as specific trading advice. Responsibility for trade decisions is solely with the reader.
by Naeem Aslam