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Global Market Wrap:
European Markets Inch Higher
Equity Futures: Dow +18.00. S&P +2.70. NASDAQ +4.00. Japanese Nikkei -15.00. German DAX +3.00.
European Trade: European cash and U.S. futures markets started the new week in the green, trading near to the highest levels touched over the last 15-months of trading. S&P futures rose as much as 5 points in overnight trade, that were given back at the European open, and then regained as global trade stabilized. S&P futures are approaching the 1135.00 neutral swing point area, and are following Asian futures trade that held support overnight.
In European trade, the gains were led by the basic materials companies, which were helped by gains seen in the metals markets. Within this sector, Anglo American, Vedanta and Xstrata gained between 2% and 2.5%. The utility sector also posted gains, mainly helped by the newspaper reports, which showed that the French company GDF Suez is looking to make a takeover bid for International Power. The utility sector is up 0.80%, GDF is up 1.80%, while International Power surged 7%, being by a large margin the best gainer in the FTSE index.
The STOXX 50 Index, which tracks the 50-biggest European companies, advanced 0.50%. However, not all regional indexes managed to trade in the green in Monday trade. Since the cash session opened, Italy's MIB lost 0.05%, while Netherlands' AEX index spent the first part of the session swinging up and down around the breakeven line.
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A preview of the upcoming trading session from TheLFB Trade Desk
S&P Technical View: TheLFB Member Charts
Overall View: Looking for a top around 1130-1170 zone
4 Hour Chart Flows: Long Price Points: 1147 Looking for: A Short, wave iii)/c)
Momentum: The S&P futures market confirmed a Long momentum read on Nov 11th and built a solid near-term support base around 1095. The 1125 area will be another major support zone. The moves to test and hold support are impressive, and are backed with global equity markets that are also holding support.
Elliott Wave: S&P futures moved lower on Friday, as expected during the Wall Street session. The market was unable to push prices through the 1147 resistance region, where our wave v) was completed. From these highs, there was an impulse move down in a blue wave i)/a), followed by a corrective blue ii)/b) leg, before futures fell again by almost 20 points.
Currently, we are looking for a small, Long, black wave ii pull-back, before a near-term Short trend shown in a blue wave iii)/c) can continue. The target of this move is around the 1112 support zone, while the 1147 top must stay in place.
Upcoming Economic Moves:
Clear
Crude oil was recently trading at $78.40 per barrel, higher by $0.40
Gold was recently trading up by $6.20 to $1136.70.