| S&P Futures Level Out With Little Economic Data |
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The S&P futures are moving sideways within a tight trading range formed over the last week. They remain lodged between our uptrend lines, with yearly highs hanging just above. Meanwhile, U.S. equities have disregarded the volatility in currency markets. This has worked in favor of the S&P futures since the rapid appreciation of the greenback we saw last week didn’t have its usual negative impact on U.S. equities. On the other hand, the S&P futures aren’t participating in the depreciation of the Dollar today either. It seems equity investors are taking a breather due to the relatively light week of economic data ahead. We maintain our positive outlook on the S&P futures as they build up a new base above our 2nd tier uptrend line. Meanwhile, our downtrend line is fading into the distance. It would take a large retracement on significant volume below our 2nd tier uptrend line for us to reconsider our position. Investors should keep a close eye on the GBP/USD and EUR/USD to see whether they can piece together some upward momentum and avoid breaking below anymore key fundamentals. Fundamentally, we maintain resistances of 939.5, 945.75 and 958.25. To the downside we hold our supports of 931, 924.75, 915.5, and 905.5 with fresh bottom-end of 897.25. The S&P futures are currently trading at 938.75. |
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