Monday, 2 July 2012

Pre-Market Brief

Good morning. Futures are showing marginal gains, so we are set to break the FOMC highs of sp'1363 - although the Rus'2000 index is already well above those equivilent levels.

We have ISM manufacturing and construction spending data at 10am, so even if we do open flat, it probably won't stay that way for long..


Sp, daily5, 4mth


With it being a holiday week (Wednesday US markets closed), we are surely going to be even quieter than usual. It is very plausible we break upward to 1390/1400, even AFTER the jobs data - which I'm guessing will be lousy 

Only with a break back below 1305 can the bears get confident that a major move lower - (as originally expected), is possible. Right now, a 60pt fall this week..would appear very much out of range. Besides the daily chart would suggest at least a few more days upside anyway.

Good wishes for Monday!