Global Market Wrap: Mixed Trading Seen In Europe
LFB Forex
Published Dec 31, 0000 07:00PM ET
Updated Sep 29, 2009 06:18AM ET
The Forex Trader Portal
Global Market Wrap:
Mixed Trading Seen In Europe
Equity Futures: Dow -9.00. S&P -1.70. NASDAQ -4.25. Japanese Nikkei +0.50. German Dax -30.00.
European markets are currently trading mixed, even though the Asian market closed the cash session in the green. The S&P futures had a very small range during the overnight session, looking somehow bearish, but still they lacked the momentum to break lower.
European Trade: European markets are trading mixed, but the two biggest European markets, the U.K. FTSE and the German DAX are trading below the break-even line. On the other hand, the emerging European markets managed to stay slightly above the break-even line, outperforming the more developed companies.
European and global markets saw a clear downtrend over the last four days of trading, but Monday proved to be an exception, as the S&P futures turned around on M&A announcements. However, traders now seem determined to continue the downtrend, since some are saying that the current valuations are way ahead of the perspectives of the global economy. The present forecasts are for a prolonged recovery, with a continued uptick in unemployment, which does not justify the 60% rally seen in the equity markets.
S&P Futures: The trading had been very light in the S&P futures during the overnight session, with the index moving less than 5 points. Moreover, this seems to be one of the slowest overnight sessions of the last period, as the S&P futures are trading just below the 1060 resistance area.
S&P Technical View: TheLFB Member Charts :
4 Hour chart trend: Short. Main price points: 63-64. Looking for: Extended wave iii
On the four hour oil chart, prices hit the 38.2% retracement area in the last session or two, where the top of a blue wave iv) could be in place, as discussed yesterday. The current wave count structure signals for another push lower in wave v) which should complete an extended black wave iii somewhere around 63-64 dollars per barrel. After that we will be looking for a long pull-back in a black wave iv, before the down-trend continues.
Gold for October delivery was recently trading lower by $1.00 to $990.60. Gold tested a few times the 994.00 area, but so far, it failed to move higher. To the upside, the next important resistance area lies in the $1000 area.
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Written By: LFB Forex
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