Emini S&P September shot higher to recover much of Thursday's bearish engulfing candle & steep losses to reach Tuesday & Wednesday's highs. Further gains test last week's high at 4634.
Support at 4570/60. A break below 4555 should be a sell signal to target 4535 & 4510/4500.
A break above 4640 can target 4670/75, perhaps as far as 4695/99.
Nasdaq September has traded sideways for 2 weeks in a range from 15522/483 up to 16062. A break below 15470 is a sell signal for today targeting 15300/250.A break above the July recovery high at 16040/16060 can target 16300/350.
Emini Dow Jones September staged a recovery after Thursday's negative action. The question now is whether we break above Thursday's high at 35483 or Thursday's low at 35346.
A break above 35500 can target 35850/900.
A break below support at 35400/350 is a sell signal targeting 35100/050.
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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