IIFT Daily Note with Peter Brown

A bridge too far

Posted by:  |  Time: 9:06 am  |  Topic:
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The S&P 500 cash has stalled twice at 1900. It seems the market is reluctant to move into new territory. It is May and volumes are light. Market is still solid but will take some time to build the momentum to push higher. We are probably entering a period of consolidation in equity markets. Fully valued. Barring some new event it is likely we range trade for a few weeks.

Euro is on the slide again this morning. Again 1.3450 is our target over the next few weeks. Plenty of economic releases to keep the market choppy.

Levels are S&P (JUN) 1892 1882 Wall St (DFB) 16700  16600  Dax (DFB) 9800 9720 Euro 1.3725  1.3650 Gold 1315  1290

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