IIFT Daily Note with Peter Brown

Disappointing reaction to the NFP.

Posted by:  |  Time: 7:44 am  |  Topic:
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Despite high headline numbers the market reaction to the Non frm payrolls was muted. Is this a sign of a tired rally? We reached 1553 and despite an attempt to rally at close the market finished unchanged at 1548. Headway may be difficult this week and with our friend Grillo wanting to form the government in Italy we may be in for some negative sentiment in Europe. we will see at open if this transpires.

Could be a week for jobbing without any clear direction so levels are important.

S&P 1553 on the topside  1544  1542 support. Euro 1.2950 support  1.3040 1.3060 1.3120 1.3140 all resistance.

USD/JPY is looking to set new tarkets but is very overbought on the 4H chart. Need a pullback before we attempt 98.50

IBEX is very high. Good sell if the mood in Europe today is bearish.

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