IIFT Daily Note with Peter Brown

Euro rallies, S&P stalls

Posted by:  |  Time: 7:54 am  |  Topic:
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Funny day yesterday with the Euro and S&P going in differnet directions. This is always a sign of a confused market. Euro news is thin on the ground and so the currency is supported. Dollar sold off with the S&P as the battle to get on board the market is balanced by the fears of the fiscal cliff looming.

The market is a techno play buying at supports and selling at resistance, there is no clear macro view. These levels are 1.3020 for the Euro 1.3180 on the upside.

S&P is supported here at 1450  resistance is 1462

Ttrades are at these levels.

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