IIFT Daily Note with Peter Brown

Is there more in this rally?

Posted by:  |  Time: 7:50 am  |  Topic:
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We have reached 1458 on the S&P and 1.3140 on the Euro. Is this the top, good figures again in the US but we failed to make much headway. EU summit is on the cards today but I am not expecting much from it.

We should get a good idea toady whether this rally can be sustained.

If we rally the targets are S&P 1466   1475  Euro 1.3170  1.3320

On the down side support is at 1445 and 1.3080

This is a 50/50 call, we need to see the price action to trade. Overall the market is supported, it is a correction that would concern me.

Look for a break of 1.3140  and 1458 to confirm there is further upside. Back belown 1.3080 and 1451 would signal a correction.

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