IIFT Daily Note with Peter Brown

Sluggish start to the week

Posted by:  |  Time: 7:35 am  |  Topic:
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Nothing much going on. Dollar a bit softer and a lot of data due this week. EBC and non farm payrolls comming up later on. In the meantime we need to see the mood. Are we going to continue with a strong dollar and strong S&P or will the quarter bring about a profit take.

Ititially Euro is off the lows and testing 1.2885 resistance a break above here could lead to short term gains. I am selling any rally on this pair as I thing we will go a lot lower in the next few weeks. Dollar has taken a hit against the JPY, we have  traded down at 92.50 lower than i though the correction would go. We are going higher but these corrections can be violent.

On the S&P we have a top at 1564 looks good resistance. Support is at 1548  1550.

Need some time to get going after the long weekend. A bit of news would help. Do not be in a rush until you get some direction.

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