Futures are now near the highs of the pre-market as gold and crude rally along with the EURUSD. Right now the S&P futures are up .3% and the Nasdaq up .38%, despite AAPL being down all morning. GOOG is set to open near its all-time high set in 2007. Stocks in France and Germany are down this morning with automakers leading the way lower.
On the trading side, we have been consolidating for about a week now with rallies tending to get bought and selloffs eventually getting bid higher:
This has followed three months of an uptrend in channels that have seen us drift to levels not seen since 2007. As this goes, 1400 is the low-end support while we have resistance between 1480 and 1485. With Friday's volume spike due to quadruple-witching, a falloff in volume is to be expecte as we head into the beginning of the third quarter.
Due out at 10 AM is a slew of data, including Consumer Confidence (exp: 64.8), the FHFA Housing Index (exp: .8%), and the Richmond Fed Index (exp: -4). Keep an eye out for volatility around this time and a potential breakout of the current tight range.
Tue, September 25, 2012
by David Boland