Intraday Market Thoughts

Archived IMT (2009.12.02)

by Ashraf Laidi
Dec 2, 2009 13:36

US Nov ADP -169K vs. expected -155K but previous figure was revised down to -195K from -203K. Dow futures drop from +12 to -8. Overall impact on risk appetite may not be clear, but the markets will keep a close watch on whether the S&P500 will close above that 1,120 resistance. The index did close above its 100-week MA 3 sessions ago but has yet to close above 1120. GBPUSD now faces next major resistance at $1.673576.4% retracement of the decline from the $1.6874 high to the $1.6271 low, coinciding also with the Nov 16 peak. Markets await the EIA INVENTORY REPORT (15:30 GMT), expected to show a rise of 800K barrels in crude stockpiles, a rise of 700K barrels in gasoline and a 300K drop in distillate stocks. Yesterdays release of the American Petroleum Institute showed a RISE in oil inventories of 2.9 million barrels. CADJPY 4-hr coudl extend further losses towards 82.80 if oil is dragged down to 77.00


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