Intraday Market Thoughts

Archived IMT (2009.12.23)

by Ashraf Laidi
Dec 23, 2009 13:51

US Nov personal spending +0.5% (exp +0.7%), helping to maintain upside in equities, but despite new yearly highs for many individual shares, the S&P500 has yet to break above 1120, which is the 50% retracement from the Oct 2007 highs to the March 2009 lows. We have been pointing out the 1120 level as an important level for equities since this October 22nd article and it remains a staunch barrier ever since. CAD is the best performing currency of the day as US crude regains the $75 mark, but USDCAD support seen standing at 1.0440. We mentioned yesterday the latest resistance level in GBPUSD has fallen towards $1.6090. Although the session high remains blow $1.60, remain alert with any breakout above $1.6030, which is still considered a fresh opportunity to short cable back into $1.5920. The fact that cable cannot regain the $1.60 remains a major negative for the pair.


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