Markets dip after FOMC: Morning Pulse
S&P Futures failed to gain any traction in today’s trading session and have reversed off of yesterday’s close into overnight trading pushing for a test of 2460 support. Market bears have not been able to demonstrate any conviction below that level as of yet, but certainly a plausible move. Day traders will be eyeing a downside break of 2460 for potential short interest into the 2448 territory while swing traders will be eyeing any pullback into support for possible long interest.
Gold Futures have rallied to retest this weeks highs in overnight trading. The next big break is up at 1300 over which I believe that gold bulls have some room to run. Looking for any confirmed weakness in the indexes as a potential sign of strength for gold.
Crude Oil Futures sold off in yesterdays trading session and have continued to drop in overnight trading. Price is testing the 50 day moving average this morning at 46.49 where bulls are attempting to step back in. I am watching for any signs of a possible reversal off of these levels to confirm sentiment. There is initial resistance up at 48, with secondary resistance up at 49 and change which would be targets for a bounce should that begin to unfold.
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HMY is up just over 3% in premarket trading and has already broken through key resistance at 1.77. If bulls can continue to maintain control of this move after the open then I think we could see a push to 1.85 – 1.88 area.