Intraday Market Thoughts

Archived IMT (2010.01.25)

by Ashraf Laidi
Jan 25, 2010 11:28

European equities push higher amid stabilizing fears from the Obama financial regulation plan and hopes that Fed Chairman Bernanke will get the necessary votes to be renominated for a second term. Dow futures are up 90 pts to 10,241. Monday rebounds following negative weeks in equities are a usual occurrence. The real test for the markets begins on Tuesday amid UK Q4 GDP and Germany IFO. FTSE-100, Dow-30 & S&P500 will attempt regaining their 100-day MAs at 5356, 10452 and 1114 respectively. EURUSD remains capped at Fridays resistance of 1.4280, Cable capped at $1.6210, while AUDJPY attempts to regain the 82.20-25 trend line resistance, which is seen acting as an interim obstacle. A break above it will face a more challenging barrier at 82.70, which will likely impose itself on the series of potential event risk this week.


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