Archived IMT (2009.05.26)

Equity bulls attempt retesting the highs of May 8 and make a break out of the double top, which could unleash a new force of bullish momentum. This is especially as the S&P have yet to retest their 200-day MAs at 936 and 8,966. Today's auction passed without any fireworks, but the ones that matter are Wednesday and Thursday. Meanwhile, Downward momentum in USDCAD suggests 1.08 has a 70% chance of occurring, while EURUSD medium-term target remains at 1.47, especially as $1.37 is held for the week. Watch Ashraf on CNBC Europe Wednesday at 9:50 am BST (London Time).