Big up day after what I feel was short term oversold conditions. Daily chart of the BIG SP 500 ( pit session ) for your review below. I think that the 1194 to 1200 psychological level will be the first test to see if this bounce is just a bounce or if it has legs to become a more meaningful recovery. Time will tell…..Either way I think tomorrow, being Friday, before the weekend after a volatile week, will be another high volatility day.
Daily Futures chart of the Big S&P 500 from August 11th, 2011
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TRADING LEVELS!
Economic Reports Friday August 11th, 2011
Core Retail Sales m/m
8:30am USD
Retail Sales m/m
8:30am USD
Prelim UoM Consumer Sentiment
9:55am USD
Prelim UoM Inflation Expectations
9:55am USD
Business Inventories m/m
10:00am USD
FOMC Member Dudley Speaks
10:00am USD
Economics Report Source: http://www.forexfactory.com/calendar.php
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