Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Cannon Trading / E-Futures.com
Interesting price action in stock index futures today. We made a recent low overnight, bounced nicely through out the session but then sold off during the last 20 minutes or so. For me that is a sign that there is not enough fresh buying still and pressure is still favoring the downside with 1292 as the next target. HOWEVER, if buyers can push above 1327 it will change the picture and require a re-evaluation of the market.
Daily mini SP 500 chart for your review below:
Daily mini S&P trading chart screenshot from today May 25th 2011
Economic Reports Thursday May 26th, 2011
Prelim GDP q/q
Prelim GDP Price Index q/q
OFHEO HPI m/m
Natural Gas Storage
Economics Report Source: http://www.forexfactory.com/calendar.php
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!