Trading Levels and Economic Reports for February 28, 2013
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Wednesday February 27, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
March outlook for Stock index futures and other global commodities at:
TTN February-March 2013 Outlook: Clearing the Last Hurdles
From our friends at Trade The News
Mon, 04 Feb 2013 11:10 AM EST
The New Year has started with a much more positive tone than 2012, though world leaders are still struggling to find balance between policies that promote economic recovery and those that might inflate new and dangerous bubbles. Europe’s patchwork of rescue measures has dramatically eased sovereign yields off their peak levels. Meanwhile, Washington set the table for a positive January, establishing some certainty for businesses and households with the agreement to preserve middle class tax cuts, but kicked the can down the road again on the debt ceiling debate and the budget cuts demanded by the sequester. The notion of a “currency war” got some new life as the US Fed launched its open ended quantitative easing program and Japan’s new government pushed the BOJ to promise a similar policy in 2014. As central banks tipped toward even more open handed policy and politicians continue to wrestle with the new fiscal realities, the global economy has quietly gotten back on its feet, looking steadier albeit at a slower “new normal” growth rate. Equity markets appear to be setting up for a break out if a few final political roadblocks can be overcome in the months ahead. Major US and European equity indices are at five-year highs, while Hong Kong stocks and Japan’s Nikkei are near two-year highs. Companies have spent the last few years getting leaner and hopes abound that these more efficient firms can expand earnings multiples now that the economic turnaround is starting to take hold. The latest earnings season is showing mixed results in this regard, with some long time favorites like Apple losing favor but investment dollars finding a home in other stocks. The net result is equities continue to rise, and are now testing an inflection point exemplified by the S&P 500 testing a range above 1,500, within striking distance of all-time highs (1,565).
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