E-Mini S&P 500-Turn-around Tuesday?
The E-Mini S&P 500 reached a high today of $1331.25. The volume seemed to fall off a bit and many analysts may be viewing this as a sign of weakness. We have had a persistent rally that has endured an occasional negative jobs report and many factors that may have brought it down, but didn’t. The copper market has also shown increased strength. The copper in years past has run with the E-Mini S&P 500. The demand from China seems to support the copper and a growing economy. Wal-Mart Stores stock had been downgraded by JP Morgan. EchoStar Corp has agreed to buy Hughes Communications. Green Mountain Coffee Roasters Inc has been talking partnership with Starbucks Corp. President Barack Obama was slated to present his third annual budget plan to congress today. There were no major economic reports scheduled and President Mubarak is said to have left Cairo, Egypt! The high of the day was $1331.25 and the low was $1324.50. The close was $1327.75.
Tomorrow, we look forward to Business Inventories and Retail Sales at 7:30 AM CST.
Between the Lines
We expect price to touch 1323 or 1334 on Globex or tomorrow's day session.
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What else to expect Tuesday? If one reads the news wires, it would clearly suggest that this market is toppy and may be due to retrace and what better day than turn-around Tuesday! That would be simple, but the strength this market has shown us to date may be more complicated. If this is the near-term top, the downside target would be $1312.50. For a continuation of this move $1322.00 becomes key support with today’s action. The top of the day may be $1334.50. The point of control or comfort zone of the E-Mini S&P 500 may be $1327.25 for Tuesday’s trading!
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Senior Market Strategist