More strong U.S. economic data, oil down over 1%

August 29, 2016 01:50 PM

The S&P 500 futures are up almost .5% today on more strong economic data out of the U.S. We continue to watch the Russell 2000 futures. We believe there is a technical pattern on the Russell 2000 futures which may complete at about 1275, about 30 points above current market prices. The U.S. dollar is also up on the day this far, with the euro/U.S. dollar (EUR/USD) currency pair lower. We believe that the EUR/USD may continue to fall to at least 1.08, possibly testing recent low area of 1.05. The U.S. bond futures are up one point this morning, potentially on lower crude oil prices as well as short-covering. We believe this may just be a blip in the bigger picture bearish bond environment which us potentially developing. This week is a busy week with regards to economic data, topped off by Friday’s Jobs Report.

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