S&P stock index futures had been higher by almost 4-points earlier following on from a dramatic rebound on Tuesday. As a result of the fight back against losses at the start of the trading week, the major U.S. benchmark is once again facing virgin territory.
The British pound found some resistance against the dollar recently around the 1.6600 figure, which is where we think the pair will form a top even if just temporary. Our primary count suggests that GBP/USD will fall in impulsive fashion.
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Is an MAR14 E-mini S&P 500 top in place (for the short term)? We think this recent bull run is getting out of breath at these levels, and believe a very healthy pullback to 1800 could be on the horizon.
After more than a decade of perpetual strength, gold suffered its worst losses since the early 1980s. Many investors have eschewed the metal in favor of stronger markets; however, this has helped to return this long-term bull market to health.
Over the crazy holiday season, soybeans fell sharply as the trend drastically and swiftly changed. This change in trend happened very quickly and with lower than normal volume over the abbreviated holiday trading season. I expect this trend to continue.