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Monday, August 18, 2008

Aug 18 2008 Emini S&P 500 futures ES hourly


Still have three open gaps. Supporting green lines, showing a little strength, we could see it bounce up take out the target and then make a run for new lows.
The 200 ema could add a bit of support to price.
Watch out for low volume pushes that move rapidly. Not many big players putting on positoins. Nothing over a thousand today.
Little bit of news tomorrow. No big suprises except for a banking news.

Aug 18 S&P 500 Emini futures Daily chart



Treasury 10-year note yields touched the lowest in more than a month on speculation a slowdown in global economic growth and lessening inflation will keep U.S. policy makers from raising interest rates this year.



Traders' expectations for inflation approached the lowest level in five years, yields on Treasury Inflation Protected Securities indicated, following oil's 22 percent decline since reaching a record $147.27 a barrel on July 11. Shorter-maturity debt rose as stocks fell on speculation the government will bail out mortgage-finance companies Fannie Mae and Freddie Mac and leave the shares worthless. The perception is that the worst of the inflation news is behind us and it will be treated almost like an old number. The whole story about the inflation picture improving into year-end has really allowed the bond market to rally.



Traders added to bets the Fed will leave its target rate for overnight lending between banks unchanged through December, futures contracts on the Chicago Board of Trade showed. The likelihood was 77 percent, compared with 53 percent a week ago. The rest of the bets are for an increase in the rate of at least a quarter-percentage point.

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