Forex trading- Euro loosing ground vs pound Dollar strengthens

€ The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4365 level and was capped around the $1.4510 level.  The common currency was pressured overnight on rumours that German Chancellor Merkel may resign following a media report that she was losing the support of her coalition partners.  Merkel dismissed this talk as "absurd" and pledged to move forward with her pledge to reduce taxes.  Data released in the eurozone saw the November trade surplus print at €4.8 billion, down from €6.6 billion in October, while EMU-16 consumer price inflation rose 0.3% m/m and 0.9% y/y.  The common currency has also been pressured this week following ongoing concerns that Greece's fiscal position may require drastic intervention from the European Union.  European Central Bank President spoke after the ECB's decision to keep rates unchanged yesterday and provided a mixed assessment of the eurozone economy.  Trichet also talked up the U.S. dollar, an ongoing dialog he has had with the market that is designed to limit the amount of upside potential for euro appreciation.  In U.S. news, data released today saw December consumer price inflation up a smaller-than-expected +0.1% m/m and 2.8% y/y at the headline level and 0.1% m/m and 1.8% y/y at the core level.  Also, the January Empire State manufacturing index improved to 15.92 from a revised prior reading of 4.50.  Additionally, December industrial production printed at 0.6% and capacity utilization improved to 72.8%.  Finally, the mid-January University of Michigan consumer sentiment index receded to 72.8 from the prior reading of 72.5.   Data to be released on Tuesday include net long-term TIC flows and the NAHB housing market index.  Most Federal Reserve officials – but not all – have talked up the U.S. economy's recent strengthening and Fed officials are said to be reviewing ways to drain upwards [...]

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S&P 500 Day Trading Course Gap For Jan 15, 2010 Learn How to Trade

With a very slow open today prices began trading at 1140.5, down 1.5 points from Wednesday's 1142.00 close. The light volume and slow moves made for a consolidated day trading to a low of 1139.75 and a high of 1147.00. Prices traded 7.25 point range and closed yesterday's gap of 1142.00, then closed the day at 1144.75 up 2.75 points from yesterday's close.

Prices appear to be floating towards our highs, while struggling to move into resistance. This gives the appearance of an uncertain bullish market, where the slightest wrong move may bring doom. The closer prices move towards a high the more they seem to retest, and retest before moving on. One thing is certain, that without an increase in volume by either party a definite move in any direction in uncertain.

Friday's trading looks to be approaching the 1148 highs, with some good commitment we could see prices move into the 1155 or even 1165 levels. To the low side prices could see a retest of the 1140 area of support, then 1135 and an extreme low back in the 1129.50 level.

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S&P 500 Emini Day Trading Gap Friday January 15, 2010

                                 S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday January 15, 2010

S&P Emini 500 Futures traded the day in a narrow range with below average volume.  Perhaps traders were awaiting the Intel results which reported above expectations after the market closed.  Initial after hours trading on the Emini indicated a positive response to the Intel report.  Tomorrow morning pre market  economic reports that are customarily high impact, may mitigate the good news from Intel.  Friday is also options expiration, which often lends a bullish influence to the market.  Finally, tomorrow leads into a long weekend for the market.  Markets are closed Monday for Martin Luther King Day.  Expect Friday afternoon's trading to be light.  Most of the institutional traders have already left the building by early afternoon.

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