Perspective : The market is moving largely within the 4910 to 5170 range all through this series.5030- 5050 has been the center around which the next 100 points have come about.Trading is very emotional at the moment dominated by news flow which has taken the market up and down 50-70 points randomly. We continue to wait for the bracket to resolve.
Back Ground : Bracket between 4910- 5170
Chart Speak :
1) The day was auctioned at the previous HVN of 5118
2) Support at 4975 barely held, but the seller was prominent above in the previous sell zone
3) Visible selling prints at the top of Friday's profile
4) 5015- 5037 will be watched for signs of buyers
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2 comments:
For the QE watchers :
If you listen to the Yahoo-finance interview with Dallas Fed president Richard Fisher it’s quite apparent that there is no more quantitative easing in the near future
Bernanke has been quite clear at Jackson hole and the last Fed meeting that there would be no further quantitative easing.
Link to the above is :
http://finance.yahoo.com/blogs/daily-ticker/ve-done-job-why-dallas-fed-president-fisher-231016851.html
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