Unemployment claims diminished by 6000 since last week's reading but the number was still worse than expected. The mild improvement was not enough to impress, sending futures on the S&P lower and the yen higher. The S&P is still in a precarious position both technically and fundamentally and reflects disequilibrium between forward looking optimism and lower interest rates on the one hand, and meek economic readings coupled with a wide array of lingering concerns on the other.
Still, if the S&P manages to push higher in the face of such news, that would be a bullish sign and, contrary to reason, may be just the catalyst to send the S&P above its 1150 resistance.
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