CBOT S&P500 Minis (ES0Y)
S&P 500 futures are a step ahead of the Dow variety, with a daily close above 1323 a bullish sign if it occurs early in the week.
• Friday’s rebound was impressive, but 1323 needs to be dealt a blow if the S&P 500 minis are not to stall on Monday, with a subsequent period of consolidation back to 1300 or so.
• For the S&P 500 Index a daily close above 1332 is needs to confirm a retest of the recent high at 1344.
• That the US markets are remaining very firm in the face of the Middle East North Africa uprisings will end if just one more country folds. Or if NYMWX crude rallies much above US$ 105