Pre-open eMini S&P 500 Morning Report 12.24.09

This is a guest post from Precision Capital Management

The Precise Take – ES poised to end week near highs

Leaders Analysis:   The US Dollar’s reversal is aiding equities, and the EuroYen has room to advance before hitting resistance.  It looks like there is still a bit room left to go next week for equities, but the Treasury Auctions could get in the way.

Medium Term Analysis:  Next week’s $118 B in T-Note auctions will begin Monday (instead of Tuesday, as is the usual).  If recent history holds, equities will be down to sideways until the 2 Yr Auction is over at 1:00 pm.  European sovereign risk remains, but there were some statements released yesterday that suggest there won’t be any major waves until after the new year.

Trading Today:  Projected range is 1119.75 to 1120.75 on the upper end (pivot resistance) and 1114.75 to 1116.00 (today’s value area) on the lower end.  There is a slim possibility of a…

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