Pre-open eMini SP 500 Morning Report 4.9.10
This is a guest post from Precision Capital Management
The Precise Take – Equity futures back to highs
Leaders Analysis: Yesterday, the EuroYen bounced from strong support, while the US Dollar Index sold off from resistance. We were looking for a test of the March high in the Dollar and that may have been it. A lot of support lay beneath down to about 80.50, in the form of moving averages, fib and trend lines. Until there is a major event, it will probably consolidate between 82.00 and 80.50. A break would most likely be concurrent with an opposite move in equities.
Medium Term Analysis: Critical support in the ES was respected yesterday and it was able to trend into and accept in its highest value area (green, below). We would be surprised not to see new highs now, but with a…
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