The US Stock Futures opened lower this afternoon, after the major indexes (SnP500, DowJ, NASDAQ) retreated back from their previous four-day winning streaks. This coupled with a poor outlook for the Eurozone played down by a troubled Spanish economy and a potential Spanish bailout can only presume that the morning mood will prevail this afternoon.
The EUR/USD has retreated from morning highs and traders should look to remain bearish this afternoon, as the outlook remains negative and it will be hard to see the EUR getting back to 1.3100 levels.
DowJ has been trading towards the downside this morning but we have seen the 13,500 resistance level holding firm, on the upside the Dow is pressing against the 13,538 (200day SMA) resistance, but traders should be aware that rallies will more than likely be short lived.
Happy Trading
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