Good Morning Traders......
An unusual light overnight session with most of the Asian markets closed for the Lunar New Year, this has left US equity futures relatively unchanged over the weekend. From a trading perspective things have been repetitive over the last few weeks and the ongoing trend seems to be a European sell off during the morning session followed up by the US market participants 'Buying The Dips' in the afternoon session. This has left the markets stuck in a narrow range with the $SPX stuck between 1500-1515. However last week we did see a break of the 1500 resistance level but what we are looking for as traders is a close below this level that might signal a correction could be taking place, until then however we shall keep or trading strategy of buying the dips in tact. In terms of news we are expecting no headline data across the newswires, and the milestone this week will come on Friday as ministers from the 17 member Euro area meet to discuss aid packages for Cyprus and Greece, they may also cast some views and opinion on the tightening election contest in Italy and the political scandal in Spain that has recently come to light.
Happy Trading
@lowkeycapital
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