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S&P Futures Up to 1340


Apr 20 2011

With higher commodities, higher stocks traders are selling the US dollar across the board, pushing Eur/Usd into a new 2011 highs. Traders, this bullish run on majors have legs, so buying pull-backs and selling US dollar at the same time is reasonable.

S&P Futures are trading sharply higher showing an impulsive advance from 1290 lows, where three waves of a pull-back found the bottom. For those who are trading E-mini futures (June contract) may focus on longs, after minor three waves of a pull-back towards 1318 region, to catch wave v). This outlook supports the bearish dollar view.

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