E Mini S&P settles 1229.75 up 10.50
For the week ended (10/17-10/21)
Stock futures ended the week near session highs
Friday following news that a group of Euro Zone
Finance ministers have approved the next round
of aid for Greece and amid optimism over the Euro
Zone ahead of the EU summit on Sunday.
S&P and Dow futures were lifted to positive territory
for the week as expectations that European officials
will find a workable solution to the sovereign debt crisis.
The market however traded in a seesaw fashion for the most
of the week due to the fact scheduled meetings in the EU
were delayed or pushed to later dates. These meetings were
designed to finally resolve Greece’s payments, but to shore
up European banks with exposure to the bailout, along with
recapitalizing the EFSF fund, which would provide enough stability
for other EU nations that have been downgraded recently, along
with providing stability for their banks as well. Clearly the Euro Zone
situation is number one on the minds of investors globally.
For the week, the Dow rose 1.4 percent, posting its fourth weekly
Gain, and its longest weekly winning streak since January. The S&P 500,
Up 1.1 percent for the week, is now down 9 percent from its April high.
The tech heavy NASDAQ was negative for the week, off 1.1 percent.
Headlines from the EU will be the main story as we go forward next
Week, but there are some major economic reports in the U.S. to be released,
along with a bulk of earnings releases as well. 193 companies, which includes
40 percent of the S&P 500 are reporting next week. Economic releases highlighted
By Q3 GDP, Home prices, consumer sentiment, and spending data top the economic
calendar. Many investors noted this week that if the U.S. market was able to
focus on decent earnings and some improvement from economic releases on the
economy, that a move higher in the market will be coming in the fourth quarter,
to finish the year strong. According to Reuters, 68 percent of the S&P 500 companies
that have reported so far have come in above estimates.
Going forward the main driver will be developments from the EU. The second day of the
Latest summit will be this Wednesday.As previously noted, a longer term game plan
For Greece, and then the proposal to increase the size of the EFSF fund will be the headliners of the meeting.
Investors should stay tuned. My technical numbers for the upcoming week come in as follows
for the mini S&P. Initial support is down at 1217, with stronger support down at the 1198 level.
A Close below here and 1166.75 is next. Resistance comes in first 1248.50 and then up at
1267.25. A close over here and look for 1300 to be next target.
Please call me with any questions or comments. I can be reached at 877 294 7757 or
Daily Swing #s ESZ1 (10/24)
Weekly Swing #s ESZ1 (10/24-10/28)
Daily Swing #s YMZ1 (10/24)
Weekly Swing #s YMZ1 (10/24-10/28)
Stock Indices Analyst
877 294 7757
312 775 3541
312 379 5808 fax
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