SHORT TERM: markets decline worldwide on Dubai debt problems, (DOW mini) YM -181
Overnight the following was released by Reuters: http://www.reuters.com/article/businessNews/idUSTRE5AN54C20091126?feedType=nl&feedName=usbeforethebell. Thank you Martin. In response to the news all the Asian markets were lower, with the biggest decline in China (-3.6%). Europe opened lower and closed -3.20%. US index futures traded lower overnight: ES (SPX mini) -24, YM (DOW mini) -181 and NQ (NDX mini) -45. Bonds rose 21 ticks, Crude lost $1.75, Gold slipped $4.00, and the USD was higher. The JPY appeared to be the biggest winner in the FOREX market.
Tomorrow most of the markets will be open in the US. Should today’s futures selling hold into tomorrow’s open, the SPX will likely break the 1090 pivot signalling a resumption of downside momentum short term. Below is a chart of the action in ES over the past week. All the best to you and yours on this holiday!
MEDIUM TERM: uptrend
LONG TERM: bear market rally