S&P 500 : A sharp increase in early trades
Check out the trading range breakout
1777 / 1800
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The S&P 500 index ended down 0.43 % at 1785 points yesterday , following the release of good U.S. data that have raised fears of " tapering " of the Fed before March 2014 , despite cautious comments from Ben Bernanke on Wednesday.
The Fed considered in its latest Beige Book that growth remained " modest to moderate" with a job market that has difficulties to regain its momentum.
The monthly employement report released today does not seem to move in this direction, 203K jobs were created against 180K expected and the unemployment rate stood at 7% (consensus 7.2 %)
At 9:55 am EST, operators will know the Consumer Sentiment from the University of Michigan expected at 76.2 and at 15:00 the level of consumer credits.
Futures contracts are on the upside(+1%).
In hourly data, the trend is neutral in the range 1777/1800 points and we will wait to go out of this area for more visibility on future trends.
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